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30 million euros for local self-governments

On behalf of the Federal Ministry for Economic Cooperation and Development of the Republic of Germany, a German development bank KfW Entwicklungsbank and Banca Intesa have signed contracts stipulating the 30-million-euro-third-credit line that will be used for financing development projects at the local level and improving the population’s living standard through investments made in public infrastructure.

On behalf of KfW group, the credit line contract was signed by Jürgen Welschof, Director of the bank’s Belgrade office and Esther Gravenkötter, senior project manager for financial sector. On behalf of Banca Intesa, the contract was signed by Draginja Đurić, the Chairwoman of Banca Intesa’s Executive Board and Marco Capellini, Deputy Chairman of the bank’s Executive Board. The First Secretary of the Federal Republic of Gemany’s Embassy Christoph Eichen was present at the signing ceremony.

The total value of KfW funds that will have been spent on municipal infrastructure in Serbia, including the aforementioned line, amounts to 100 million euros, with 90 million euros reimbursed via Banca Intesa.