Serbia’s finance ministry said on April 28 it agreed a new guarantee scheme with the US Development Finance Corporation (DFC), which foresees the DFC to provide $400mn as guarantees for Serbian banks to approve loans to local companies.
The guarantee scheme arrangement is part of the Washington agreement signed by Serbia President Aleksandar Vucic and former US president Donald Trump in September 2020.
Finance Minister Sinisa Mali said in the statement that the official signing of the agreement on the new guarantee scheme, as well as the completion of the DFC agreement with the banks in Serbia, is expected soon.
“We managed to conclude a final agreement with the DFC on the first $400mn for the Serbian economy. Last week, two new guarantee schemes of additional €1bn were adopted in addition to the existing guarantee schemes, which Serbia will use in cooperation with the banks to mitigate the negative consequences of the pandemic,” Mali said in the statement.
Following the signing, the money will be available as loans to local companies for liquidity, innovation and investment.
Serbia is the first country in the region, and among the first in the world, to conclude such an agreement with DFC.
Related Articles
S&P upgrades ratings of Freedom subsidiaries to ‘BB-’
S&P Global Ratings has upgraded the credit ratings of several subsidiaries of Nasdaq-listed Freedom Holding, raising ratings on Freedom Finance, Freedom Finance Europe, Freedom Finance Global and ... more
Kazakhstan’s Freedom fintech sets out to emulate and exceed Revolut in Europe
Freedom Holding Corp (Nasdaq: FRHC) is positioning itself to expand deeper into Europe’s financial services market with plans to launch a digital bank in France, backed by a €500mn ($572mn) ... more
Fintech Freedom Holding aims to make France key entry point into EU with €500mn investment
A French banking licence would open the way to a new phase in the international expansion of Nasdaq-listed fintech group Freedom Holding Corp. That’s the expectation of Freedom, a company ... more