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EU funds to help finance reforms in Bosnia
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Friday, 17 January 2003
Representatives of Bosnia-Herzegovina and the European Union signed an agreement Jan. 6 to provide 60 million euros in EU assistance to Bosnia. The assistance would be divided into a 40 million euro grant and a 20 million euro EU loan. The assistance is aimed towards furthering finance reforms required to bring Bosnia closer to EU standards. The funding will be given on condition that reforms are implemented in the public finance and administration sectors as well as in private sector development and in improving the business environment in Bosnia. More than seven years after the 1992-1995 war, in which the Bosnian economy was completely destroyed, the country remains dependent on international financial support.
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