EU and EIB Launch €160 Million Green Investment Initiative to Boost Serbian SMEs and Jobs

EU and EIB Launch €160 Million Green Investment Initiative to Boost Serbian SMEs and Jobs

(IN BRIEF) The European Union, in partnership with EIB Global, Banca Intesa, and Intesa Leasing, has unveiled a €160 million financial package to support Serbian small and medium-sized enterprises (SMEs) and mid-sized companies. This initiative will fund green projects, renewable energy, clean transportation, and energy efficiency, benefiting around 240 companies and protecting 25,000 jobs. Part of the EU for Green Agenda in Serbia, it also includes technical support to develop bankable green projects and expand access to green financing. This effort strengthens Serbia’s climate resilience, job creation, and economic competitiveness while aligning with EU market standards.

(PRESS RELEASE) LUXEMBOURG, 30-Nov-2024 — /EuropaWire/ — In a significant step toward fostering climate-resilient growth and economic competitiveness in Serbia, the European Union, in collaboration with EIB Global, Banca Intesa, and Intesa Leasing, has launched a €160 million financial package. This initiative, announced during a ceremony in Belgrade, aims to support small and medium-sized enterprises (SMEs) and mid-sized companies in accessing affordable financing for working capital, investment projects, and green initiatives, including renewable energy, clean transportation, and energy efficiency. The funding is expected to benefit approximately 240 companies, protect around 25,000 jobs, and drive Serbia’s transition to a low-carbon economy.

The funding is part of the EU for Green Agenda in Serbia initiative, which includes technical assistance for SMEs to develop bankable green projects and expand access to green financial products through Banca Intesa. This approach aligns with the EU’s broader objectives of integrating regional markets and advancing Serbia’s alignment with EU standards.

Vice-President Robert de Groot of EIB Global highlighted the transformative impact of the initiative: “By providing long-term, affordable funding, the Intesa Sanpaolo Group and the EIB are helping Serbia decarbonize its economy, create jobs, and drive innovation. This strengthens Serbia’s resilience and positions it closer to EU market standards while fostering regional integration.”

This partnership builds on a long-standing collaboration between the EIB and Banca Intesa, which has already facilitated €780 million in funding, supporting over 1,500 businesses in Serbia, protecting 86,000 jobs, and creating 1,700 new roles.

Darko Popović, CEO of Banca Intesa Beograd, expressed pride in the partnership: “For nearly two decades, the EIB has been a key ally in supporting sustainable growth in Serbia. Together, we’ve provided SMEs with greater access to investment capital, fostering innovation and helping businesses achieve their potential while contributing to Serbia’s carbon neutrality goals.”

Emanuele Giaufret, Head of the EU Delegation to Serbia, emphasized the EU’s dedication to supporting Serbian SMEs: “SMEs form the backbone of Serbia’s economy. This new EIB credit line complements EU grant initiatives that have already supported innovation and competitiveness in Serbia with over €250 million since 2001. The Growth Plan, backed by €1.58 billion in additional financing, aims to improve the business environment, accelerate reforms, and provide substantial benefits to Serbian citizens and businesses alike.”

Giaufret also underscored the EU’s role in climate finance: “The EU and EIB are the largest providers of climate finance globally. Through initiatives like ‘EU for Green Agenda in Serbia,’ we are helping SMEs access mentorship, grants, and bank credits to scale their businesses and adopt greener practices. Fighting climate change is a collective effort, and we are committed to enabling Serbian businesses to lead the way in sustainability.”

A Boost for Green Transition and Economic Resilience

This initiative underscores the EU’s and EIB’s commitment to supporting Serbia’s transition to a sustainable, competitive economy. By empowering SMEs with affordable green financing and resources, the program is set to drive long-term benefits for Serbian businesses and their communities, paving the way for a greener and more prosperous future.

Background information

About the European Investment Bank and EIB Global

The EIB is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for investment in order to foster EU policy goals. EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to people, companies and institutions through our offices around the world.

About Banca Intesa Beograd

Banca Intesa Beograd, a member of international banking group Intesa Sanpaolo, has been at the forefront of the Serbian market for over 17 years. Thanks to its physical and digital presence, a comprehensive offer of modern financial solutions, superior customer experience and top-quality service, the bank boasts 1.4 million clients in the corporate and retail segments. Banca Intesa’s business success is demonstrated by its customer base as well as by numerous international awards for best bank in Serbia from several renowned finance magazines: The Banker, Euromoney and Global Finance. Conscious of its role in supporting the green transition and promoting inclusive growth, Banca Intesa integrates ESG principles into its business processes, policies and products, contributing to solving social and environmental challenges, as well as strengthening the sustainability and resilience of its own business model.

About the EIB in Serbia

The EIB has been active in Serbia since 1977, where it provides finance to support key infrastructure projects as well as SMEs, industry, services and local authorities. Since the start of its activities in the country, it has enabled over €8 billion of investment in SMEs and has contributed to the redevelopment of transportation, education, healthcare and utility infrastructure. https://www.eib.org/projects/regions/enlargement/the-western-balkans/serbia/index.htm.

About the EIB in the Western Balkans

The EIB is one of the leading international financiers in the Western Balkans. Since 2009, the Bank has financed over €11 billion worth of projects in the region. http://www.eib.org/publications/the-eib-in-the-western-balkans.

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SOURCE: European Investment Bank