VIDOVIĆ: MORE THAN BAM 580 MILLION APPROVED FOR INVESTMENTS SINCE MARCH

PALE, JUNE 4 /SRNA/ – Republika Srpska Minister of Finance Zora Vidović stated that from March on, the Government has approved more than BAM 580 million in public investment funds for projects in local communities and for investments at the Republika Srpska level, which will trigger a significant investment cycle.

Following the Government session in Pale, Vidović explained that slightly more than BAM 26 million was approved today, including BAM 21 million for 11 local communities and more than BAM 4 million for four projects of republic-wide importance.

She announced that a major investment cycle financed through public investments, i.e. through the budget, will begin this year for all local communities that have submitted requests.

Vidović explained that several local communities did not receive these funds because they had not submitted applications.

Vidović noted that BAM 6.6 billion from the Republika Srpska development programme is currently being implemented, covering roads, motorways, the power sector, other projects significant for Republika Srpska, and numerous projects important for municipalities and cities.

"After two years of sanctions, Republika Srpska is launching a major investment cycle that will not end this year," Vidović emphasized.

She recalled that the Office of Foreign Assets Control /OFAC/ of the U.S. Department of the Treasury had previously imposed sanctions on the leadership of Republika Srpska and that banks had been prohibited from approving even a single convertible mark in loans to Republika Srpska until those sanctions were lifted.

"We were under an absolute blockade and lived solely on our own resources. It is well known that there is not a single country in the world that can launch an investment cycle without borrowing," Vidović stressed.

She added that Republika Srpska now has the opportunity to borrow funds, noting that buyers have been found on the London Stock Exchange.