World Bank Approves €25 M to Enhance Serbia's Innovation and Economic Growth

The new resources will support innovative entrepreneurship, focusing on the integration of artificial intelligence (AI) to generate solutions relevant to the green transition, e-mobility, and clinical healthcare.

The World Bank has approved an additional €25 million in financing for the Serbia Accelerating Innovation and Growth Entrepreneurship (SAIGE) Project to bolster Serbia's international competitiveness and accelerate economic growth. This funding will primarily target the Science Fund and the Innovation Fund, which have been instrumental in developing the science and innovation ecosystem in the country.

The new resources will support innovative entrepreneurship, focusing on integration of artificial intelligence (AI) to generate solutions relevant to the green transition, e-mobility, and clinical healthcare. A portion of the funds will also be allocated to initiate the BIO4 Campus, a flagship initiative aimed at positioning Serbia as a bioeconomy hub in Europe.

“Serbia is doing the right thing: it is stepping up investment in research and development to crowd-in the private sector and improve the innovation ecosystem to boost the productivity and competitiveness of the economy,” stated Nicola Pontara, World Bank Country Manager for Serbia. He emphasized the importance of utilizing AI in a safe, secure, and trustworthy manner, as Serbia establishes itself as a regional leader in this technology.

Over the past decade, Serbia has made significant strides in becoming an emerging innovator, as highlighted by the European Union’s Innovation Scoreboard. To sustain and enhance this momentum, the country must further improve the competitiveness of its research grants, reform its research and development institutes, increase patent and design applications, and support the growth of innovative companies and practices.