PRISTINA (Kosovo), June 29 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is lending 10 million euro ($10.5 million) to Raiffeisen Leasing Kosovo (RLK) in support for leasing electric cars, solar panels and innovative technology to local entrepreneurs and small and medium-sized enterprises (SMEs).
Some 3 million euro of the loan is provided through the EBRD's SME Competitiveness Support Programme, which helps local SMEs finance investments to achieve compliance with EU standards, the bank said in press release on Tuesday.
SMEs can also benefit from technical assistance and a cashback grant of 15% of the total loan amount upon successful completion of their investment. The technical assistance and the grants will be funded by the European Union.
The remaining 7 million euro will be used for on-lending to local firms to provide lease finance and to support smaller enterprises in investing in innovative strategies or products.
RLK is fully owned by Raiffeisen Bank Kosovo, a subsidiary of Austria's Raiffeisen Bank International. RLK provides lease financing to MSMEs and private individuals.
($ = 0.9512 euro)