It is stated that the board of directors of the bank approved the loan on December 13th, 2019.
As stated, credit should fund the advancement of the quality of scientific research that has commercial potential, as well as the development of firms engaged in them.
“Although Serbia’s innovative and entrepreneurial potential is growing, it is today stifled by low public and private investment in R&D, inefficient, uncompetitive science funding, and small private-public collaboration”, it is stated in an announcement.
Problems for innovative entrepreneurship in Serbia are “lack of necessary skills, knowledge, mentoring and financing of innovative enterprises”.
The head of the World Bank Office in Serbia, Stephen Ndegva, said that there is “a big potential innovative talent in Serbia that has not been fully utilized” and that Serbia invests a much smaller percentage of GDP than the European average in R&D.
The proceeds from the loan will also be used to fund Science Fund projects, as well as grants to accelerate the development of innovative businesses.
