June 29 (SeeNews) - The European Investment Bank (EIB) said it has signed a contract with Bosnia's UniCredit Bank Banja Luka to provide financing of up to 50 million euro ($59.6 million) intended to help local small and medium enterprises (SMEs) and mid-caps recover from the Covid-19 pandemic.
UniCredit Bank Banja Luka will use the funds to provide loans under favourable and affordable conditions to SMEs and mid-caps affected by the pandemic, the EIB said in a statement on Monday.
Borrowers can use the funds to finance their liquidity, working capital and medium to long-term investment needs.
The EIB financing is provided under the Team Europe initiative to help the Western Balkans in the recovery from COVID-19. Since the start of the pandemic, the EIB has provided 95 million euro in financing for Covid-19 recovery to SMEs in Bosnia and Herzegovina.
($ = 0.8395 euro)