A review of business and economic news from the Balkans since 21 May.
(Various sources - 21/05/04 - 28/05/04)
Fourty per cent of Mobiltel, Bulgaria's largest mobile phone operator, was sold for a record 1.2 billion euros. The remaining majority stake is the property of three private Austrian investors. [AFP]
A review of business and economic news from the Balkans since 21 May:
Foreign direct investment in Bosnia and Herzegovina (BiH) totalled 1.4 billion euros as of 30 June 2003, according to the first survey on foreign investment conducted by the Central Bank of BiH. The amount is 40 per cent higher than that shown by other sources so far, the bank said.
The next stand-by agreement with Romania will be the last one, according to the IMF deck chief for Romania, Jeroen Kremers. The Fund's Board will endorse the agreement on 7 July. Kremers said the IMF is now concentrating on structural reforms and privatisation of the energy sector.
Macedonia's Parliament approved the appointment of Petar Goshev as the new governor of the National Bank of Macedonia. He succeeds Ljube Trpeski. Goshev pledged to continue his predecessor's policies, aimed at low inflation and a stable exchange rate for the Macedonian denar.
The Macedonian government announced the start of a pension system reform plan, which will introduce second-pillar private obligatory pension insurance funds. The tender for the first such funds will be called in June.
USAID approved the allocation of $3.5m to help finance anti-trafficking programmes being carried out by the Albanian government. The agency praised the establishment of the Albanian Coalition Against Corruption as well as recent efforts by state authorities to strengthen border control.
Bulgaria and Greece plan to build a second 440 kV electricity interconnection line, increasing the capacity for electricity exports to Greece. Construction of the 120km interconnection will cost 25m euros.
Turkey's Saving Deposit Insurance Fund (SDIF) announced on 26 May that it has acquired the partnership and management rights of 38 companies owned by Erol Aksoy, the former major shareholder of the failed Iktisat Bankasi. Deputy Prime Minister Abdullatif Sener said the group owes the SDIF $1.6 billion in debts related to Iktisat Bankasi, but has paid only $75m.
The Albanian government approved in principle a credit facility to be extended by the World Bank for the implementation of a project to improve irrigation and stimulate economic growth. The International Development Association is implementing the $15m project.