February 25 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) is lending 15 million euro ($16.3 million) to Banca Intesa Belgrade for on-lending to private businesses, it said.
Borrowers will be able to apply for loans to invest in environmental protection, workers’ safety and product quality and safety, thereby implementing EU standards and becoming more competitive, the EBRD said in a statement on Monday.
At least 60% of the total loan amount is allocated for investments related to green technology and energy efficiency, the bank said.
"The loan agreement we signed today represents the continuation of our long-lasting cooperation with the EBRD that has enabled us to ensure a total of some 250 million euro in loan support for the Serbian economy and households so far," said Draginja Djuric, President of Banca Intesa executive board.
In addition to loans, small and medium-sized enterprises (SMEs) will be able to benefit from European Union-funded cashback grants worth 15% of the total investment, funded through the EU's Instrument for Pre-Accession for Serbia.
The EBRD loan will be complemented by the provision of access to advisory support, also funded by the EU.
The loan is part of the SME Competitiveness Programme for the Western Balkans region to assist private, small firms in complying with EU standards.
($ = 0.92059 euro)
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