EIB and ProCredit Bank agree EUR 10 million credit line to support SMEs
The European Investment Bank (EIB) and ProCredit Bank today signed a credit line worth EUR 10 million which will support very small, small and medium sized enterprises in Kosovo*. The EIB was represented by Vice-President Dario Scannapieco, responsible for operations in the Western Balkans; ProCredit Bank by Ilir I. Aliu, Chief Executive Officer.
The credit line marks the EIB’s first operation in Kosovo* after the ratification of the new Framework Agreement, which was signed last June and will provide financing to businesses that contribute to development and employment in the country.
The credit line will be disbursed to ProCredit Bank business clients who are active in the production, trade and service sectors, and who comply with the bank’s ethical social and environmental standards. This agreement is a clear sign of the strong support by both institutions in building a sustainable private sector in Kosovo*.
“We are proud for today's announcement, because it shows that the EIB passed rapidly from the institutional agreement to the operational and concrete support to the Kosovar economy also thanks to the collaboration with the Government and the European Office in Pristina; this operation will support the SMEs priority objective through the well-established cooperation with ProCredit Group also in other countries of the area”, said Vice President Scannapieco.
The CEO of ProCredit Bank, Ilir I. Aliu, highlights the importance of this event in Kosovo*: “This is a good sign for foreign investments and good news for the business community. The signing of today’s contract also reflects the shared principles and goals of both institutions and the good co-operation between the European Investment Bank and ProCredit, as well as our joint commitment to promoting growth and employment by supporting very small, small and medium sized enterprises.” This contract is part of a larger agreement between the European Investment Bank and ProCredit Holding.
Over a two-year period, the EUR 10 million credit line will be disbursed in the form of long-term loans to very small, small and medium sized enterprises.
* This designation is without prejudice to the positions expressed by the EU Member States on Kosovo’s status and is in line with United Nations Security Council Resolution No. 1244/1999 and the International Court of Justice Opinion of 22 July 2010 on Kosovo’s declaration of independence