December 1 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it has approved a 5 million euro ($5.7 million) senior loan to Bosnia's Raiffeisen Bank BiH [SAJ:RFSN] to back local small and medium-sized enterprises (SMEs).
The funding will be used to provide sub-loans to SMEs for investments that will make them more competitive and make their operations compatible with EU standards, the EBRD said in a project summary document.
At least 60% of the loans would go to investments that support the green economy transition, the EBRD added.
Raiffeisen Bank BiH is the second largest bank in Bosnia with a market share of 14.9% in assets and 12.5% in loans as of the end of 2020.
($ = 0.8832 euro)
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