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IFC Helps Eurobank Increase Access to Finance for Smaller Businesses in Serbia


In Belgrade:
Slobodan Brkic
Phone: +381 11 3023 750
E-mail: SBrkic@ifc.org


Belgrade, Serbia, December 23, 2010—IFC, a member of the World Bank Group, is providing a €38 million loan to Eurobank’s subsidiary in Belgrade to enable the bank to extend more loans to micro, small, and medium enterprises in Serbia and help speed economic recovery.

Eurobank EFG a.d. Beograd is wholly owned by EFG Eurobank Ergasias S.A. in Greece. IFC’s support to EFG subsidiaries in Southeast Europe is part of the Joint International Financial Institution Action Plan launched in February 2009.

“Eurobank EFG Group, together with a few international financial institutions, committed a year ago to support the economies of the region through the Vienna initiative,” said Giorgio Pradelli, General Manager of Eurobank EFG Group and Head of International Activities. “Our collaboration with IFC will help reinforce business growth in Serbia.”

“This loan will ensure a continuous flow of credit to smaller companies in Serbia at a time when businesses continue to face difficulties in obtaining funding for their development,” said Dimitris Tsitsiragos, IFC Director for Middle East, North Africa, and Southern Europe. “Our partnership with EFG Group demonstrates our continuing commitment to the Serbian economy.”  

IFC also is providing a loan of €58 million to Bancopost S.A, an EFG subsidiary in Romania.

Under the Joint International Financial Institution Action Plan, the World Bank Group, including IFC; the EBRD; and the European Investment Bank pledged to provide €24.5 billion over two years to support the economies of Eastern Europe through the banking sector. The financial support of these institutions is exceeding the initial target, as a total of €27 billion had been committed by end-August 2010.  

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.

To learn more about Eurobank EFG a.d. Beograd, visit: www.eurobankefg.rs