SARAJEVO, Bosnia and Herzegovina, November 1 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) announced on Tuesday that it is lending 15 million euros ($14.9 million) to Banca Intesa Beograd of Serbia and 500,000 euros to the Bosnian microfinance institution Mi-Bospo as part of its new Youth in Business program in the Western Balkans.
Banca Intesa Beograd and Mi-Bospo will use the financing to on-lend to young entrepreneurs, the EBRD said in a press release.
Both financial institutions will also benefit from technical assistance to better support and meet the needs of their younger market segment, the EBRD noted.
The Youth in Business program plans to provide €100 million to banks in the region over the next five years to support youth entrepreneurship. The EBRD extended a Loan of 4.5 million euros at the Banka per Biznes in Kosovo in September as part of the program.
The program is supported by the governments of Sweden, through the Swedish International Development Cooperation Agency, and Italy, through the Central European Initiative.
($ = 1.00605 euros)
Banca Intesa AD is one of the largest banks in SEE, for more reference see The top 100 banks