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Dec 10, 2007 14:21 EEST
December 10 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Monday it extended a 4.0 million euro ($5.87 million) loan to the Kosovo Enterprise Programme (KEP) in support of small business in the U.N.-administered Serbian province.
The loan will enable KEP to on-lend finance to small and medium-sized enterpises (SMEs), EBRD said in a statement.
This is the second EBRD’s loan extended to KEP, following a 3.0 million euro one in December last year, also in support of SMEs in the province.
“This [loan] will assist KEP in its transformation into a shareholding company as a step to become a full commercial bank in 2008,” the statement said.
KEP started activity in 1999 as a project of the International Catholic Migration Commission, a Geneva-based non-governmental organisation (NGO), to provide financing and consultancy to entrepreneurs in Kosovo and became one of the leading SMEs financing institutions.
EBRD was one of the first international financial institutions to begin operating in Kosovo after 1999. The bank, which has extended 947 million euro to Kosovo so far, set up a local office in the administrative centre Prishtina in 2001 to promote investments and economic growth.
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