OAO Sberbank plans to invest 100 million euros ($125.76 million) in Serbia by the end of the year, Serbian Prime Minister Ivica Dacic’s office said.
The Russian bank has already invested 100 million euros in Serbia to date and plans to invest as much by the end of the year, Dacic said in the statement. Sberbank will help Serbia find a strategic buyer for its Smederevo steelworks, he said.
OAO Sberbank entered the market through a unit of Austria’s Volksbank International AG.
Serbia is increasingly looking at Russia for cash to finance its budget deficit. Dacic’s Cabinet, sworn in on July 27, is trying to add jobs and bolster the economy, which fell into recession for the second time in three years. The government has been trying to find a buyer for Zelezara Smederevo d.o.o. since January, when the former owner, U.S. Steel Corp. sold it back to the government for $1.