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EBRD lending 40 mln euro to Erste Bank Serbia to support SMEs

Author Radomir Ralev
EBRD lending 40 mln euro to Erste Bank Serbia to support SMEs Author: Georgi Georgiev. License: All rights reserved.

BELGRADE (Serbia), June 13 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) is providing a 40 million euro ($45.2 million) credit line to Erste Bank Serbia to support the growth of small and medium-sized enterprises (SMEs), the EBRD said on Thursday.

The funds will be on-lent to SMEs to increase their growth and development on local and international markets, the EBRD said in a statement. 

The Serbian unit of Erste Bank will offer companies a wide range of products and services, including investment and working capital loans as well as revolving facilities, the EBRD said.

"Erste Bank in Serbia has been our partner since 2012 and we are delighted to further deepen our cooperation. The lender is committed to increasing its SME portfolio and has a dedicated team to do so. We are pleased to be able to provide fresh financing and support this important effort," Henry Russell, EBRD Director for Financial Institutions in the Western Balkans, Ukraine and Moldova, stated.

Erste Bank Serbia is a member of Austria’s Erste Bank Group and among the top ten banks in the Serbian financial sector with some 30 lenders.

"Erste Bank Serbia is very pleased to continue its successful, long-term cooperation with the EBRD, which allows us to provide competitive financing for SMEs and to increase our support for this important segment of the local economy. This new credit line will allow for the expansion of SMEs and the improvement of overall economic conditions across the country," Slavko Caric, president of the executive board, said.

The EBRD has invested more than 5 billion euro across 230 projects in the country 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.

($ = 0.885488 euro)