EIB grants EUR 50 million loan for SMEs and local authorities in Serbia

The European Investment Bank (EIB) and the Credit Agricole Group in Serbia have signed two financial contracts worth a total of EUR 50 million to back the projects of small and medium-sized enterprises (SME) and infrastructure programs promoted by local authorities.

The aim of this loan is to help Serbia in its efforts to integrate into the European Union, the EIB said in a release submitted to Tanjug news agency.

- The bank of the European Union continues supporting Serbia on its path towards the EU accession and rapid, complete integration into the Union. The two contracts signed with Crédit Agricole will improve the availability of long-term favorable lending to SMEs, which should positively affect the labor market and social climate - said EIB Western Balkans Vice President Dario Scannapieco.

The EIB loan will be used to finance the projects promoted by local authorities in the field of economics, energy, environmental protection, industry, health care, education, and services. Minimum 70 percent of the loan will be spent on the projects of SMEs that are key drivers of economic and social progress in Serbia.

Of this loan, Crédit Agricole Novi Sad will manage EUR 45 million, while remaining 5 million euros will be managed by Crédit Agricole Leasing Srbija, the EIB said in the release.