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Two EIB loans worth €45m to support Serbia's efforts to integrate into EU
Belgrade/Luxembourg,
28 January 2010
The European Investment Bank (EIB) announced that two Serbian financial institutions signed two loan agreements worth a total of €45 million, with the aim to support efforts to integrate Serbia into the EU.
The statement says that the purpose of loans is to support projects for small and medium-sized enterprises and infrastructure projects on which local authorities are working. The loan contracts have been concluded with Erste Bank Novi Sad and KBC Bank, in the amount of €25 million and €20 million respectively.
The loan approved to Erste Bank aims to finance projects of SMEs, small and medium-sized infrastructure projects, local authorities and industrial investments in the field of knowledge economy, energy, environment, health and education.
EIB will finance up to 100% of the total project costs for SMEs, with €12.5 million per project at the most, as well as up to 50% of costs of other projects. At least 70% of the total loan will be used for SMEs.
The EIB loan to KBC Bank will be granted under the same terms, the statement adds, noting that this is the first time the EIB has approved a direct loan to these banks and it will considerably contribute to the development of projects in these sectors.
EIB will finance up to 100% of the total project costs for SMEs, with €12.5 million per project at the most, as well as up to 50% of costs of other projects. At least 70% of the total loan will be used for SMEs.
The EIB loan to KBC Bank will be granted under the same terms, the statement adds, noting that this is the first time the EIB has approved a direct loan to these banks and it will considerably contribute to the development of projects in these sectors.
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