Deputy Prime Minister for European Integration Bozidar Djelic yesterday stated that the European Investment Bank (EIB) has approved a €250 million credit line to Serbia which will be used to boost the export of the confectionery industry.
At a meeting of the Group of Confectionery Producers of the Serbian Chamber of Commerce, Djelic said that the loan will most likely be ratified in June and realised in September.
The loan will be split into instalments, the first one of €150 million that will arrive this year and the second of €100 million in 2012, he explained, adding that €50 million from this year’s tranche will be allocated to medium-sized companies with a repayment period of 12 years and a grace period of four years.
The remaining €100 million of this year’s tranche will have a seven-year repayment period and a two-year grace period.
He underlined that this is not a loan for solvency but for increasing exports of confectionery and added that the loans will be released in over 14 banks in Serbia with a margin of less than 3%.
The Deputy Prime Minister said that Serbia wants to stimulate domestic producers and added that loan beneficiaries will be chosen among top 100 exporters, excluding big international companies.
President of the Group of Confectionery Producers Miroljub Aleksic pointed out that EIB loan is important because it stimulates the new model of Serbia’s economic growth based on exports.
Source balkans.com
