The European Bank for Reconstruction and Development (EBRD) today signed a seven-million-euro loan agreement with Istrabenz Plini Belgrade to support the development of the company in Serbia, during the Western Balkans Investment Summit in London.
Istrabenz will use the funds to build a gas filling station in Simanovci, 35km northwest of Belgrade, which will allow the company to refill bottles in Serbia instead of importing pre-filled industrial gas bottles from its parent company in Slovenia.
This investment will enable the company to meet the greater demand of its industrial and retail customers in Serbia and potentially neighboring countries. It will also help to improve efficiency and reduce transportation costs.
The parent company supplies industrial and natural gas and energy services to companies and households in Slovenia, as well as through its subsidiaries in Serbia, Croatia and Bosnia and Herzegovina.
Istrabenz is owned by SIAD SpA, a leading Italian and European industrial gas producer operating in the Western Balkans and Austria, Bulgaria, Hungary, Poland, Romania, Czech Republic and Slovakia.
The company opened a new facility in Giongios, Hungary in 2019, and is considering other investments in the region, including a facility in Croatia and expansion of operations in Bosnia and Herzegovina.
Charlotte Ruhe, EBRD General Director for Central and Southeastern Europe, said: “We are delighted to support the expansion of the SIAD Group in the Serbian market and look forward to continuing to support its growth in Eastern European markets”.
Bernardo Sestini, CEO of SIAD SpA, said: “We are grateful to the EBRD for financial support of our initiative; support that makes our investments safer and our industrial development strategies more sustainable”.
The EBRD is the leading institutional investor in Serbia. The bank has invested more than 5.7 billion euros in 263 projects in the country. The EBRD supports the development of the private sector and the transition to a green economy, as well as investment in infrastructure to improve the competitiveness of the private sector and strengthen connectivity in the Western Balkans region. Last year, the Bank achieved a record high in Serbia with 507 million euros in new liabilities, Novi Magazin reports.
