Serbia Secures New €910 Million Loan

19 November 2008 Belgrade _ Serbia has secured €910 million from the European Investment Bank to fund the development of its infrastructure and secure favourable loans for small and medium enterprises, Bozidar Djelic, the Deputy Prime Minister says.

Djelic said that allotment of funds will depend from the Luxembourg-based bank.

“We have an agreement which is satisfactory for the EIB,” Djelic told Serbian media after meeting the bank’s president Philippe Maystadt.

As much as € 250 million will be allocated for loans to small and medium enterprises, while an additional € 660 million will be used for the development of the infrastructure including the key motorway network dubbed Corridor 10, Djelic said.

In past five years the EIB, the European Union’s long-term lending body, has invested € 1.2 billion in Serbia.

Djelic’s announcement came after Serbia on November 14 won a $518 million stand-by arrangement with the International Monetary Fund, which will be used for safeguarding the country’s currency reserves.
Contributed by Balkaninsight

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Posted by admin on Nov 19 2008. Filed under Economy, Politics, Region. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry