The FINANCIAL — The European Bank for Reconstruction and Development (EBRD) is stepping up its support to small and medium-sized enterprises (SMEs) in Serbia with a €60 million loan to ProCredit Bank Serbia, a dedicated and experienced lender to SMEs.
The financing is being provided for on-lending to SMEs at a time when the availability of funding is crucial to supporting economic recovery in Serbia. Under the project, the EBRD is aiming to improve access to long-term finance for SMEs across the country.
The transaction is being made under the EBRD’s Small Business Initiative, a strategic Bank-wide initiative designed to support and develop micro, small and medium-sized enterprises (MSMEs) through a variety of instruments including: direct financing, working with the Bank’s partner financial institutions, offering advisory services and engaging in policy dialogue to improve the business environment for MSMEs, according to EBRD.
“Small and medium-sized businesses are the driving forces of economic development in Serbia. We are pleased to be coming together with our long-standing partner, ProCredit Bank to provide further support to the growth of this vital market segment. We believe that by fostering the entrepreneurial spirit and providing long-term support to small business in Serbia, we’re bringing wider benefits to the Western Balkans region,” said Dan Berg, EBRD Director for Serbia.
“We are delighted to continue our cooperation with ProCredit Bank Serbia. ProCredit is an SME-focused bank with strong capabilities and expertise in that segment. We hope that through this project we will be able to broaden our support to the development of small businesses in Serbia,” said Henry Russell, EBRD Director for Financial Institutions in the Western Balkans, Belarus, Moldova and Ukraine.
“Our long-term cooperation with the EBRD has been extremely fruitful. This credit line will certainly enable us to further improve our efforts in providing the SME sector with credit products designed to meet their specific needs. Our commitment to this sector is best illustrated by the fact that ProCredit Bank has disbursed loans worth nearly €4 billion to its clients in Serbia,” said Svetlana Tolmacheva Dingarac, Chairperson of the Executive Board of ProCredit Bank Serbia.
Since the start of its operations in Serbia, the EBRD has invested around €4 billion in over 190 projects across the country. The Bank invests in the financial sector, as well as in industry, commerce, agribusiness, energy and infrastructure.