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The Government of the Republic of Serbia

In the service of citizens

€2 million for small and medium sized enterprises in Serbia

Belgrade, 14 July 2005

Representatives of the Serbian Ministry of Economy and the European Agency for Reconstruction (EAR) presented today a joint programme for funding a small and medium sized enterprises (SMEs) inducement project. The project is financially supervised by the EU through the “Fund for innovations and development of enterprises”, with a total amount of €2.05 million.

Author: FoNet

Head of the EAR Belgrade office Christos Gofas said at a press conference that development of SMEs is of great importance for Serbia, since it is a growing economic sector with large potentials.

Gofas said that through the “Fund for innovations and development of enterprises”, Serbia will receive a one-off payment of €2.05 million for enterprise development and introduction of innovations in business.

He added that the project will be presented to the Chamber of Commerce and Industry of Serbia the following day, and for the next several weeks there will be presentations throughout Serbia to explain the way the Fund functions.

Assistant Minister of Economy Zora Simovic pointed out that the Fund’s aim is to support the founding of new economic entities, increase efficiency and competitiveness among existing enterprises, as well as to improve effectiveness of institutions supporting the SMEs.

Simovic specified that the SMEs development programmed, financed by the EU, has a total budget of €4.5 million.

Among other things, the Fund should help to adopt new production and trade principles, improve enterprise capacity, and endorse organisations that support innovations in business.