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The Government of the Republic of Serbia

In the service of citizens

DFC's new guarantee scheme for micro, small, medium enterprises

Belgrade, 13 December 2022

The contract on the implementation of the new guarantee scheme of the American Corporation for International Development Finance (DFC) in the amount of up to $400 million was signed today in the Ministry of Finance with the banks Banca Intesa, Addico Bank, ProCredit Bank and Raiffeisen Bank.

Deputy Prime Minister and Minister of Finance Sinisa Mali pointed out that the money will be available to domestic companies for working capital and investments and that the loan repayment period will be from six months to ten years.

Mali explained that in the first phase, $272 million will be available to companies in Serbia and that the loans are intended for micro, small and medium enterprises with a special focus on agriculture, underdeveloped areas, sustainable development, startup companies and companies led by women.

Deputy Vice President of the DFC Maryam Khosharay assessed that the economy in Serbia had an impressive growth in the last two decades, but that small businesses have challenges in accessing the loans needed for growth and competitive business.

Khosharay stated that the estimate is that $10 billion is missing, especially when it comes to women-owned businesses and farms in small rural areas, stressing that it is necessary to free up capital, especially considering that these businesses do not always have the necessary participation.

Ambassador of the United States of America to Serbia Christopher Hill pointed out that the modern economy is not built by large conglomerates, but that small and medium-sized enterprises are "its heart".

Hill added that these are people who have ideas and know how to market them, but that forming capital and finding funds is always a problem.