Funds to boost SME and mortgage lending
In a move to bolster Serbia’s financial sector, the EBRD is providing €60 million in new financing to Serbia’s Banca Intesa and its leasing subsidiary, Intesa Leasing.
A €30 million credit line to Banca Intesa will be used for mortgage lending and a further €5 million will be on-lent to businesswomen as part of the EBRD’s Western Balkans Women in Business programme. Supported by international donors, it aims to increase access to finance and business advice for female entrepreneurs.
In addition, the EBRD is extending €25 million to Intesa Leasing to provide long-term funding to Serbian SMEs seeking to lease commercial vehicles, equipment and property.
Daniel Berg, EBRD Director, Head of Serbia, said: “We are delighted to continue our very strong cooperation with Banca Intesa. These new funds – offering products geared to meet the needs of different borrowers – will further bolster the banking sector by deepening intermediation which will benefit the economy and people living in Serbia. We also thank our generous donors – Sweden and Luxembourg – who have helped ensure the Women in Business programme is successful.”
Draginja Ðjurić, President of the Banca Intesa Executive Board, said: “Successful cooperation with the EBRD has enabled us for a number of years to bolster our own credit potential and provide our clients, both households and businesses, with access to favourable long-term sources of funding. Owing to the credit lines signed today we will continue to spur the development of women’s entrepreneurship as an important resource for sustainable economic growth and increased employment in our country. It will also enable us to help people invest in the purchase of their own living space, under favourable conditions.”
Nebojša Janićijević, president of the Intesa Leasing Beograd Executive Board, commented: “As our long-term reliable partner, the EBRD supports our strategy, which is fully in line with the EBRD’s mission, and will help foster economic development by strengthening entrepreneurship and the private sector. SMEs are the driving force behind Serbia’s economy, and the latest credit line will help us to further support this strategic segment of the domestic economy.”
Previously, the EBRD has provided €160 million in financing to Banca Intesa and Intesa Leasing.
To date, the EBRD has invested nearly €4.5 billion in a variety of sectors of the Serbian economy, and its work focuses particularly on enhancing the competitiveness of the private sector, enabling access to finance and developing sustainable and efficient public utilities.