The European Fund for Southeast Europe (EFSE) has provided a loan of 15 million euros to ProCredit Bank Serbia in support of micro, small and medium enterprises, it was announced today.
“This loan will contribute to the increase of business activities despite the challenges caused by the global pandemic,” it is stated in the joint statement.
Klaus Miller, Chairman of the Board of Directors of the EFSE Fund, said that access to finance remains a priority during and after the crisis caused by the Covid-19 virus.
“We are committed to financing micro, small and medium enterprises in suburban and rural areas of Serbia, which lack access to finance. This is best evidenced by the fact that 75 percent of Procredit Bank’s portfolio is located in these areas. Cooperation with institutions such as EFSE strengthens our reputation in this segment and gives us credibility in the domestic and foreign markets,” said the President of the Executive Board of Procredit Bank, Igor Anić.
EFSE was founded by the German Development Bank (KfW) with financial assistance from the Federal Ministry for Economic Cooperation and Development of Germany (BMZ) and the European Commission.
ProCredit Bank has invested more than five billion euros in Serbia, of which over 85% are placements to small and medium enterprises, entrepreneurs and farmers, Novi Magazin reports.
