The European Bank for Reconstruction and Development (EBRD) invested a record €846 million in Serbia last year, which is nearly €200 million more than in 2022 and significantly surpasses the previous high of €679 million in 2020.
As stated by the bank, Serbia for the first time ranked among the top five recipients of EBRD investments.
Moreover, in 2023, the EBRD financed 28 projects in Serbia, with a focus on green transition, digital advancement, and economic inclusion.
“We are very proud of our results in Serbia last year, where we provided record investments and supported the economy. Serbia is among the top five EBRD markets for the first time, which is even more significant given the size of its economy. We financed significant projects in the energy sector, infrastructure, innovation, attracting foreign direct investment, and supporting small and medium enterprises. This happened in parallel with expanding our on-the-ground presence, with our regional hub in Belgrade, which has grown to over 60 people,” said EBRD Regional Director for the Western Balkans Matteo Colangeli.
In 2023, the bank approved a new country strategy for Serbia until 2028, focusing on three key priorities: (a) accelerating the green energy transition in Serbia; (b) increasing the competitiveness of the private sector, productivity, and access to finance; and (c) financing sustainable infrastructure and strengthening regional connectivity.
Besides the record numbers, it was also a milestone year.
Energy took a central role, with a €300 million loan to the state utility company EPS, along with a significant technical assistance package to support reforms in the company and the wider sector.
EBRD also played a crucial role in preparing and completing the first auction for wind and solar energy in the country – the first in a three-year plan for implementing contracts for 1,300 MW of renewable energy sources in the market.
The bank invested in telecommunication towers and continued to finance the railway sector with a loan to Srbijavoz, the national railway passenger operator. It also continued to expand its program for building climate resilience and irrigation.
EBRD invested for the first time in infrastructure enabling innovation, with an €80 million loan for science and technology parks in Niš, Čačak, and Kruševac, and the Bio4 campus in Belgrade.
As always, EBRD was very active in the private sector, financing major foreign direct investments, such as retail parks by BiG, and supporting local small and medium enterprises with over €300 million in loans and trade financing through partner banks.
EBRD continued to expand its activities in promoting skills development training, also through its advisory program for SMEs and newly established companies (startups).
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