30 mil EUR from Italy for the development of the private sector – Loans available for entrepreneurs and companies registered in Serbia

(Photo: Edhar/shutterstock.com)

The program of this second line of credit, which the Italian Embassy is implementing in Serbia together with the Ministry of Finance of Serbia, is also meant to aid the improvement of basic local services offered by public utility enterprises, by providing an easier access to loanable funds which are granted under favorable conditions.

This means that entrepreneurs and all companies registered in Serbia can now be users of the Italian line of credit, regardless of the company owner’s citizenship.

The value of the loans is 5,000 EUR to 1 mil EUR for micro companies and entrepreneurs, 50,000 EUR to 1 mil EUR for small and medium companies, and 150,000 EUR to 2 mil EUR for public utility enterprises.

At least 70% of the loan must be used for buying equipment, technology, technical aid, spare parts and industrial licenses of Italian make, while no more than 30% of the amount may be used for covering local expenses and working assets required by the needs of the investment project.

Assets from the Italian line of credit may also be used for buying used equipment directly from Italian procurers, but also from local distributors. All equipment bought using these assets is free of VAT.

The announcement says that the program will be realized through nine local banks.