Banca Intesa gets EUR 30mn for SME financing

The EBRD has announced a new EUR 30mn five-year senior loan to Banca Intesa Belgrade (BIB) intended for its private SME clients.

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Wednesday, 05.12.2012.

18:35

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BELGRADE The EBRD has announced a new EUR 30mn five-year senior loan to Banca Intesa Belgrade (BIB) intended for its private SME clients. The European Bank for Reconstruction and Development (EBRD) said that this represented a continuation of its support of small and medium-sized enterprises (SMEs) in south-eastern Europe at a time when recovery from the crisis is still uncertain. Banca Intesa gets EUR 30mn for SME financing Majority-owned by the Intesa Sanpaolo Group, Banca Intesa Beograd (BIB) is the largest commercial bank in Serbia, with SME lending described as "its particular strength". “Ensuring favourable sources of financing for small and medium-sized enterprises through international credit lines is an additional confirmation of Banca Intesa’s strategic commitment to providing active contribution and incentive for the development of this segment of the domestic economy," said Darko Popovic, a member of the Executive Board and head of the Corporate Division of Banca Intesa, and added: "Small and medium-sized businesses will be the key driver of Serbia’s economic recovery and the main vehicle of employment and export growth, which is why we need to offer them full support, especially in conditions of extended economic crisis and market changes which this sector is particularly susceptible to." In 2010, the EBRD provided another EUR 30mn credit line to the bank for on-lending to SMEs. In 2009 the EBRD provided it with a EUR 10mncredit line for financing energy efficiency investments undertaken by Serbian companies, topped up by EUR 4mn the following year. In 2011, EUR 10mn was extended for the support of SME competitiveness. Earlier this month, the World Bank, the European Investment Bank and the EBRD announced a joint commitment to invest €30 billion in the financial and corporate sectors in central, eastern and southern-eastern Europe (CESEE), there the EBRD will focus especially on SEE, for 2013-14. The statement by the presidents of the three institutions said: “Restarting and consolidating growth is imperative as the economies strive to narrow the gap in living standards with the more mature markets of the EU.” Since the beginning of its operations in Serbia, the EBRD has invested over EUR 3bn in about 200 projects, mobilizing about EUR 4bn for those projects from other sources of financing. B92

Banca Intesa gets EUR 30mn for SME financing

Majority-owned by the Intesa Sanpaolo Group, Banca Intesa Beograd (BIB) is the largest commercial bank in Serbia, with SME lending described as "its particular strength".

“Ensuring favourable sources of financing for small and medium-sized enterprises through international credit lines is an additional confirmation of Banca Intesa’s strategic commitment to providing active contribution and incentive for the development of this segment of the domestic economy," said Darko Popović, a member of the Executive Board and head of the Corporate Division of Banca Intesa, and added:

"Small and medium-sized businesses will be the key driver of Serbia’s economic recovery and the main vehicle of employment and export growth, which is why we need to offer them full support, especially in conditions of extended economic crisis and market changes which this sector is particularly susceptible to."

In 2010, the EBRD provided another EUR 30mn credit line to the bank for on-lending to SMEs. In 2009 the EBRD provided it with a EUR 10mncredit line for financing energy efficiency investments undertaken by Serbian companies, topped up by EUR 4mn the following year. In 2011, EUR 10mn was extended for the support of SME competitiveness.

Earlier this month, the World Bank, the European Investment Bank and the EBRD announced a joint commitment to invest €30 billion in the financial and corporate sectors in central, eastern and southern-eastern Europe (CESEE), there the EBRD will focus especially on SEE, for 2013-14.

The statement by the presidents of the three institutions said: “Restarting and consolidating growth is imperative as the economies strive to narrow the gap in living standards with the more mature markets of the EU.”

Since the beginning of its operations in Serbia, the EBRD has invested over EUR 3bn in about 200 projects, mobilizing about EUR 4bn for those projects from other sources of financing.

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