EBRD boosts investment in Serbia to fresh record in 2023

The figure is some 200 million euro higher compared to 2022, and way above the previous high of 679 million euro invested in Serbia in 2020, the EBRD said in a statement.

"Serbia is among the EBRD’s five largest markets for the first time, all the more remarkable given the size of its economy. We financed impactful projects in the energy sector, in infrastructure, innovation, attracting foreign direct investment and supporting small and medium-sized enterprises," EBRD regional director for the Western Balkans, Matteo Colangeli, said in the statement.

In 2023, the EBRD financed 28 projects in Serbia, focusing on the green transition, digital advancement and economic inclusion, the statement read.

The EBRD has also approved a new country strategy for the period to 2028, prioritising the acceleration of Serbia’s green energy transition; the enhancement of private-sector competitiveness, productivity and access to finance; and the financing of sustainable infrastructure and strengthening regional connectivity.

The 2023 energy sector highlights include a 300 million euro loan to state-owned utility EPS, alongside a substantial package of technical assistance to support reforms at the company and in the sector. The EBRD also played a key role in preparing and completing the country’s inaugural wind and solar energy auction – the first in a three-year-plan that aim to bring contracts for 1,300 MW of renewables to the market.

In the infrastructure sector, the EBRD invested in telecom towers and continued to finance the railway sector. For the first time, the EBRD invested in innovation-enabling infrastructure with an 80 million euro loan for the science and technology parks in the cities of Nis, Cacak and Kragujevac, and the Bio4 campus in Belgrade.

In addition, the EBRD extended more than 300 million euro loans to support local SMEs through partner banks in 2023.

Serbia joined the EBRD in 2001. Since then, the EBRD has invested more than 8.8 billion euro in the country through 347 projects.

($ = 0.917 euro)