SARAJEVO (Bosnia and Herzegovina), December 1 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are providing a 5 million euro ($6 million) loan to Bosnia's Sparkasse Bank to be on-lent to small and medium enterprises (SMEs) affected by the coronavirus crisis, the EBRD said.
The proceeds should help the companies boost their competitiveness and meet the European Union (EU) standards, the EBRD said in a press release on Monday.
"Furthermore, the loan will spur business investment in more modern equipment and production facilities, which are expected to become a catalyst for a green recovery in Bosnia and Herzegovina and the wider region," the EBRD also said.
“Investing in the competitiveness of the Western Balkans’ private sector by supporting innovation, green and digital transition of SMEs are at the core of a new EU Economic and Investment Plan worth up to 9 billion euro for the region," Richard Masa, Head of the EU Delegation to Bosnia was quoted as saying in a press release.
The funds are part of an EBRD-EU Programme for supporting Western Balkans SMEs.