EBRD: EUR 500 million for region's flood recovery
The European Bank for Reconstruction and Development (EBRD) will be extending up to EUR 500 million for on-lending to partner banks.Source: Tanjug
The move is designed to boost long-term lending to local businesses and private borrowers "in the Western Balkans and Croatia," Tanjug is quoting a statement it received from EBRD.
"The funds are being provided under the Western Balkans and Croatia Finance Framework IV (WBFF IV), structured to accommodate potential demand for additional financing as a result of the recent floods in Bosnia and Herzegovina, Croatia and Serbia," said the bank.
"The EU, World Bank and UN are working with the authorities in the affected countries to prepare a damage assessment report over the next few weeks," it added.
The WBFF IV will provide credit lines as well as equity, hybrid instruments and guarantees to local banks and non-banking financial institutions "in Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo, Montenegro and Serbia for on-lending to micro, small and medium enterprises and private borrowers," said EBRD.