The European Bank for Reconstruction and Development (EBRD) said on May 17 it is providing a €5mn loan to Raiffeisen Bank in Kosovo to boost the competitiveness of small and medium-sized enterprises (SMEs) and help them recover from the COVID-19 crisis.
Raiffeisen Bank will use the funds to provide loans to businesses looking to upgrade their technology, processes or services with a view to achieving EU standards, particularly those related to product quality, workers’ health and safety and EU environmental requirements, the EBRD said.
Once they have successfully completed their investment, they will also be eligible for a cashback grant of 15% of the loan amount, funded by the EU.
“SMEs here have been badly affected by the year-long crisis. We are united with our partners, the EU and Raiffeisen Bank, to help them recover, strengthen their ability to export to the EU, and speed up the transition to a greener, more sustainable economy,” Neil Taylor, EBRD head of Kosovo, said in the statement.
To date, the EBRD has invested €522mn in Kosovo through 75 projects since it began operations there in 2012.
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