November 16 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it is providing a 10 million euro ($10.4 million) loan to Bosnia and Herzegovina's UniCredit Bank in support of small and medium-sized enterprises (SMEs).
The funding will be extended to local SMEs for investments in new equipment and technologies that can help them increase their productivity, reduce operational costs and improve compliance with EU standards, the EBRD said in a press release.
The borrowers will also benefit from grant incentives worth up to 15% of the total loan amount, funded by the EU.
The EBRD is providing the loan under the Go Digital in BiH programme, which is funded by the bank and EU. Under the programme, the EBRD will extend 40 million euro in loans to Bosnian beneficiaries, while the EU will provide grants of 9 million euro for incentive payments, advisory services and programme technical assistance.
UniCredit Bank d.d. is based in the Federation, one of two autonomous entities that form Bosnia and Herzegovina. Italy's UniCredit Group has another bank in Bosnia, UniCredit Bank Banja Luka, which is headquartered in the other entity - the Serb Republic.
($ = 0.96045 euro)
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