December 28 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it will provide a loan of up to 5 million euro ($5.2 million) to UniCredit Bank Serbia for on-lending to small and medium-sized enterprises (SMEs) run by women.
EBRD said in a statement it has signed the second project under its ground-breaking Women in Business programme in Serbia. The bank's Western Balkans Women in Business Programme, supported by international donors, aims to increase access to finance and business advice for female entrepreneurs, the lender noted.
EBRD financing under the programme is channeled to SMEs via partner banks, in this case UniCredit Bank Serbia, while business advice is provided by the EBRD’s Advice for Small Business with support from donors.
Under the current programme in Serbia, donor funding will come from the governments of Luxembourg and Sweden.
"Today we are signing yet another project which will help talented women in business fully realize their potential and business ideas. The EBRD is one of the largest investors in Serbia, but leading the way in programmes such as Women in Business is what makes us especially proud", Aleksandra Vukosavljevic, EBRD associate director, financial institutions, is quoted as saying in the statement.
Csilla Ihasz, president of the management board of UniCredit Bank Serbia, said that the programme will stimulate more and more women in Serbia to invest and develop their business ideas, and therefore support the further growth of the country's economy.
In total, the EBRD has provided 23.5 million euro in loans under the Western Balkans in Women in Business programme to partner financial institutions for lending to female entrepreneurs in five countries.
($=0.96 euro)