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Czechs no longer need World Bank loans

WASHINGTON, April 18 (UPI) -- The Czech Republic said Monday it will no longer need loans from the World Bank.

Following the dissolution of Czechoslovakia in 1993, the Czech Republic joined the bank as an independent state. Finance Minister Bohuslav Sobotka said, however, it would no longer require financial aid from the international agency as it has become "a country with an advanced and growing economy" and " a member of the European Union."

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World Bank Vice President for Europe and Central Asia, Shigeo Katsu, agreed the Czech Republic was now "well placed to share its experience of successful transition with other countries," instead of relying on international aid to get back on its feet.

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