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IFC Helps Expand Access to Finance for Serbia’s Small and Midsize Businesses


In Washington, D.C.:
Aliza Marcus
Phone:  (202) 473 8168
E-mail:
AMarcus@ifc.org

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


Belgrade, Serbia, June 23, 2010—IFC, a member of the World Bank Group, today said it will provide a €20 million loan to ProCredit Bank Belgrade that will enable the bank to extend loans to small and medium enterprises in Serbia.

“We are pleased to consolidate our strategic partnership with IFC with this transaction,” said Svetlana Tolmacheva, Chairperson of the Executive Board of ProCredit Bank Belgrade. “With IFC’s loan, we can increase our support to small and medium enterprises, confirming our traditional commitment to them.”

Serbia’s small and medium enterprise sector is the key generator of employment in the country.  The sector was severely hit by the global financial crisis and is experiencing problems in securing fresh financing.

“ProCredit Bank is one of our main partners in Serbia in scaling up financing for smaller businesses,” said Giovanni Daniele, IFC Resident Representative in Serbia.  “We are pleased to extend this loan and support the bank under difficult conditions in international financial markets.”  


Since the establishment of ProCredit Bank Belgrade in 2001, IFC has extended four loans in the amount of €26 million to the bank, helping support the small and medium enterprise sector and energy efficiency in Serbia. In 2008, IFC also provided a €10 million loan to ProCredit Leasing Belgrade, enabling the extension of leasing finance to the agricultural sector and smaller enterprises in the country.

About IFC
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. IFC’s new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org.

About ProCredit
ProCredit Bank began its operations in Serbia in 2001 and has invested over €1.6 billion in the development of the Serbian economy. The bank in Serbia is part of an international group composed of 21 financial institutions operating on three continents (Africa, Europe, and South America). All ProCredit institutions share the mission of being development-oriented institutions providing clients with a full range of banking products and high quality of service. For more information, visit www.procreditbank.rs.