EUR 15 million for small and medium-sized enterprises - Cooperation between EFSE and ProCredit Bank

ProCredit Bank Serbia announced in a release today that it had signed a new EUR 15 million loan agreement with the European Fund for Southeast Europe (EFSE) to finance small and medium-sized enterprises (SMEs) in Serbia.

Thanks to this credit facility, ProCredit Bank will provide long-term financing that Serbian SMEs require for their investments.

ProCredit Bank has invested more than three billion euros in Serbia. The Bank approved more than 375,000 loans, of which 80 per cent were loans to small and medium-sized enterprises, entrepreneurs and farmers.

The EFSE was founded in 2005 by the German Development Bank (KfW) with the help of the Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission.

The European Fund for Southeast Europe (EFSE) aims to foster economic development and prosperity in Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, former Yugoslav Republic of Macedonia, Kosovo, Georgia, Moldova, Montenegro, Romania, Serbia, Ukraine and Turkey.