EBRD to strengthen credit lines for SMEs

BELGRADE - The European Bank for Reconstruction and Development (EBRD) will strengthen credit lines for small and medium-sized enterprises (SMEs) and assist Serbia in building local infrastructure.

The Serbian Ministry of Public Administration and Local Self-Government has announced after a meeting between Kori Udovicki, the line minister and deputy prime minister, and EBRD President Suma Chakrabarti that small and medium-sized enterprises sustained major damage in the severe flash floods and that was the reason why the officials discussed the strengthening of credit lines for those firms.

The release notes that Serbia must become more capable of absorbing money of international financial organizations as there are funds that the EBRD had granted, which are yet to be used, and can hardly be disbursed before autumn.

The meeting also addressed ways in which the EBRD could assist in building local infrastructure.

"The priorities lie in the recovery and normalization of citizens' lives, infrastructure and economic recovery, and the EBRD can assist in building local infrastructure," the release notes.

Chakrabarti said that the EBRD feels that it is its responsibility and obligation to help in the misfortune that hit Serbia.

The recognition of needs and urgent repair of the damage constitute a priority, he said, underlining that representatives of the bank will have a meeting to discuss the matters on Friday.

The EBRD president underlined that there are two ways of backing for Serbia, in short-term - recovery and rebuilding, and in the long run- during reforms so as to ensure that Serbia's economy is more sustainable, the release notes.

Chakrabarti said that in the long run it is the...

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