EIB and Intesa Sanpaolo have so far provided €780m in funding, which has helped more than 1,500 Serbian companies. Credit: Lee Charlie / Shutterstock.

The European Union (EU) has allocated a financial package of €160m ($169.2m) to bolster the sustainable growth of small and medium-sized enterprises (SMEs) in Serbia.

The funds, which will be made available on favourable terms, aim to meet various needs of SMEs and mid-sized companies, including working capital and investment requirements.

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The initiative is a partnership between EIB’s financial arm EIB Global, Banca Intesa, and Intesa Leasing, in collaboration with European banking group Intesa Sanpaolo.

Through EIB credit lines, along with Banca Intesa Beograd and Intesa Leasing, EIB and Intesa Sanpaolo have so far provided €780m in funding.

Banca Intesa Beograd CEO and executive board president Darko Popović said: “The EIB is our key partner in efforts to support sustainable economic growth in Serbia by creating an environment where businesses can innovate, expand and reach their full potential.

“Our partnership, which has existed for almost two decades, has improved access to investment, working capital and green finance for SMEs, by providing long-term loans of higher amounts at favourable interest rates, contributing to the improvement of Serbia’s economic landscape and its transition to carbon neutrality.”

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EIB noted that the funding is expected to benefit approximately 240 companies and safeguard an estimated 25,000 jobs.

EIB vice-president Robert de Groot, who is responsible for activities in the Western Balkans, said: “By providing long-term, affordable funding, Intesa Sanpaolo Group and the EIB are collectively contributing to enhancing the resilience and decarbonisation of the Serbian economy while spurring job creation, productivity and innovation.

“This approach brings the Serbian market closer to EU standards and encourages regional market integration in line with the Growth Plan for the Western Balkans.”

This financial support has helped more than 1,500 Serbian companies while safeguarding around 86,000 jobs and creating 1,700 new roles.