World Bank loans reach $415 million

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 part 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 EU accession.

The release of the third part 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 are meant to increase the effectiveness of telecommunications services, the reform of the health sector, public finance, the pension reform, and the restructuring of the banking and corporate sector.

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

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