Sitemap

EIB And Erste Bank Serbia Sign €30 Million Loan To Help Fast Recovery Of Serbian SMEs And Mid-Caps

More...

FIC Telco & Digital Economy Committee Created

Telecommunication & Digital Economy Committee was the...

Diego Maradona: Argentina Legend Dies Aged 60

Football legend Diego Maradona, one of the...

Serbian Student Heads Second-Placed Team At Internet Innovation Competition

Mensa Serbia said on Tuesday that a...

News

EBRD, EU And WBIF Financing Construction Of “Peace Highway” In Serbia

EBRD loan of up to €85 million to finance Niš-Pločnik section of “Peace Highway” “Peace Highway” is a...

Diego Maradona: Argentina Legend Dies Aged 60

Football legend Diego Maradona, one of the greatest players of all time, has died at the age of 60. The...

Serbian Student Heads Second-Placed Team At Internet Innovation Competition

Mensa Serbia said on Tuesday that a Serbian doctoral candidate headed the team that won silver at the China...

EIB Supports Digitalisation Of Schools With €65 Million

Modern IT equipment and high-speed internet for primary and secondary schools across Serbia. 50 000 teachers to improve...

G20 Summit: G20 Leaders United To Address Major Global Pandemic And Economic Challenges

President of the European Commission, Ursula von der Leyen, and President of the European Council, Charles Michel, represented the EU at...

– The EIB will invest €30 million to accelerate the recovery of Serbian companies operating in sectors most affected by COVID-19.

– The loan with Erste Bank AD Novi Sad will unlock loans under more affordable terms for Serbian companies.

– This is the first EIB operation in Serbia under the Team Europe COVID-19 support package.

The European Investment Bank (EIB) and Erste Bank AD Novi Sad (EBS) have agreed on a €30 million loan to enable the strong recovery of small and medium-sized enterprises (SMEs) and mid-caps in Serbia in response to the COVID-19-induced contraction. The loan will allow EBS to on- lend to companies severely affected by the pandemic, helping them retain jobs, preserve liquidity and ensure business continuity. This is the first operation in Serbia as part of the EIB’s €400 million financial programme earmarked for the private sector in the Western Balkans to ensure a fast response to and recovery from the COVID-19 pandemic, as announced at the EU-Western Balkans Summit held in Zagreb in April 2020.

The loans will be available to companies operating across different sectors strongly hit by the pandemic, such as wholesale and retail trade, accommodation, transport, food and beverages, and services. The EU is a strategic partner for Serbia due to its high economic integration with the EU. With the funds from the EU bank, EBS will help the sustainable economic recovery of Serbian SMEs by addressing their short-term working capital needs, but at the same time enabling longer-maturity investments.

EIB Vice-President Dario Scannapieco said: “Surveys show that around 85% of Serbian SMEs have been negatively affected by the crisis, while 60.5% of companies have had to drastically reduce their productive capacities. We understand that without urgent support for the private sector, the economic recession triggered by the pandemic will escalate further, hindering the overall socioeconomic recovery of the Western Balkans. Therefore, the EIB and the Team Europe initiative have joined forces to inject much-needed liquidity into SMEs, which employ over 60% of the working population in Serbia. By doing so, we hope to encourage them to withstand the economic downturn and pave the way for their long-term recovery.”

“In these times of crisis, now more than ever, our clients need support to successfully overcome all the challenges we face. Preserving people’s health, but also businesses and workplaces, currently represents the biggest priority for our entrepreneurs. We are at their disposal with various kinds of support, and we are very proud that Erste Bank is the first bank in Serbia with which the European Investment Bank will begin this important programme to provide small, medium-sized enterprises and mid-caps with new sources of liquidity at favourable conditions, as well as the possibility to finance working capital and investments.” said Slavko Carić, Executive Committee President of Erste Bank.

The EIB and EBS have a track record of successful cooperation in supporting SMEs in the region. From 2009 to date, the EIB has invested over €1.8 billion in the Serbian economy, which has helped retain over 320 000 jobs.

Related Articles

EIB Supports Digitalisation Of Schools With €65 Million

Modern IT equipment and high-speed internet for primary and secondary schools across Serbia. 50 000 teachers to improve their digital skills and 700...

Dubravka Negre, Head of Regional Representation for the Western Balkans at the EIB

Support In Challenging Times

It will be of crucial importance in the period ahead for Serbia to have further support for the private sector, in order to maintain...

EIB Provides €30 Million To UniCredit Bank Serbia For Serbian SMEs

• The first impact finance loan for Serbian SMEs • This highly innovative EIB operation aims to support employment, sustainable and inclusive development and economic...

EU announced over €3.3 billion of support for the Western Balkans

EU reinforces support for the Western Balkans to address COVID-19 crisis and outlines proposal for post-pandemic recovery   The European Commission announced over €3.3 billion of...

EIB Group contributes € 5.2 billion to EU response to COVID-19 outside the EU

The European Investment Bank Group, the bank of the European Union, today announced details of a comprehensive response to the coronavirus pandemic outside the...

EUR 50 million from EIB to Crédit Agricole Srbija to support local companies and projects

• First EUR 30m tranche of an approved EUR 50m credit line signed today; • Credit Agricole Srbija aims to finance manufacturing and agricultural businesses...

EIB helps to improve sanitation and sewerage systems in Belgrade

• The EIB has signed a EUR 35m loan to finance the sewerage system of the City of Belgrade, improving living conditions for 170...

NALED Traditional September Gathering

NALED bid farewell to the summer and launched the new season of reforms with the traditional September Gathering held at the White Palace. The reception...