EBRD extends RSD 1.2 billion to 3Bank in Serbia

By Bojana Vlajcic

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  • Local currency EBRD loan of RSD 1.2 billion (€10 million equivalent) to 3Bank in Serbia
  • Funds for on-lending to micro and small businesses, entrepreneurs and farmers
  • 75 per cent of credit line to finance clients outside the capital region

The European Bank for Reconstruction and Development (EBRD) is helping to improve access to finance for small businesses, farmers and entrepreneurs in Serbia in partnership with 3Bank, a local market leader in microfinancing. A RSD 1.2 billion local currency loan (€ 10 million equivalent) to 3Bank will improve the availability of funding for micro, small and medium-sized enterprises (MSMEs) in Serbia, including agricultural businesses, farmers and entrepreneurs. Around 75 per cent of the credit line is intended for financing clients outside the capital Belgrade.

3Bank is a market leader in financing small businesses, farmers and entrepreneurs in Serbia. Their mission is to improve access to finance for businesses that are making a positive economic, social and environmental impact, with a special focus on clients who have difficulty accessing such services from traditional banks.

Matteo Colangeli, EBRD Regional Director for Western Balkans, Head of Serbia, said: “3Bank is our first partner financial institution in Serbia that focuses on microfinance. We are delighted at this new cooperation and committed to work with 3Bank on enabling greater access for micro businesses to the finance needed to grow and become more competitive.”

Vladimir Vukotić, CEO of 3Bank, said: "We are the only bank on the market with a complete focus on financial inclusion." We support small-scale farmers and entrepreneurs who have limited or no access to financing, and even 45 per cent of our new clients get their first loan from our bank. In the past two decades, we approved about 300,000 loans and contributed to the creation of about 60,000 jobs. A RSD credit line in cooperation with such a respectable investor as the EBRD will enable us to further increase the share of dinar placements in the bank's total placements, while contributing to the development of the business of small entrepreneurs and farmers, and thus to the progress of society as a whole."

The EBRD is a leading institutional investor in Serbia and has invested more than €7.3 billion in the country to date. The Bank focuses on support for private-sector development, the improvement of public utility services and the overall transition to a green economy.

 

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