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Purpose
To provide technical expertise in the field of law to the Ministry of Finance and Public Investment Management Unit during the review and monitoring of capital investment projects.
Objective
To enhance overall quality of the process of capital investments projects review and monitoring.
Background Information
The overall objective of the project is to contribute to the further improvement of the capacities of the Ministry of Finance for the efficient coordination and management of economic reforms and accession negotiations as well as for fulfilling the economic and political criteria for EU membership. The present proposal complements the Support to strengthening technical capacity and institutional development of the Ministry of Finance and coordination in the field of economic governance – Amendment 3 and foresees the provision of additional support for the implementation of the activities in the previous amendment.
Ministry of finance (MoF) adopted unique methodology – system for managing both planning and implementation of capital projects. On the basis of the unique Methodology, on 18 of July 2019 the Government of the Republic of Serbia (GoS) adopted a new Public Investment Management (PIM) Decree that shall come into force as of January 2020 and shall apply to all capital projects regardless of funding source. New PIM system is aimed at strengthening the existing quality controls of capital projects, both at the planning and execution stages, institutionalized quality control points and installed new “gate-keeping” mechanisms, such as investment pre-selection, resolution of dormant projects and ex-post evaluation are.
New system is built to ensure the development of a single mechanism for all investments, regardless of the source of financing, in order to ensure a more active role of the MoF during preparation and monitoring of capital investments.
During April 2019, the GoS established the Capital Investment Commission (CIC), chaired by the Prime minister of Serbia, as a key decision-making point for capital projects, as stipulated by the new PIM Decree. The new PIM system is also enhanced by the establishment of the Public Investment Management (PIM) Unit at the MoF that will be dealing with capital investment planning and monitoring with direct reporting line to the CIC.
One of the priorities of the GoS is the construction and development of the Belgrade railway underground system – Belgrade metro, which has been announced as a project of primary importance by the GoS several times. The Belgrade metro system is technologically a very complex and demanding undertaking, both from the aspect of construction and from the aspect of exploitation and maintenance. Accordingly, the develpment of such transport systems also drives the development of the economy. The goal is to maximally engage domestic construction industry in the development of the subway system, to improve technical know-how and acquire new technologies. The development of the metro system in Belgrade will provide an increase of the level of knowledge and skills required in this project and will establish a technical and personnel base for upcoming projects.