February 6 (SeeNews) - The European Fund for Southeast Europe (EFSE) said on Monday it has signed 20 million euro ($21.5 million) credit line agreement with UniCredit Bank Serbia to finance housing loans in Serbia.
The EFSE credit line is expected to support clients who buy their homes with housing loans, which will further strengthen UniCredit Bank’s position in the housing market and expand access to long-term housing finance around Serbia as the majority of bank’s portfolio is located outside Belgrade, EFSE said in a statement.
“Citizens often need support when buying their first home, and the credit line will enable UniCredit Bank to finance such purchases, fulfilling the EFSE’s mission to provide adequate housing terms in the regions it operates,” EFSE board chairman Christoph Tiskens said in the statement.
"Solving the living space issue certainly represents one of the priorities of both individuals and families in Serbia. Thus, during the last year we focused on offering our clients a housing loan created in accordance with their needs. The EFSE credit line, in addition to enabling us to continue supporting citizens who wish to purchase a home, will also affect our growth in this market segment," the head of the retail division of UniCredit Bank Serbia, Nikola Vuletic, said.
In December 2015, EFSE provided UniCredit Bank Serbia with a senior loan of 10 million euro to serve to finance additional housing loans, addressing the needs of the fund’s final target group of low-income households in all regions of Serbia.
The EFSE was initiated by Germany's development bank KfW with the financial support of the German Federal Ministry for Economic Cooperation and Development and the European Commission. It aims to foster economic development and prosperity in Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia, Kosovo, Georgia, Moldova, Montenegro, Romania, Serbia, Ukraine and Turkey.
($ = 0.93129 euro)
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