Sitemap

€60 Million to Benefit 3,000 SMEs in Serbia

Nikola Jokic And Nuggets Agree On Historic 5-year Extension

Nikola Jokic has gone from draft pick...

EU Agrees On Rules To Tame Crypto Market

The European Union has agreed on ground-breaking...

EU To Extend Digital Covid Certificate For Travel Until June 2023

As the current EU Digital Covid Certificate...

UK: Lowest Car Sales Since 1996

Gathering economic headwinds are stoking fears of a recession after car sales dropped to the lowest level since 1996. UK...

In The New Report On Serbia GRECO Calls For Further Measures To Prevent Corruption

In a new report on Serbia, the Council of Europe’s Group of States against Corruption (GRECO) calls for further measures to...

China: Ready To Promote Global Development

The Forum on Global Development was held in Beijing, and on that occasion the President of the People's Republic...

Serbia And Hungary Sign Agreement On Border Control

The Agreement between the governments of Serbia and Hungary regulating border control in road, rail and water transport was...

Reception On The Occasion Of 140 Years Of Friendly Relations Between Japan And Serbia

Ambassador of Japan in Serbia H.E. Katsumata Takahiko hosted a reception in his residence to mark the 140th anniversary...

The European Investment Fund (EIF) and Banca Intesa AD Beograd signed the first agreement in Serbia under the COSME Programme, the European Commission’s programme for small and medium-sized enterprises (SMEs), during a signature event held today in Belgrade, Serbia.

Thanks to the financial backing of the European Commission, EIF is providing a direct guarantee that will enable Banca Intesa to support 3,000 SMEs in Serbia over the next two years with EUR 60 million in loans on favourable terms – with increased maturities and without any hard collateral.

Minister of Economy Goran Knežević stated that Serbia is turning more and more to development and that the Government of Serbia is focusing on SMEs and entrepreneurship, which are seen as the drivers of development.

“Besides allocating significant funds in the budget for financial and non-financial support to this sector, our goal is, as defined in the Strategy, to provide new sources of finance for our SMEs and entrepreneurs, just as it will be done through the European COSME program”, the minister said and added that the Ministry of Economy will ensure continuity in cooperation with commercial banks on the implementation of the COSME program, with other banks expected to follow suit over the next year.

“As we all know very well, SMEs are the backbone of any economy in today’s world. In this respect, Serbia is not an exception. Namely, 99.8% of enterprises in Serbia are SMEs. These SMEs employ 65% of all employees in the private (non-financial) sector and contribute 56% to the net value added of Serbia’s (non-financial) economy. In view of these figures, any program that can further boost SMEs – and COSME is aiming at that – will also boost the economy in its entirety. Its existence is therefore of utmost importance and this is the reason why the European Union is focused on supporting this sector”, EU Head of Delegation, Ambassador Michael Davenport said.

Banca Intesa Executive Board President, Draginja Đurić, stated: “We are proud that Banca Intesa is the first bank in Serbia to begin COSME implementation, thus confirming its long-term commitment as the leading bank in the market and the biggest creditor of the economy to being a reliable partner of the Serbian government in promoting entrepreneurship and supporting its development through constant credit offer improvement. Entrepreneurs and SMEs are the pillars of Serbia’s economic growth and employment, and the agreement we signed today will enable us to provide them with much-needed funding under better-than-market conditions, with a lower interest rate, longer maturity and, what is perhaps the most important to them – with no mortgage.”

Related Articles

EU Agrees On Rules To Tame Crypto Market

The European Union has agreed on ground-breaking rules for regulating crypto assets, EU lawmakers said on Thursday, as the rout in bitcoin piles pressure...

French Presidency Of The Council Of The European Union

Europe’s Sovereignty At Heart

As French President Emmanuel Macron spelled out, the French Presidency of the Council of the European Union focused on recovery, strength and a sense...

EU To Extend Digital Covid Certificate For Travel Until June 2023

As the current EU Digital Covid Certificate rules are set to expire on 30 June, the Committee on Civil Liberties, Justice and Home Affairs...

Eu Clinches Deal On Mandatory Gas Storage For Next Winter

European Union negotiators agreed on mandatory gas storage obligations for EU countries, aiming for the the bloc’s storages to be at least 85% full...

EU Preparing Investment Plan For Western Balkans Worth 30 Billion Euros

The leaders of the European Union and the Western Balkans held a four-hour discussion in Brussels on the challenges of the current geostrategic situation...

Alessandra Moretti Is The New Chair Of EP Delegation To Serbia

The European Parliament (EP) has elected Alessandra Moretti, a member of the Socialists and Democrats from Italy, as chair of the EU-Serbia Stabilization and...

EU Council Pushes For Further Actions To Protect Journalists

Against the backdrop of increasing threats to journalists and thus impediments to freedom of expression and freedom to inform, the Council today approved conclusions...

European Leaders Visit Kyiv

The leaders of Germany, France and Italy are in Kyiv on Thursday for talks with Ukrainian President Volodymyr Zelenskyy. The need for more weapons,...