Slovenia must step up its privatization program in 2019, the European Bank for Reconstruction and Development (EBRD) said on Wednesday.

“High corporate indebtedness, complex ownership structures and the large footprint of underperforming State-owned Enterprises (SOEs) in the economy weigh on investments, whose share in GDP has been falling almost constantly since 2008, the 2017-2018 transition report says.

The 2016 Slovenian privatization roadmap envisages the sale of 33 SOEs, of which only three have been successfully privatized. The government is now running 13 tenders.

Slovenia has privatized its two main systemic banks Nova Ljubljanska Banka and Abanka in September 2018. The focus is now on Telekom Slovenia.

The need to speed up privatisations was echoed on Tuesday by EBRD’s Managing Director for Central and Eastern Europe, Charlotte Ruhe said. Speaking in an event in Ljubljana, Ruhe noted that privatization would also boost Slovene productivity.