December 24 (SeeNews) - The European Investment Bank (EIB) said it has signed a 30 million euro ($33.3 million) financing contract with the Serbian unit of French banking group Credit Agricole intended to back local small and medium-sized enterprises (SMEs) and mid-caps.
The contract is the first tranche of a 50 million euro credit line already approved by the EIB governing bodies, the EU bank said in a press release on Monday.
The loan will be managed by Credit Agricole Srbija which aims to finance manufacturing and agricultural businesses in rural areas. It is expected to support around 300 SMEs and mid-caps and sustain 10,000 jobs in Serbia, including jobs for young people under the European Youth Employment and Training for the Western Balkans initiative, the EIB added.
The loan is aimed at assisting Serbia's efforts to integrate into the European Union by increasing the availability of funding for SMEs, which are key drivers of economic and social progress in the country, the lender said.
“The contract signed with Credit Agricole Srbija will improve the access of Serbian companies, including fast-growing mid-cap companies, to long-term financing provided on favourable terms, with positive effects on job market and social environment,” head of division for EIB lending operations in Croatia, Slovenia and Western Balkans, Matteo Rivellini, said.
($ = 0.90212 euro)
Credit Agricole Banka Srbija AD Novi Sad is among the biggest banks in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here