The IFC has agreed to provide Société Générale’s Serbian business with a €40mn loan to on-lend to increase access to finance for agribusiness.
Société Générale Banka Srbjia will use the funds to finance small and medium-sized enterprises and agribusiness, which is a priority sector for the IFC, as agriculture represents over 20% of Serbia’s GDP.
Giovanni Daniele, IFC’s representative in Serbia, remarks: “IFC’s loan will increase funding to agribusiness, which generates significant exports and employment opportunities in Serbia. We are working with Société Générale to stabilise the financial and banking system in the region and ensure that finance continues to flow to businesses that need it.”
Antoine Toussaint, president of the executive board of Société Générale Banka Srbjia, notes: “We are pleased to consolidate our strategic partnership with IFC with this transaction.”
This latest loan is part of a pledge taken in March 2009 involving the largest multilaterals including the EBRD, European Investment Bank and the World Bank, including the IFC, to provide up to US$24.5bn to support banking sectors in Central and Eastern Europe.
Last Updated July 19, 2010
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