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EBRD lending EUR 60 mln to Erste Bank Serbia to back SMEs

Small businesses in Serbia will benefit from a financing package provided by the European Bank for Reconstruction and Development (EBRD) to Erste Bank Serbia as the country seeks to recover from the coronavirus pandemic. 

The logo of Erste Bank Serbia on its headquarters in Belgrade, Serbia. Photo by BalkansCat / Shutterstock.com

The EBRD financing will consist of a loan of up to EUR 40 million and a second loan of up to RSD 2.2 billion (around EUR 20 mln equivalent) for on-lending to local small-and medium-sized enterprises, especially in remote parts of the country, the EBRD said.

The provision of local currency funding will protect borrowers from exposure to exchange rate risks, the development bank added.