ProCredit Bank and the EIF sign guarantee agreements to support SMEs February 13, 2017

unnamedThe European Investment Fund (EIF) and three ProCredit group subsidiaries have signed guarantee agreements to support Small and Medium Enterprises (SMEs) in Serbia, Kosovo and Macedonia. This was made possible via the Western Balkans Guarantee Facility, funded by the European Union under the Western Balkans Enterprise Development and Innovation Facility.

The Western Balkans Guarantee Facility agreements aim to facilitate access to finance for SMEs in Serbia, Kosovo and Macedonia by providing credit coverage on an aggregate EUR 70 million of the loan portfolios of the three countries over the next two years. An amount of EUR 10 mil has been earmarked for ProCredit Bank Macedonia.

Commenting on the deal, EIF’s Guarantees, Securitisation & Microfinance Director, Alessandro Tappi, said: “We are pleased to be signing these guarantee agreements under the second phase of the Western Balkans Guarantee Facility for SMEs in Serbia, Kosovo and Macedonia with ProCredit, a long-standing EIF partner in the region. Via the local ProCredit banks, the guarantee will enhance access to finance for SMEs which can bring jobs and growth to the three countries’ economies.”

Borislav Kostadinov, member of the Management Board of ProCredit Holding, added: “We in the ProCredit group are very proud to be signing these guarantee agreements for the three countries. As the leading ‘Hausbank’ for SMEs in this region, we will always strive to offer better solutions for small and medium-sized enterprises in our countries of operation.”

Ms. Emilija Spirovska, Member of the Management Board of ProCredit Macedonia  stressed that ProCredit Bank continues to contribute to the economic integration and balanced economic development of the country by providing initiatives and offers that suit current trends and business needs. “This agreement will enable businesses in Macedonia to concentrate on investments and long-term plans, which is of great value because such ventures contribute to development and job creation in Macedonia and thus make a real difference”, said Ms. Spirovska.

Category: Member News