Provision of a senior loan of up to EUR 20 million in two equal tranches to UniCredit Leasing Serbia ("UCL") under the Regional SME Competitiveness Support Programme ("CSP"). The loan will be fully guaranteed by the parent, UniCredit Bank Serbia ("UCB").
The project will support investments by SMEs to upgrade production facilities and comply with EU Directives in environmental protection, workers' and product safety and product quality. The eligible investments will be selected based on the technical and financial eligibility criteria set forth in the Policy Statement for the Regional SME Competitiveness Support Programme. Support to SMEs is tailored as a combination of access to finance with TC and non-TC assistance. At least 60% of the use of the proceeds will go towards financing GET-eligible investments in line with the Policy Statement.
ETI score: 60
The project contributes to the objectives of the Regional SME-CSP, supporting the competitive and resilient TI qualities.
Competitive: The project will contribute to: (i) supporting SMEs in accessing finance towards EU standards investments; and (ii) assisting SMEs to access advice and know-how for introducing and implementing EU standards and becoming competitive.
Resilient: Sub-borrowers will be expected to be commercially viable, which will be reflected in the expected strong underwriting expertise and adequate portfolio quality of the PFIs.
UNICREDIT LEASING SERBIA DOO
Uncredit Leasing Serbia ("UCL") is the fourth largest leasing company in the Republic of Serbia with assets of EUR 122.5 million and a market share of 13.4% as of September 2020. The company is headquartered in Belgrade, has 28 employees and offers a wide range of leasing products to SMEs, corporates and private individuals. UCL is a fully-owned subsidiary of UniCredit Bank Serbia which in turn is a fully-owned subsidiary of UniCredit Spa which is listed on the Italian stock exchange.
EBRD Finance Summary
Total Project Cost
Additionality is achieved by combining the necessary long-term financing with TC and investment incentives into a package that helps unlock the full potential of SMEs in Serbia and is structured to promote compliance with EU and international standards by improving the supply of dedicated financing and increasing the demand for such investments.
Environmental and Social Summary
Categorised FI (2019 ESP). UCL is an existing client and will be required to continue to implement the Environmental and Social Risk Management Procedure for Leasing; continue to comply with the EBRD's Performance Requirements (PRs) 2, 4 and 9, including adherence to the expanded EBRD E&S Exclusion List and Referral List introduced with ESP 2019 and submit Annual E&S Reports to the Bank.
Technical Cooperation and Grant Financing
TC: will include support for Programme Consultants that will assist with the implementation, marketing and monitoring of the Programme and a separate verification of the technical implementation of the investments by the Sub-borrowers before the incentive payment is released.
Co-investment grants: EUR 3.0 million for investment incentives to Sub-borrowers for the implementation of eligible investments in line with the CSP Policy Statement.
Company Contact Information
Jurija Gagarina 12, Belgrade, Serbia
PSD last updated
16 Feb 2021
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Independent Project Accountability Mechanism (IPAM)
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