Belgrade, Serbia, March 26, 2020 —IFC, a member of the World Bank Group, has signed an advisory agreement with the Development Agency of Serbia (RAS) to help the country in the areas of investment policy, reform, and promotion. IFC will support RAS implement economy-level investment policy reforms to improve the country’s investment competitiveness and help promote Serbia as an attractive destination for investors through an investment outreach campaign.
“The number of investors willing to enter the Serbian market is increasing," said Rados Gazdic, director of the Development Agency of Serbia. “This project will help further develop RAS’s capabilities to attract the right kind of investment that will generate high-quality jobs in Serbia.”
Foreign direct investment inflows into Serbia have grown since 2012, touching €3.5 billion in 2019. The country is a premier investment location in Central and Eastern Europe. Going forward, Serbia will need to increasingly attract higher-quality investments that help boost productivity and sustain economic growth levels.
“IFC is always ready to support our partner countries in their efforts to attract investors, better connect with neighboring countries, and improve the overall environment for commerce and business,“ said Thomas Lubeck, IFC Regional Manager for Central and Southeast Europe.
The advisory project will run until the end of 2020. It is part of a program implemented by IFC in partnership with the European Union, to encourage investment and cross-border trade in the Western Balkans and South-Eastern Europe. The initiative complements a €2.5 million program to prepare the economies of the Western Balkans for EU accession and to support economic development in South-Eastern Europe.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
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