In the next five years, the World Bank will make $750 million available to Bosnia and Herzegovina through loans intended for the implementation of reforms and recovery from the consequences of the COVID pandemic, the bank said on Wednesday.

The World Bank Board of Executive Directors adopted a framework for partnerships with Bosnia and Herzegovina in the period from 2022 to 2026, which foresees support for a sustainable recovery from the impact of the pandemic, as well as the reforms necessary to create new jobs and an inclusive and green economy.

The loans will be approved based on assessments of the country's needs, but will also depend on progress in the implementation of reforms.

The unstable regional and global environment requires reforms and institutional changes which will make the economy of Bosnia and Herzegovina more resilient to internal and external shocks, World Bank said in a press release.

The bank explained that the reserved funds are intended to increase inclusive employment in the private sector, improve service provision, as well as provide assistance to BiH in order to increase its resilience to climate change.

This framework also includes gender issues, namely the removal of structural barriers that limit economic opportunities for women and other vulnerable groups.

BiH currently has $551 million available through loans with the World Bank.