WASHINGTON, March 9, 2023¡ªÄ¾¹ÏÓ°Ôº's Board of Executive Directors today approved EUR69 million (US$75 million equivalent) in financing for the . The program aims to strengthen core public financial management functions and enhance institutional capacities for achieving a green transition.
The program, prepared in partnership with the French Development Agency (AFD), supports the Government¡¯s broader strategy for transitioning to a greener and more resilient development model. It aligns with the World Bank¡¯s 2022-2026 Country Partnership Framework for Serbia in its support for a greener budget framework and the achievement of sustainable investments across sectors.
¡°This project aims to strengthen fundamentals of public financial management in Serbia to enhance fiscal transparency and boost Serbia¡¯s resilience to shocks,¡± said Nicola Pontara, World Bank Country Manager for Serbia. ¡°At the same time, it will help the authorities to green the budget and the public investment framework.¡¯¡¯
The program-for-results operation will contribute to enabling Serbia¡¯s transition away from high energy intensity and use of fossil fuel-based energy. It will support Serbia in its efforts to pursue an effective Low Carbon Development Strategy and to achieve its Nationally Determined Contribution on reduction of greenhouse-gas emissions. It will also complement a parallel project, the first Serbia Green Transition Programmatic Development Policy Operation, which targets legal and regulatory changes to set the green transition in motion.
