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The Government of the Republic of Serbia

In the service of citizens

€50 million Apex loans approved to SMEs in Serbia

Belgrade, 12 December 2009

The Cabinet of the Deputy Prime Minister for EU integration stated today that within a period of one month the European Investment Bank (EIB) approved nearly €50 million under the Apex 3 loan programme for Small and Medium-Sized Enterprises (SMEs) in Serbia.

According to the statement, the demand for these loans has increased greatly as shown by the fact that since 2002, when the Apex 1 programme started, up until September 2009, at the end of the Apex 2 programme, a sum of €65 million was approved but within only a period of one month €50 million have been approved under the Apex 3 programme.

The arrangement of the €250 million Apex 3 loan programme was concluded in May 2009 and the Serbian Parliament passed a law affirming the loan agreement on August 31.

Funds from this EIB loan programme are made available for loans through commercial banks, via the National Bank of Serbia. Loans are approved for new investment projects as well as for refinancing prior loans under favourable conditions. The payment period is up to 15 years at an annual interest rate of 5.5%.

Financing is provided for SME projects, local infrastructure, projects in the area of knowledge economy, energy, environmental protection, health and education.

The first funds of €31 million will be drawn by December 21 and if the demand for these loans continues Serbia will seek the approval of a fourth Apex loan programme from the EIB in spring, concludes the statement.