The EBRD's Board of Directors agreed to disburse the funds for the financing of the approach roads to the Gazela Bridge, the component of Belgrade Highway and Bypass Project financed from the proceeds of the EBRD loan. The EBRD loan also covers section A of the Belgrade bypass and funds will be made available for this component of the project as well.

Provision of financing by the EBRD had been delayed because of a number of unresolved issues relating to the resettlement of the families who had been located under the Gazela bridge. Prior to yesterday’s decision, the EBRD carried out a detailed assessment of the resettlement undertaken to date, with the conclusion that while there have been significant achievements, outstanding issues remain.

The EBRD Board, therefore, has agreed, on an exceptional basis, that funds could be disbursed, but this was made on the clear understanding that the EBRD continued to work with the Serbian authorities and the city of Belgrade and to monitor the progress of the resettlement process, with the overarching aim of ensuring that the rights of all people are respected. The Board have requested that they be updated on the progress on a regular basis.

The Serbian authorities have formally confirmed their commitment to continue working with the EBRD to meet its policy requirements on involuntary resettlement of families.

Both the contractor and the supervising engineer have been selected and the EBRD funds should be released shortly.

The Belgrade Highway and Bypass Project is being co-financed by the EBRD and the European Investment Bank with loans of a total of €160 million, equally shared by the two institutions.