December 19 (SeeNews) - The European Investment Bank (EIB) said it has agreed to lend 30 million euro ($33.4 million) to Bosnia's Intesa Sanpaolo Banka to be used as a credit line for local SMEs, midcaps, and local authorities.
The credit line will be used by companies from the industrial, tourism, services, and agriculture sectors, as well as by local authorities in order to finance environmental protection, energy efficiency, knowledge economy, and infrastructure projects, the EIB said in a press release on Wednesday.
"The loan supports Bosnia and Herzegovina in addressing some of the key priorities towards its full membership in the EU – education, employment and social policies," the bank noted.
This is the first tranche of a 60 million euro loan which the EIB has approved for the Bosnian arm of Intesa Sanpaolo Bank.
Under the loan agreement signed on December 18, projects which create jobs for the local youth under the European Youth Employment and Training for Western Balkans initiative, can also be financed through this credit line.
"Today, together with Intesa Sanpaolo, the EIB created a new source of loans for local SMEs and midcaps, as well as for local authorities looking for favourable financing for their projects and, in turn, growth and creation of new employment opportunities, especially for youth," Matteo Rivellini, head of division for EIB lending operations in Croatia, Slovenia and Western Balkans said.
This is the fifth credit line provided by the EIB through the Bosnian unit of Intesa Sanpaolo to local SMEs, midcaps and local authorities.
($ = 0.898479 euro)
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