EUR 140 million for entrepreneurial development in Western Balkans - Establishment of regional fund in mid-2014

(Photo: I.Vukša)

- This fund will secure additional sources of favorable funding, which is currently one of the main obstacles to the development of local economy, and it will also improve the competitiveness, primarily of small and medium-sized enterprises - she said at a regional conference of the European Entrepreneurship Network in the Serbian Chamber of Commerce (SCC).

As she explained, the fund will be financed by the European Bank for Reconstruction and Development, the European Investment Bank and the European Investment Fund, while regional countries will contribute as much money from their budget as they can.

- Serbia has already earmarked about EUR 300,000 for this fund in the 2014 budget - Trbovic said and pointed out that the benefit for the local economy would be much bigger.

- Money will be primarily available to small and medium-sized enterprises, but also to large companies - she said and added that the fund would be managed by a private company that is yet to be selected.