Dec. 5 (Bloomberg) -- The European Bank for Reconstruction and Development lent 30 million euros ($39.2 million) to the Serbian unit of Intesa Sanpaolo SpA for financing of small and medium-sized enterprises.
The five-year credit line will support lending by Banca Intesa AD Beograd, the biggest commercial lender in Serbia, to private clients “in times of uncertain recovery,” the London-based bank said in an e-mailed statement.
The businesses are seen as “the key driver of Serbia’s economic recovery and the main vehicle of employment and export growth,” the EBRD said. The economy is in its second recession in three years.
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