Statement by the President: Sarajevo (7/28/00)
                              THE WHITE HOUSE

                       Office of the Press Secretary
                          (Boston, Massachusetts)

For Immediate Release                                         July 28, 2000

                        STATEMENT BY THE PRESIDENT

     A year ago in Sarajevo, I joined leaders from Europe, other nations
and the international financial institutions to launch the Stability Pact
for Southeast Europe in the aftermath of the Kosovo conflict.  Working
closely with our partners in Europe and the region, I am proud of the
progress that we have made.  We have promoted political and economic
reform, provided financial support for the region?s economic development,
and advanced the membership of Southeast European countries in key
international institutions.

     Europe, appropriately, is leading this effort, joining international
financial institutions in pledging over 85 percent of assistance to the
region.  The United States is doing its part by contributing to more than
50 Quick-Start projects to improve infrastructure, attract investment,
reinforce human rights and fight crime and corruption.  This week, we
established with the European Bank for Reconstruction and Development a
$150 million fund to promote small and medium businesses in the region.  We
also launched a $150 million regional equity investment fund to invest in
telecommunications, consumer goods and other sectors in the region. Initial
reforms have led to the beginning of renewed economic growth this year.
Private investment is up, and inflation is down.  Democratic values and
structures are growing stronger.  In Kosovo, the first democratic local
elections will be held this fall.

     While results since the Stability Pact Summit are encouraging, the
last aggressive dictatorship in Europe remains a threat to peace.  We will
continue to support the democratic opposition in Serbia and the people of
Montenegro until they can take their rightful place among the free and
prosperous people of Europe.  With continued commitment by both the region
and the international community, we can achieve our common vision of
building a peaceful, undivided and democratic Europe.


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