BELGRADE (Serbia), June 29 (SeeNews) - The European Investment Bank (EIB) and UniCredit Bank Serbia have signed an agreement to provide up to 50 million euro ($59.6 million) for the financing of small and medium enterprises (SMEs) and mid-caps in the Western Balkan country, the EIB said.
UniCredit will on-lend the funds to SMEs and mid-caps in Serbia affected by the COVID-19 crisis under more favourable and affordable conditions to help them overcome the financial constraints brought about by the pandemic, the EIB said in a statement on Monday.
“The EIB continues to support Serbia’s growth and development with this significant investment signed today. We are dedicated to creating the conditions needed for a faster COVID-19 recovery and the transition of Serbian economy towards a more resilient, green, sustainable model, able to compete successfully on the global markets,” EIB vice-president Lilyana Pavlova said.
The companies will be able to use the EIB funds to finance their liquidity, working capital and medium to long-term investment needs, the lender said.
The loan represents the fourth credit line provided so far by the EIB in support of Serbian companies under the Team Europe financial package for COVID-19 recovery in the Western Balkans. With the loan, the total EIB financing for COVID-19 recovery provided to Serbian SMEs since the start of the pandemic will reach 140 million euro.
($ = 0.83946 euro)
UniCredit Bank Srbija AD is among the biggest banks in SEE, for more reference take a look at Top 100 banks