October 11 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Tuesday it will provide a loan of 100 million euro ($97 million) to Serbia's UniCredit Bank for on-lending to small and medium-sized enterprises (SMEs).
The funds will contribute to the expansion of lending to private businesses through working capital lines and investment loans to SMEs, including enterprises operating in economically less-developed regions of Serbia, the EBRD said in a press release.
The loan is also expected to attract new SME clients and maintain adequate portfolio quality.
The funding contributes to the objectives of the EBRD Financial Intermediary Framework (FIF), supporting the competitive and resilient transition qualities.
UniCredit Bank Serbia AD, fully owned by Italy's UniCredit Group, is the fourth largest bank in Serbia with a 10.7% market share, a strong foothold in the corporate sector and an increasing focus on the retail sector.
($ = 1.03099 euro)
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