IFC approves EUR 35 million loan to Eurobank to finance housing lending and provide support to exporters

Eurobank and the International Finance Corporation (IFC) today signed an agreement on two loans totaling about EUR 35 million for financing mortgage loans and providing support to small and medium-sized enterprises in the import/export business.

The first loan of EUR 15 million will be used by Eurobank to finance housing/mortgage loans, whereas the second line of credit of EUR 20 million from IFC will enable Eurobank to approve loans for financing the trade activities of Serbian import/export companies.

IFC Western Balkans Regional Manager Thomas Lubeck said that IFC was supporting the efforts of the Serbian government to encourage the development of private sector and employment rate growth by investing in the development of private sector and its competitiveness.

Filipos Karamanolis, the chairman of the Executive Board of Eurobank, said that Eurobank had a high capital adequacy ratio of 21%, much above the 12% prescribed by the National Bank of Serbia.

He noted that Eurobank was absolutely ready to start applying the new Law on Payment Services that should allow banks to develop new products.

IFC is a part of the World Bank which focuses on the provision of financial support to the development of private sector all around the world.