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EIB approves €250 million credit line to Serbia to boost export of confectionery industry

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Deputy Prime Minister for European Integration Bozidar Djelic yesterday stated that the European Investment Bank (EIB) has approved a €250 million credit line to Serbia which will be used to boost the export of the confectionery industry.

 At a meeting of the Group of Confectionery Producers of the Serbian Chamber of Commerce, Djelic said that the loan will most likely be ratified in June and realised in September.

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The loan will be split into instalments, the first one of €150 million that will arrive this year and the second of €100 million in 2012, he explained, adding that €50 million from this year’s tranche will be allocated to medium-sized companies with a repayment period of 12 years and a grace period of four years.

The remaining €100 million of this year’s tranche will have a seven-year repayment period and a two-year grace period.

He underlined that this is not a loan for solvency but for increasing exports of confectionery and added that the loans will be released in over 14 banks in Serbia with a margin of less than 3%.

The Deputy Prime Minister said that Serbia wants to stimulate domestic producers and added that loan beneficiaries will be chosen among top 100 exporters, excluding big international companies.

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President of the Group of Confectionery Producers Miroljub Aleksic pointed out that EIB loan is important because it stimulates the new model of Serbia’s economic growth based on exports.



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