Erste Bank to lend EUR 50 million to Serbia's economy sector

The European Investment Bank (EIB) signed an agreement with Erste Bank a.d. Novi Sad to approve a EUR 50 million credit line for funding business activities in Serbia. These funds are primarily intended for small and medium-sized enterprises, but they can also be used by large companies with up to 3,000 employees, as well as by local governments, reads a release issued by Erste Bank.

The Bank will be granting long-term investment loans at an interest rate that is at least half a percentage point lower than standard interest rates for such loans.

- With the credit line approved by the EIB, Erste Bank joins the efforts put into launching a new investment cycle in Serbia. We expect all EUR 50 million to be placed at the disposal of clients by mid-2013 - Chairman of the Executive Board of Erste Bank Slavko Caric said and invited SMEs with investment projects to use this opportunity for favorable funding.

This is the second credit line approved by the EIB to Erste Bank. The previous one was approved in 2010 and amounted to EUR 25 million.