EBRD approves EUR 200mn loan
The European Bank for Reconstruction and Development (EBRD) will provide a EUR 200 million stand-by loan to Serbia's Deposit Insurance Agency.
Friday, 24.10.2014.
12:31
EBRD approves EUR 200mn loan
The EBRD's support to this independent public institution that protects insured deposit owners and manages the Deposit Insurance Fund will provide efficient and credible protection of insured deposits.It will also support the reform of the legal framework for deposit insurance and help Serbia overcome the remaining challenges in the banking sector, the EBRD office in Serbia has stated.
The Deposit Insurance Fund capital increase is meant also to attract new investments to the financial sector.
Additional grants for institutional capacity improvement and technical assistance to the Deposit Insurance Agency will be provided by the government of Luxembourg and a special shareholders fund with the EBRD.
The deposit insurance project is a particularly important investment for the EBRD because it supports the development of the infrastructure of the Serbian banking market, according to a statement delivered to TAnjug.
The EBRD supports the Serbian government efforts to boost the stability of the financial sector, so this transaction is a clear proof of the EBRD's commitment, head of the EBRD office in Serbia Matteo Patrone stated.
According to Finance Minister Dušan Vujović, this EBRD contract reaffirms the important partnership related to improving the deposit insurance system and the Deposit Insurance Agency's institutional capabilities.
The contract is a significant incentive to the country's financial sector and the financial support will help raise deposit owners' confidence and protect potential investors.
Since its arrival in Serbia, the EBRD has invested over EUR 3.8 billion in more than 180 projects. The bank invests in the financial sector, industry, trade, agribusiness, energy and infrastructure.
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