Spectator on facebook

Spectator on facebook

ECONOMIC BRIEFS

EBRD wants to get heavily involved in Slovak privatisation

The European Bank for Reconstruction and Development (EBRD) wants to buy into several Slovak banks and companies slated for privatisation, Deputy Prime Minister Ivan Mikloš said on July 6.

Miklos said EBRD First Vice President Charles Frank had told him of the EBRD's offers at a conference in Austria last week. He added that the EBRD's interest should create better conditions and increase Slovak companies' credibility in the privatisation process, if such a reputable international bank entered the arena before any actual sales took place. Sell-offs of state firms are a key piece of the Slovak government's plans to turn around the ailing economy.

Mikloš said the EBRD had offered, even before privatisation to provide Slovakia's second largest bank, VÚB, with a loan to cover a part of its bad loan portfolio and to acquire a stake either by buying shares or raising VÚB's basic capital. The government plans to sell its 50.5% stake in VÚB to a foreign investor by the end of 2000.

He added that the EBRD had made same offer - that of entry before privatisation - with respect to the privatisation of Slovak Telecom. The Slovak government has said it is planning to call an international tender this year to sell a minority stake in the monopoly state telecom by the end of the first quarter of 2000.

Mikloš said the EBRD was also interested in a similar transaction with regard to the steel maker VSŽ. He did not specify the total volume of investments on offer from the EBRD, but said they were on the scale of hundreds of millions of dollars.

Top stories

No Slovaks among the victims of Manchester attack so far

The representatives of Slovakia have expressed their sympathy to the families of the victims.

Police guard close to the Manchester Arena in Manchester, Britain, on May 23, 2017, a day after an explosion.

It's not your Slovakia, Bystrica protesters told Kotleba

President Andrej Kiska spoke to the crowd at the protest gathering, asking Slovaks what kind of country they want to have.

Lajčák gives two versions of the Evka story

The Foreign Ministry gives opposing statements about suspicious procurement related to the Slovak Presidency over the EU Council.

Government of PM Robert Fico (left) endorses Lajčák as its official candidate.

Napoleon’s oak planted in Bratislava's Tyršovo Embankment Photo

An oak of Napoleonic legend was replanted, part of a commemoration spanning several days.

Planting "Naopoleon's oak" on May 20, 2017.