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Capital projects worth from two to more than 20 million euros

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The Ministry of Finance is preparing a regulation on capital projects, which regulates the procedure for selecting and implementing these projects, and the capital project itself is defined as a project for the construction and capital maintenance of buildings and construction facilities of infrastructure of interest to the Republic of Serbia, the autonomous province, i.e. local self-government.

In the text of the proposal of the regulation published on the website of the ministry, about which public consultations were conducted at the beginning of the month, it is stated that the capital project includes project planning services that are an integral part of it, securing land for construction, as well as projects that involve investments in equipment, machinery and other non-financial assets, the life of which is longer than one year, and they serve the public interest.

The provisions of the regulation on capital projects are applied to capital projects that are financed or co-financed from public revenues and receipts, those for the implementation of which the issuance of Serbian guarantees is required, then capital projects that are financed or co-financed from funds of the European Union or some other state or international institutions, and projects for which subsidies from the state of Serbia are required.

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According to the proposal of the regulation, capital projects are divided into republican, provincial and local projects, whereby a republican capital project is one whose estimated costs exceed 20 million euros in dinar equivalents. The estimated cost of a provincial capital project that is financed or co-financed from the funds of the autonomous province is more than two million euros, and the same amount applies to the local capital project, provided that it is financed or co-financed from the budget of the local self-government unit.

The proposal foresees the formation of Commissions for Capital Investments as a working body of the Government of Serbia, which would reviewrepublican capital projects in the context of their importance for economic development and decided on the inclusion of the costs of implementing republican capital projects in the budget. The Commission for Capital Investments would be established by the Government of Serbia.
A provincial commission would be formed for provincial projects, and a local commission for capital investments would be formed for local projects.

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