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World Bank loans total $415 million to Slovakia

THE WORLD Bank has provided 10 loans totalling $415 million (€351 million) to Slovakia between the years 1993 and 2004. On April 21 it approved the release of the third and final tranche of the Enterprise and Financial Sector Adjustment Loan, the news wire SITA wrote.

It was approved more than two months before the deadline for drawing these funds, June 2004, and also prior to Slovakia's accession to the European Union.

The release of the third tranche confirms that the Slovak government has implemented all reforms in the corporate and financial sector specified in the terms of the loan.

The World Bank's loans were aimed at increasing the effectiveness of telecommunication services, the reform of the health sector, public finance, pension reform, and restructuring the banking and corporate sector.

The loan’s first tranche of €60 million was approved by the World Bank's board of directors in August 2001 and drawn on December 21, 2001. The second tranche of €70 million was released on November 5, 2003 and drawn on November 10, 2003. The third tranche totals €70 million. The drawing of the remaining portion of loan is being processed.

Compiled by Beata Balogová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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