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Slovakia gets World Bank loan

THE WORLD Bank will provide Slovakia with a loan amounting to €5 million (Sk193 million) for human resources sector development, the Slovak Foreign Affairs Ministry informed the TASR news agency.

According to the loan agreement for the Technical Assistance Project for Human Resources Development - signed on April 1 by Slovakia's Ambassador to the US, Rastislav Káčer, and the World Bank's county director for Central Europe and Baltic countries, Roger Grawe – the loan's maturity is 5 years with a 4.5-year grace period. Also present at the agreement's signing ceremony was the World Bank's Vice-President Shigeo Katsu.

The project, scheduled to finish in 2008, should help Slovakia's government to modernize the system of employment, training and social cohesion and create an effective infrastructure for implementing, managing and evaluating reforms.

The project is the first within the framework of a new Technical Assistance Programme in the field of social and institutional development and economic management for eight countries including Slovakia, the Czech Republic, Hungary, Poland, Slovenia, Estonia, Latvia and Lithuania.

The budget for the four-year programme, due to be launched in 2005, is $100 million (€77.57 million).

Compiled by Marta Ďurianová from press reports
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