December 27 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it is providing a 7 million euro ($7.7 million) loan to Bosnia's UniCredit Bank Mostar [SAJ:ZGBMR], part of Italy's UniCredit Group, to back local small and medium enterprises (SMEs).
The funds will be on-lent to SMEs for investments in green and sustainable technologies, the EBRD said in a press release.
The loan is provided through the EBRD’s SME Go Green programme that is supported by the European Union (EU).
Upon successful completion of their projects, financed SMEs will be eligible for a grant of between 10 to 15% of the loan amount, provided by the EU. The EU will also provide grants to train UniCredit bankers on new financial products and to support local businesses with project implementation, the press release read.
UniCredit Bank Mostar is based in the Federation, one of two autonomous entities that form Bosnia and Herzegovina. UniCredit Group has another bank in Bosnia, UniCredit Bank Banja Luka, headquartered in the other entity - the Serb Republic.
($ = 0.904 euro)
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