As the Serbia-Kosovo Agreement, enacted at the White House on September 4, 2020, moves forward, the U.S. government is accelerating efforts to position Serbia and the Western Balkans as a strategic priority.
On September 22, 2020, six U.S. agencies arrived in Belgrade for what marked the largest official visit to Serbia in recent history and a significant shift in bilateral relations. Over the course of a day filled with high-level meetings, the DFC introduced John Jovanovic, a Serbian-American, as the head of its new permanent office in Belgrade—the agency’s first overseas presence of its kind.
Jovanovic’s background in the private sector underscores the DFC’s commitment to advancing economic normalization, supporting female entrepreneurship, and expanding investment opportunities in Serbia.
In an interview for The Pavlovic Today, Boehler emphasized the agency’s unconventional approach, stating, “We didn’t just go and find somebody in government who’s been there for 20 years… that’s gonna be bureaucratic, right? We’re moving quickly.”
Jovanovic was brought on board through David Penna, Senior Vice President of the Office of Strategic Initiatives at DFC, which maintains a strong focus on foreign policy development. The two connected over their shared backgrounds in the private sector. Reflecting on the agency’s leadership, Boehler added, “Actually, all of us come from the private market. We’re not long-time government people. None of us have been in government that long, so we all share an interest in thinking—and doing things—a little differently. That’s how we found each other.”
Shared identity
Jovanovic grew up in Chicago, surrounded by a community where many of his neighbors shared Balkan roots. “We lived together feeling as though we had a shared identity—because we did,” he recalled of his formative years.
Rather than dwelling on the past, Jovanovic said, the community was focused on building a future together—an outlook that stood in stark contrast to the complex political landscape of the former Yugoslavia, something ex-pats know all too well. Now, with the historic Serbia-Kosovo Agreement in motion, he is making the transition from investment banking to leading the DFC’s first permanent overseas office in Belgrade.
“To see such an initiative come together… to have what all of our friends and local businesses have been asking for—an increased U.S. economic presence in the region—is truly a once-in-a-lifetime opportunity,” Jovanovic said. “Forget about me—for the region, it’s a tremendous honor.”
Jovanovic, a Princeton graduate, shares that credential with Rachael Batiel, Deputy Chief of Staff to Adam Boehler and head of DFC’s 2X initiative, which drives women’s empowerment in entrepreneurship and business. The program aligns with the agency’s broader mission to stimulate economic growth while expanding opportunities for female-led enterprises.
Boehler, a “very dynamic leader” himself, prioritized finding someone who could not only advance the DFC’s mission but also engage with the local community and serve as a strong representative of the American people.
“The connection was very clear,” said Raichel Baitel, Deputy Chief of Staff of Adam Boehler.
“John and I share the fact that we both went to Princeton University. We’re both politics majors. So automatically, John, and I got along very well,” Baitel shared. “We think it’s so integral to have that cultural connection,” she added.
After earning his MBA from Wharton, Jovanovic built a distinguished career in investment banking and private equity, most recently serving as an investment director at Mercuria. Unbeknownst to him, his trajectory was about to shift dramatically as Boehler sought the ideal candidate to lead the DFC’s permanent office in Serbia.
“I met with Adam on Wednesday in Washington, right after Labor Day,” Jovanovic recalled. Days later, he was on a flight to Serbia, ready to spearhead the DFC’s efforts in the region.
Building peace through economy
“What we are trying to bring to the table economically is to facilitate more economic cooperation, for confidence-building measures,” Jovanovic explained. This office’s opening renders many curious about the specifics of the plans that will be underway in due time. He revealed, “At the local level, we want to find a way to add more tools to the table to offer, perhaps, some tailwinds to some of the political processes that may still be ongoing.”
We are flying a plane while trying to build it at the same time.
John Jovanovic
Jovanovic will be spending a lot of time in Belgrade. As he continues to build the office from the ground-up, his business acumen and quick-thinking characteristics fostered in the private market will, no doubt, benefit the growth of his office and the overall success of this initiative.
“We are flying a plane while trying to build it at the same time,” Jovanovic added. He pointed to the importance of “underlining” immediate priorities that emerge in the aftermath of a resolved economic decision process. Vying for his attention are the two most pressing issues: Infrastructure projects looking to invest in the region, and energy diversification projects.
In partnership with other development banks working in the region, the DFC is looking for ways to move things along efficiently in a cost-effective manner. Bringing not only technical tools but also the help of American companies working with these European development bank partners.
“We are the American Development Bank, which is why I think being a well-resourced, nimble counterpart to them will hopefully only add to the success. A great example is The Peace Highway,” said Jovanovic
I urged Jovanovic to share what form these milestones will take further down the road, six months to a year from now. How does he envision the matrix being built by this collaborative effort unfolding?
“I think, initially, quickly and efficiently following up on the infrastructure projects and finding ways to offer cheaper, more reliable, or long-term access to capital, problem-solving alongside our European partners,” Jovanovic replied. “A big milestone… starting to work towards energy diversification,” he added. “These are the key priorities.”
Stewart Ackerly, Chief of Staff to Adam Boehler, emphasized that the initiative’s impact will reach beyond major enterprises, extending to micro-, small-, and medium-sized businesses as key local partners.
“We actually do this all over the world,” Ackerly explained. “We’ll find local partners, provide a financing facility, put conditions on it, and set some requirements.” This structure, he noted, ensures that businesses of all sizes benefit, leveraging on-the-ground expertise to guide capital distribution efficiently.
“This isn’t a new model or something we’re inventing,” Jovanovic added. “It’s the same approach the Europeans are using today, but I want to implement it quickly and effectively.” As the DFC moves forward, speed and efficiency remain at the core of its strategy.