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Italian credit line expanded by EUR 30 million, new possibilities

Published

May 26, 2016

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Published:

May 26, 2016

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After the first credit line was completed, the Government of Italy approved a new credit programme, worth EUR 30 million, implemented by the Embassy of Italy in Serbia and the Ministry of Finance of Serbia. The purpose of the credit line is to contribute to economic growth of Serbia through the domestic banking system by stimulating the development of the private sector and the broadening of the relations with the European Union. The aim is also to help improve basic local services by public utilities through easier access to loans, approved under favourable conditions. The programme is implemented through nine local banks.

The package comes with extended scope, so now entrepreneurs and all enterprises registered in Serbia can be users of the Italian credit line, regardless of the citizenship of the firm’s owner. The amount of the loan is from EUR 5,000 to EUR 1 million for micro enterprises and entrepreneurs, EUR 50,000 to EUR 1 million for small and medium-sized enterprises (SMEs), and EUR 150,000 to EUR 2 million for public utility companies.

The amount of the loan is from EUR 5,000 to EUR 1 million for micro enterprises and entrepreneurs, EUR 50,000 to EUR 1 million for small and medium-sized enterprises (SMEs), and EUR 150,000 to EUR 2 million for public utility companies.

At least 70% of the loan must be used for the purchase of equipment, technology, technical assistance, spare parts and industrial licences from Italy, while 30% of the amount at most can be used to cover local expenses and working capital necessary for an investment project.

Funds from the Italian credit line can also be spent on the purchase of used equipment directly from Italian suppliers, but also from local distributors. All equipment bought with the funds is excluded from value-added tax (VAT).

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