The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are increasing their support for and medium-sized enterprises (SMEs) in the Western Balkans with the provision of additional financing, following the outbreak of the coronavirus pandemic.
The Bank will provide up to €70 million in new credit lines to partner financial institutions for on-lending to local businesses in Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia. The EU is complementing these funds with €15 million to identify and verify the best available equipment and technologies to ensure that SMEs increase their competitiveness and support the shift towards a green economy.
The countries of the Western Balkans have responded to the outbreak of the coronavirus pandemic with strict public health measures which have had a severe economic impact. The countries are also suffering from a global economic downturn and reduced demand for their products.
The EBRD and the EU through Team Europe support SMEs in their ambition to become more competitive and find innovative solutions to face the new challenges. The funds will ensure that vital businesses continue to have adequate access to finance, can meet high product standards and are well positioned to take advantage of export opportunities offered to them in the region and on the European market.
For more information please visit the link https://www.ebrd.com/news/2020/ebrd-and-eu-to-increase-finance-for-smes-in-western-balkans.html
