The former director of the European Bank for Reconstruction and Development (EBRD) Office in Bosnia and Herzegovina (BiH), Ian Brown, said in an interview that the EBRD strongly supports BiH’s efforts to get closer to the European Union (EU) and is always ready to help meet pre-accession economic and institutional challenges.
“One of the priorities in BiH for us is to strengthen the private sector by helping smaller local companies to expand. Supporting small and medium-sized local companies is essential because they are the backbone of a strong market economy. We provide lines of credit through local banks, microfinance loans, and advice to support the growth of small businesses,” said Brown.
Focus of action
He also emphasized that for the EBRD, the regional topic related to investment in infrastructure, which helps in better integration of BiH in the region, is very important.
“We are very glad that our long-term cooperation for the construction of new sections of the highway on the Vc corridor continues, as well as the financing of a large program in repairing the damage caused by last year’s floods and modernizing the roads,” Brown pointed out.
The EBRD adopted the Strategy from 2014 to 2017, according to which it is particularly interested in projects in the energy and infrastructure sectors, as well as in the development of small businesses in BiH.
“We are a demand-driven organization and we do not determine total investment amounts. We are working on the preparation of potential projects and plan to maintain a similar or higher level of investment compared to last year,” he emphasized.
Strong support
When it comes to the basic problems of the BiH economy, Brown stated that they are well-known and rooted in long-standing issues such as overly complex constitutional arrangements, weak public institutions, and a difficult business environment.
“At the same time, the BiH economy has a lot of potential for growth in areas such as energy, tourism, wood processing, and agribusiness. The key challenge is to make the BiH economy even more attractive for investments, both domestic and foreign,” he explained.
Reform agenda
Brown noted that the EBRD was encouraged by the recent decision to activate the Stabilization and Association Agreement with the EU and other signs of renewed efforts to overcome the impasse on BiH’s path to the EU.
“We are convinced that the future of BiH and the entire Western Balkans is in the EU,” Brown concluded, Avaz reports.
