KfW and Banca Intesa ink agreement on third credit line - EUR 30 million for municipal infrastructure

On behalf of the Federal Ministry for Economic Cooperation and Development of the Republic of Germany, a German development bank KfW Entwicklungsbank and Banca Intesa have signed contracts stipulating the 30-million-euro-third-credit line that will be used for financing development projects at the local level and improving the population’s living standard through investments made in public infrastructure.

The total value of KfW funds that will have been spent on municipal infrastructure in Serbia, including aforementioned line, amounts to 100 million euros, with 90 million euros reimbursed via Banca Intesa.

For example, part of the funds from the previous two loan arrangements was invested in wastewater treatment plant in Temerin - EUR 350,000, and a new kindergarten in Cacak - EUR 610,000.

On behalf of KfW group, the credit line contract was signed by Jürgen Welschof, Director of the bank’s Belgrade office and Esther Gravenkötter, senior project manager for financial sector. On behalf of Banca Intesa, the contract was signed by Draginja Đurić, the Chairwoman of Banca Intesa’s Executive Board and Marco Capellini, Deputy Chairman of the bank’s Executive Board. The First Secretary of the Federal Republic of Gemany’s Embassy Christoph Eichen was present at the signing ceremony.

Banca Intesa a.d. Beograd

KfW kancelarija Beograd

KfW Bankengruppe Frankfurt am Main