December 10 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it is providing a loan of 5 million euro ($5.6 million) to Kosovo's Banka per Biznes to support the competitiveness of small and medium enterprises (SMEs) in the country.
The funds would be used for on-lending to SMEs for investments that will make their operations compatible with EU standards in areas such as environmental protection, health and safety and product quality, the EBRD said in a press release on Thursday.
At least 60% of the loans will support energy-saving investments, the EBRD added.
Furthermore, the borrowers can benefit from technical assistance and grant incentives worth up to 15% of the total loan amount on successful project completion, funded by the EU under the Western Balkans Enterprise Development and Innovation Facility (WB EDIF).
Banka per Biznes, established in 2001, is the seventh largest bank in Kosovo with a market share of 6.5% by total assets and 6.4% by net loans as of end-June.
The EBRD holds a 10% stake in Banka per Biznes since 2010.
($ = 0.8851 euro)