ZAGREB, Nov 21 (Hina) - The first Central European Initiative +Summit Economic Forum which was held at the Zagreb Fair during the +past three days, closed on Saturday by representatives of +international financial organisations'
statements.+ A representative of the World Bank, Sandor Sipos, said that in the +fiscal 1998, the International Bank for Reconstruction and +Development (IBRD) issued US$21.1 billion-worth of loans. + Amongst CEI member countries, in the period between 1991 and 1998, +Poland had the largest loan of US$3.5 billion, followed by Ukraine +with over US$3 billion and Romania with US$2.6 billion.+ In the same period, the IBRD loans to Croatia came to US$625 +million, of which US$310 million was assigned for infrastructure +development.+ According to Sipos, it is necessary to establish institutions which +will promote further development of markets, amongst other he +mentioned a transparent lega
ZAGREB, Nov 21 (Hina) - The first Central European Initiative
Summit Economic Forum which was held at the Zagreb Fair during the
past three days, closed on Saturday by representatives of
international financial organisations' statements.
A representative of the World Bank, Sandor Sipos, said that in the
fiscal 1998, the International Bank for Reconstruction and
Development (IBRD) issued US$21.1 billion-worth of loans.
Amongst CEI member countries, in the period between 1991 and 1998,
Poland had the largest loan of US$3.5 billion, followed by Ukraine
with over US$3 billion and Romania with US$2.6 billion.
In the same period, the IBRD loans to Croatia came to US$625
million, of which US$310 million was assigned for infrastructure
development.
According to Sipos, it is necessary to establish institutions which
will promote further development of markets, amongst other he
mentioned a transparent legal system, healthy banking system,
efficient protection against monopol, bank supervision system,
efficient company register and consumer protection.
Sipos stressed that failure to fulfil these conditions could lead
to substitution of state monopoly with the private, and added that
the World Bank wants to prevent such a thing.
According to a European Commission special envoy to Croatia, Per
Vinther, Croatia is not yet ready to enter the PHARE programme.
However, possibilities of cooperation with small and middle scale
companies of EU countries, are appearing.
He said that the transition in Central and Eastern European
countries is taking longer that it was expected, while the demand
for investments in those countries is bigger than it can be
covered.
Vincenzo Calogero, one of the organisers of the Forum, said that the
fact that business people and government officials could meet at
one place, secures the future of the summit.
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