OREANDA-NEWS. July 07, 2009. The Slovak Republic and the EBRD join forces to enhance economic and social transformation in countries from central Europe to central Asia by creating a new Development Technical Cooperation Fund.

In the first bilateral agreement with the EBRD, the Slovak Ministry of Finance is providing EUR1 million to establish the new donor Fund, which may be replenished with additional financings at any time.

The Fund will be used to finance advisory services and technical assistance required to implement EBRD projects in Albania, Armenia, Azerbaijan, Belarus, Bosnia & Herzegovina, Croatia, Georgia, Kazakhstan, Kyrgyz Republic, FYR Macedonia, Moldova, Mongolia, Montenegro, Serbia, Tajikistan, Turkey, Turkmenistan, Ukraine and Uzbekistan.

"The Slovak Republic has advanced significantly in the transition process and we are extremely pleased to see the country now enhancing its profile as an EBRD donor. The funds offered by the Slovak Government will help the Bank to identify and prepare vital projects for the economic progress in the region of the EBRD operations", said Horst Reichenbach, the EBRD Vice President.

"Slovakia is fully aware of its responsibility as a donor and the role the EBRD plays in transition countries. The establishment of the fund is the expression of our continuous and firm support to the Bank?s mission and our eagerness to work alongside the Bank in implementation of its projects through offering the knowledge and experience of the Slovak experts", said Jan Pociatek minister of finance of the Slovak Republic.

Slovakia became a donor to the EBRD in 2006 when it joined the Bank's multi-donor fund for the Western Balkans established to support private business investment and infrastructure development in the region. Sixteen donor countries have contributed over EUR25 million since 2006 to fund more than 50 projects.