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Belgrade receives 45M euro from European Investment Bank

Thu, Jan 28 2010 12:20 CET

byNick Iliev

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Belgrade receives 45M euro from European Investment Bank

The European Investment Bank (EIB) has agreed to grant Serbia a 45 million euro loan.

The financial injection was  poised to assist the country in its future integration towards the European Union, Bulgarian media reported on January 28 2010.

The contracts were signed between the EIB and Erste Bank Novi Sad and KBC Bank for 25 and 20 million euro, respectively.

The measure aimed to stimulate and develop small and medium sized businesses, help finance some infrastructure projects. A portion of the money was to be poured into the country's energy sector, as well as environment, health care and education.

Projects pertaining to small and medium sized businesses up to 12.5 million euro would be financed 100 per cent by the EIB, and up to 50 per cent for the remaining endeavors.

Altogether, about 70 per cent of the loans would be spent on Serbian companies in a bid to stimulate their development and make them more competitive, Bulgarian-language daily Dnevnik said.

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