The European Investment Bank (EIB) signed two loans totaling EUR 100 million in Serbia with two local financial institutions in support of the projects of small and medium-sized enterprises (SMEs) as well as infrastructure schemes promoted by local authorities. The loans are designed to assist Serbia in its efforts to integrate into the European Union.
“The Bank of the European Union supports projects in Serbia with the objective to help the country on its path towards EU accession and integrate rapidly into the Union. The loans signed with the two local banks will improve the access of Serbian SMEs and mid-cap companies to long-term financing provided on favourable terms” said Dario Scannapieco, the EIB Vice-President responsible for the Western Balkans, “and I am really pleased with our cooperation with Serbian Authorities and Serbian financial institutions: these loans represent a continuation of the very successful relationship between the EIB and both Raiffeisen Banka a.d. Beograd and Erste Bank”.
Raiffeisen banka a.d. Beograd, EUR 50 m
A EUR 50 million loan was signed today in Belgrade with Raiffeisen Banka on the occasion of the official visit of the EIB Vice-President Dario Scannapieco. The EIB loan will finance the projects of SMEs and medium-sized companies in the areas of industry and services, including tourism, and also support small and medium-scale infrastructure schemes promoted by local authorities, projects in the knowledge and technology-intensive sectors and additional priorities such as energy, environmental protection, health and education. A minimum of 70% of the loan amount will be allocated to SME and mid-cap projects. In the current environment, the operation will increase the availability of funding for SMEs, with a reduction of overall financing costs, key drivers for economic and social progress in Serbia.
Erste Bank Novi Sad, EUR 50 m
The EIB also signed last 9 November an operation for an amount of EUR 50 million with Erste Bank Novi Sad with features similar to the one mentioned above. The funds are primarily intended for SMEs, but may also be used by large companies with up to three thousand employees. The credit line may also be used for funding local self-government projects.
Source: EC Press