Belgrade, Serbia, July 16, 2010—IFC,
a member of the World Bank Group, is providing Serbia’s Société Générale
Banka Srbija with a €40 million loan to increase access to finance for
agribusiness and help speed up economic recovery.
This loan is a part of IFC’s regional strategy aimed at strengthening
the region’s banking sector while supporting economic recovery by boosting
lending to small and medium enterprises and agribusiness.
“We are pleased to consolidate our strategic partnership with IFC with
this transaction,” said Antoine Toussaint, President of the Executive
Board of Société Générale Banka Srbija. “With IFC’s loan we can
increase our support to agribusiness in Serbia.”
IFC has made agribusiness a priority because of its potential for development
and especially strong role in poverty reduction. Agriculture represents
21 percent of Serbia’s gross domestic product and continues to generate
a trade surplus for the country.
“We are working with Société Générale to stabilize the financial and banking
system in the region and ensure that finance continues to flow to businesses
that need it,” said Giovanni Daniele, IFC Resident Representative in Serbia.
“IFC’s loan will increase funding to agribusiness, which generates
significant exports and employment opportunities in Serbia.”
In March 2009, the largest multilateral investors and lenders in Central
and Eastern Europe—the European Bank for Reconstruction and Development,
the European Investment Bank Group, and the World Bank Group, including
IFC—pledged to provide up to €24.5 billion to support the banking sectors
in the region and to fund lending to businesses hit by the global economic
crisis. Under the two-year plan, the World Bank Group pledged to
provide support of about €7.5 billion, including up to €2 billion through
IFC. IFC’s crisis-response initiatives under the plan focus on sectors
including banking, infrastructure, and trade, as well as through its traditional
investment and advisory services.
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing capital for private enterprise, and providing advisory and risk
mitigation services to businesses and governments. Our new investments
totaled $14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
About Société Générale Banka Srbija
Société Générale Srbija is part of one of the world’s largest banking
groups, which operates in 83 countries with more than 30 million clients.
In Serbia, Société Générale has been present since 1977, at first as representative
office, and then as the first domestic bank with majority of foreign capital.
Today, Société Générale Srbija is one of the most active banks on the market,
offering a wide range of products and services through its network of over
90 branches across Serbia. For more information about Société Générale
Srbija, visit www.societegenerale.rs.
For more Société Générale Group, visit www.socgen.com.