Banca Intesa and Intesa Leasing sign credit lines with EBRD
Banca Intesa and Intesa Leasing signed agreements with the European Bank for Reconstruction and Development (EBRD) on credit lines in the total value of 25 million euros.
Banca Intesa secured a 10 million euro credit line for on-lending to private and municipal sub-borrowers for investments in energy efficiency and renewable energy projects, while Intesa Leasing obtained a loan of 15 million euros to expand lease financing for equipment, real estate for commercial purposes and light and heavy commercial vehicles for the small and medium-sized enterprise (SME) sector.
“These are important agreements for us and for Serbia and their conclusion could not have come more timely as they are addressing key challenges the country faces – SME support and energy efficiency. We are confident that progress in these areas will allow Serbia to make significant progress towards stronger and sustainable growth”, said Matteo Patrone, EBRD Director, Serbia.
An important challenge for Serbia is the improvement of its generation and consumption of energy. In this context the EBRD’s loan to Banca Intesa will be contributing to improvements through loans to municipal and private sub-borrowers for investments in this area. Improving energy efficiency will reduce consumption and lower the impact of rising electricity prices which are burdening enterprises and households.
“Banca Intesa has been supporting energy efficiency of companies in Serbia in cooperation with the European Bank for Reconstruction and Development ever since 2009, believing that rational use of energy sources is of strategic importance for our clients, as well as the domestic economy and society as a whole. The credit line that we signed today will additionally strengthen our potential to help the private sector, but also local governments and public enterprises improve their operations while at the same time contributing to sustainable growth“, said Draginja Djuric, President of Banca Intesa Executive Board.
The SME sector constitutes the backbone of the Serbian economy but is severely impeded in its development by the scarcity of available finance. Before this background leasing represents an important financing solution for enterprises which otherwise would not find necessary means for their expansion. Leases financed under the EBRD loan will focus on bridging this gap.
“Ever since the establishment of our company, the SME sector has been the focus of our business, which is confirmed by the fact that SME clients account for more than 70% of our loan portfolio. The EBRD credit line is of great importance for Intesa Leasing and our clients because it will enable us to further advance our offer for financing production and farming equipment, heavy commercial vehicles as well as equipment for the production of energy from renewable sources, and in this way keep our leading market position in those segments“, said Nebojsa Janicijevic, President of Intesa Leasing Executive Board.