EBRD: Up to €300 mil for Serbia's recovery after floods

(Photo: I.Vukša)

The European Bank for Reconstruction and Development (EBRD) will deliver Serbia financial support up to €300 mil to overcome the damage caused by the floods in May this year, it has been announced today at a donor conference in Brussels today.

In a move designed to help Serbia accelerate its recovery, the EBRD is prepared to extend and reallocate funding to public and private sectors in Serbia and outlined that up to €300 mil can be made available to the public sector for repairs, subject to request by the authorities and approval by the EBRD, it was stated in the announcement of the European Bank for Reconstruction and Development.

In addition, up to €100 mil of financing for small and medium-sized municipalities will be available from the Municipal Infrastructure Development Fund. Resources from this EBRD co-financed fund can be used to help rehabilitate municipal infrastructure in areas affected by the floods, EBRD announced.

Under the WBFF IV €50 mil have already been extended to UniCredit Bank Serbia in two facilities – mortgage loans and credit lines for small and medium-sized firms and both loans can be used to finance projects in flood-affected areas.

In order to deal with the floods damage, as of today, Bosnia and Herzegovina received EBRD support totaling up to €58 mil. The funds, as it was announced, will be made available for public sector. In addition, additional amount of up to €100 mil from MIDF fund will be made available for small and medium-sized municipalities in Bosnia and Herzegovina, the European Bank for Reconstruction and Development announced.