EBRD lends 3.1 mln euro to Serbia’s Vega IT

Vega IT will use the funds to open new development offices across the US, UK, and the Middle East and hire engineering and sales staff to meet the company’s operational needs, the EBRD said in a press release.

“This financing will serve as a catalyst for the company's ambitious expansion plans, providing vital capital to support our initiatives in key markets around the world,” Vega IT CFO Ivana Kappenmann said.

On Wednesday, the EBRD said it has launched the 71 million euro ENEF II, aimed at SMEs and mid-cap companies in the Western Balkans, with support from the European Union.

Vega IT focuses on software development services. It has more than 200 clients with no significant concentration and employs more than 750 software engineers.

($ = 0.9176 euro)