EBRD provides EUR 20mn to Societe Generale Serbia for lending to SMEs.

By bne IntelliNews March 4, 2010
The EBRD is providing EUR 20mn credit line to Societe Generale Serbia for on-lending to small and medium enterprises (SMEs) in the country, the EBRD has announced in a news release. The credit line is part of a wider financial arrangement provided by the EBRD to Societe Generales subsidiaries in Eastern Europe . The funds from the EBRD loan will be used to finance the investments and working capital needs of private businesses operating in Serbia with short, medium and longer term loans of up to EUR 1.5mn, the EBRD also said, adding that the credit line would ensure a continuous flow of finance to SMEs at a time when they face growing difficulties in obtaining funding for their development. Hildegard Gacek, the EBRDs Director for Serbia noted that the project would also provide a confidence boost to the banking sector in Serbia . The EBRD investment is part of a joint vow by the EBRD, the World Bank Group and the European Investment Bank (EIB) to provide over EUR 25bn in support of the banking sectors in the region and to fund lending to businesses hit by the global crisis. The EBRD has secured over EUR 3.8bn in funds for the financial institutions sector in countries of its operation since the start of the initiative, the lender noted.

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