Strengthening capital markets in Bosnia and Herzegovina

Acknowledgements

This policy paper was prepared by the South East Europe Regional Programme of the OECD Global Relations and Co-operation Directorate (GRC), with the financial support of the European Union.

The paper was produced under the guidance of Marzena Kisielewska, Head of the OECD South East Europe Division. The lead authors were Cameron Gethings, Umur Gökçe and Stephanie Lizzo (OECD South East Europe Division). It benefited from lead review by Daniel Quadbeck and Francesco Alfonso (OECD Eurasia Division), as well as inputs from Alejandra Medina, Carl Magnus Magnusson and Gülgün Arikan (OECD Capital Markets and Financial Institutions Division).

This paper builds on analysis and insights gathered through the development of the report, Assessing Bosnia and Herzegovina’s Reform Agenda for Private Sector Development. The OECD extends its sincere gratitude to the government officials who played a strong co-ordinating role in facilitating the collection of data and inputs underpinning this work:

 

Level of government	Co-ordinator	Institution
State-level	Brankica Pandurević	Ministry of Foreign Trade and Economic Relations of Bosnia and Herzegovina
	Una Morankić	Directorate for the European Integration of Bosnia and Herzegovina
Federation of Bosnia and Herzegovina	Izudina Smajkić	Ministry of Development of Entrepreneurship and Craftsmanship of the Federation of Bosnia and Herzegovina
	Sanela Čičić	Office of the Prime Minister of the Federation of Bosnia and Herzegovina
Republika Srpska	Aleksandra Klipa	Ministry of European Integration and International Co-operation of Republika Srpska
	Vedran Mirkovic	Ministry of Economy and Entrepreneurship of Republika Srpska
Brčko District of Bosnia and Herzegovina	Amra Abadžić	Department for Economic Development, Sports and Culture
	Branislav Maric	Department for European Integration and International Co-operation

The paper draws on discussions held during a series of meetings titled “Supporting Economic Reforms to Strengthen Private Sector Development in Bosnia and Herzegovina”, organised between 10 and 12 March 2026 under the EU for Private Sector Development in Bosnia and Herzegovina project. The OECD is grateful to the representatives from the private sector, financial sector and regulatory authorities who contributed their insights and practical perspectives, including: Nikolina Kršić, Head of Supervision Department, Securities Commission of Republika Srpska; Dragan Kajkut, Executive Director, Investment Fund Management Company Management Solutions Ltd.; Mirsad Jašarspahić, President, Chamber of Economy of the Federation of Bosnia and Herzegovina; Almir Mirica, Executive Director, Sarajevo Stock Exchange; and Amra Hadžiavdagić-Hasečić, Consultant in the Supervision Sector, Securities Commission of the Federation of Bosnia and Herzegovina.

We would also like to thank our project partners for their engagement throughout the preparation of this publication. In this regard, we extend our thanks to Vesna Grković and Aida Soko from the Delegation of the European Union to Bosnia and Herzegovina for their support.

The OECD further acknowledges the valuable review and technical inputs provided by Jasmin Gabela and Erna Kurtović (Enova Consultants and Engineers).

This paper was prepared for publication by Meral Gedik.