EBRD helping Belgrade repair flood damage

Under this arrangement, the bank is restructuring several financial commitments with the city worth up to 78 million euro ($95.7 million), the EBRD said in a statement.

The flooding hit Southeast Europe earlier this year, affecting more than 1.5 million people in Serbia alone, and causing widespread economic damage across the region.

According to the Serbia Recovery Needs Assessment report – compiled by the Serbian government with support from the EU, the World Bank and the United Nations – the official estimate of damage to the Serbian economy was 1.6 billion euro.

Since the start of its operations in Serbia, the EBRD has invested more than 3.8 billion euro in 182 projects across the country. The Bank invests in the financial sector, industry, commerce, agribusiness, energy and infrastructure.

($=0.8147 euro)