OREANDA-NEWS. The European Investment Bank (EIB), the EU Bank, has signed two loans totalling EUR 80 million in Serbia with Societe Generale Bank Serbia (SGRS) and Sogelease Serbia (SLRS) in support of small and medium-sized enterprises (SMEs), Mid-Caps as well as infrastructure schemes promoted by local authorities. The loans are designed to assist Serbia in its efforts to integrate into the European Union (EU).

“With these two credit lines we reaffirm the EU Bank’s commitment to support projects in Serbia with the objective of helping the country on its path towards EU accession and rapid integration into the Union. The loans will improve the access of Serbian SMEs and mid-cap companies to long-term financing provided on favourable terms” said Dario Scannapieco, the EIB Vice-President responsible for the Western Balkans, “and I am really pleased with our ongoing cooperation with the Serbian authorities and the financial institutions”.

In details, a EUR 60 million loan was signed today in Belgrade with SGRS (the Serbian subsidiary of Paris-based Societe Generale): the EIB loan will finance the projects of SMEs and medium-sized companies in the areas of knowledge economy, environmental protection, health, education and services and also support small and medium-scale infrastructure schemes promoted by local authorities in the same fields. A minimum of 70% of the loan amount will be allocated to SMEs and mid-cap projects. In the current environment, the operation will increase the availability of funding for SMEs, key drivers of economic and social progress in Serbia, with a reduction of overall financing costs.

The EIB also signed a loan of EUR 20 million out of a total of EUR 40 million already approved with SLRS, the company for the leasing sector wholly owned by SGRS, with features similar to the one mentioned above.

Since 2009, the EIB has signed EUR 1.2 billion loans with banks and leasing companies in Serbia, supporting investments to SMEs, Mid-Caps and local authorities. These operations have involved the largest banking groups in the country.