SARAJEVO (Bosnia and Herzegovina), September 3 (SeeNews) – Bosnia's government has adopted a Framework Energy Strategy until 2035, following a ten-year negotiation period during which the country lost out on 200 million euro ($232.3 million) in energy sector funding, the Foreign Investment Promotion Agency (FIPA) said on Monday.
Bosnia now has access to IPA funds and funds from the Western Balkans Investment Framework (WBIF) for the energy sector, which it missed out on in the past years, FIPA said in a statement.
"The adoption of this strategic document defines the path of the Bosnian energy sector development until 2035, which will have a positive impact on investments, as well as on market and regulatory reforms in all segments of the energy sector," FIPA explained.
The strategy is expected to indirectly help increase employment, reduce public debt, and improve competitiveness in Bosnia.
Bosnia's two autonomous entities - the Serb Republic and the Federation - took ten years to negotiate a state level energy strategy.