January 25 (SeeNews) - The European Fund for Southeast Europe (EFSE) will provide a 5 million euro ($5.4 million) senior loan to Serbia's Opportunity Bank for on-lending to micro and small enterprises (MSE) and low-income households in the rural areas of Serbia, the EFSE said.
Opportunity Bank is a specialized microfinance bank in Serbia with a strong focus on small farmers and MSEs that have limited access to finance, the EFSE nooted in a statement published on its website last week.
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Credits will come in a package with an insurance policy covering weather risks or significant loss of livestock, Serbian media reported.
The EFSE was initiated by KfW Development Bank with the financial support of the German Federal Ministry for Economic Cooperation and Development and the European Commission. It aims to foster economic development and prosperity in Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia, Kosovo, Georgia, Moldova, Montenegro, Romania, Serbia, Ukraine and Turkey, the EFSE official website informs.
($ = 0.9244 euro)