Belgrade, Feb 17, 2004 - The Serbian Geodetic Institute has completed a real estate cadastre and registration project in cooperation with the World Bank which is ready to disburse $21 million in interest-free loans to help its implementation.
The World Bank initially planned to set aside $11 million for the project, but has decided to add a further $10 million, task team leader Lynn Holstein told a press conference at the Serbian Geodetic Institute.
The Serbian government has appropriated $8 million for the project, said Holstein, adding that the European Bank for Reconstruction and Development (EBRD) is due to lend €9 million.
If approved, the project will be enforced in 48 towns across Serbia and will benefit a total of 750,000 real estate owners, Holstein noted.
The Swedish government has approved a €500,000 grant-in-aid for the project, with the Japanese government securing a donation of $384,000. The Norwegian government is expected to disburse a five-year loan of €2 million. The Austrian government will assist the project with €50,000 and the German Technical Cooperation Agency (GTZ) with €1 million.
According to GTZ officials Thomas Meyer, the German government will also provide assistance for judiciary reforms and municipal development.
The real estate cadastre and registration project will be fully implemented in six years, said Serbian Minister of Urban Planning and Construction Dragoslav Sumarac. The project will not only help develop real property markets and attract foreign investment, but will also facilitate privatisation and legalisation of illegally built facilities, Sumarac added.