April 10 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) is providing a 20 million loan ($22.6 million) loan to Eurobank Serbia, a subsidiary of Greece's Eurobank Ergasias, to support investment by small and medium-sized enterprises, the EBRD said on Wednesday.
The funds will be on-lent to support investments by SMEs in working capital and in fixed assets with the aim of increasing their growth and development on local and international markets, the EBRD said in a statement.
"The credit line will enable a more even distribution across Serbia’s regions by directly allocating finance to areas outside Belgrade with a view of supporting the growth and development of SMEs in the entire country," Slavica Pavlovic, Eurobank executive board president, said.
As a strong supporter of SMEs, in the last four years alone Eurobank invested more than 650 million euro in Serbia’s small business sector.
"We are delighted to expand access to finance for Serbian SMEs with this new credit line to Eurobank. Eurobank has been our long-standing partner and a member of the EBRD’s Trade Facilitation Programme since 2011 and we are pleased to strengthen our cooperation," the EBRD Director for Financial Institutions in Western Balkans, Henry Russell, said.
The EBRD has invested more than 5 billion euro across 230 projects in Serbia to date. The bank is supporting private sector development and the transformation towards a green economy, and investing in infrastructure to boost connectivity in the Western Balkans region.
($ = 0.886736 euro)
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