August 2 (SeeNews) - French financial institution Proparco has signed a 50 million euro ($59.4 million) credit facility with ProCredit Bank Serbia to secure funding for small and medium-sized enterprises (SMEs) and green projects, it said on Monday.
The credit facility will contribute to the development of the private sector and will serve to promote sustainable economic development and environmental protection in Serbia, Proparco, owned by the French Development Agency and private shareholders, said in a statement.
"This new project initiated with Proparco is of great significance to our existing as well as future clients. These loans will allow for the strengthening of the SME sector and will make energy efficient solutions available options for businesses and the local population alike," the CEO of ProCredit Bank Serbia, Igor Anic, noted.
For Proparco, the credit facility is its first operation in the banking sector in Serbia, the French financial institution said.
"Through this intervention with ProCredit Serbia, we are supporting an actor that has developed strong expertise on development issues in line with Proparco's mandate. It is also an opportunity to strengthen our partnership with the ProCredit Group, whose DNA and practices are in line with our mandates," Gregory Clemente, CEO of Proparco, said in the statement.
ProCredit Bank finances some 4,000 SMEs in Serbia, with a lending average amounting to 242,000 euro. As of 2010, ProCredit Group has developed a green financing methodology that is institutionally supported both internally and at the subsidiary level.
($ = 0.84107 euro)
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