Micro loans for new jobs - project by EBRD and Opportunity Bank

Risk management, internal audit and product improvement are part of EBRD's programme that will be implemented through the Western Balkan Fund in Opportunity Bank in Serbia during the next year.

Within the scope of the investment framework for financing micro, small and mid-sized enterprises, that programme will make it possible for the bank to get stronger and expand its capacities, improve the approach to entrepreneurship and, thus, ensure creation of new jobs.

- We will use our knowledge and experience to bring the bank's processes and systems in accord with the best international practice. Microcrediting has proved to be an important flywheel of the economies of the countries in transition, while self-employment is an important factor in eradication of poverty - said local project manager Richard Beasley from Grontmij|Carl Bro A/S.

Vladimir Vukotić, a member of the Executive Board of Opportunity Bank, said that the project would help the bank improve its competence, skills and know-how in accordance with growing number of clients and employees in that bank, which would have direct influence on creation of new jobs.

- Opportunity Bank has registered significant growth in Serbia over the last few years, and we are currently focused on rural area that have a big development potential - said Vukotić.

EBRD has the share of 19.11% in the capital of Opportunity Bank Novi Sad. Since it started operating in Serbia, OBS has granted over 70m EUR worth of loans to micro, small and mid-sized enterprises in Serbia and, thus, helped creation and keeping of about 45,000 jobs.

Technical support will be provided through the consortium comprising three European consulting companies:

"Grontmij|Carl Bro A/S", which is a part of "Grontmij" group, one of the biggest players in European consulting market, European Association of Saving Banks with the headquarters in Belgium (ESBG), and "Experian Decision Analytics" with the headquarters in Italy, which placed its focus of interest on small and mid-sized enterprises, crediting and leasing sectors, and provision of tools for support to the leasing and crediting decision-making.