EBRD Lends 5mln Euro to Bosnia's Partner Mikrokreditna Fondacija

Jun 2020
Bosnia and Herzegovina, June, 23 2020 - The European Bank for Reconstruction and Development (EBRD) said it is lending 5 million euro ($5.6 million) to Bosnia's Partner Mikrokreditna Fondacija Tuzla (PMF) for on-lending to micro enterprises and small-scale farmers hit by the coronavirus pandemic.

"I am very pleased that our loan to Partner today will support micro and small companies and strengthen their resilience to the negative impact of the corona pandemic on their businesses," the head of the EBRD in Bosnia and Herzegovina, Manuela Naessl, said in a statement on Monday.

The loan will provide financing under the form of short-term liquidity to affected companies in Bosnia where many businesses are now facing unprecedented challenges, despite the lifting of public health measures prompted by the pandemic.

The funding is being extended under the EBRD's 4 billion euro Resilience Framework designed to provide existing clients with liquidity support and short-term capital.

PMF is the largest microcredit foundation in Bosnia, and has been an EBRD partner for more than ten years. It was set up by US-based international relief and development non-governmental organisation Mercy Corps in 2000.

"This credit line, which was activated during the Covid-19 pandemic, will enable Partner Microcredit Foundation to continue financing its clients and provide them with funds to start and maintain businesses in the future," the head of PMF, Senad Sinanovic, said in the statement.

Since 1996, the EBRD has invested 2.6 billion euro in 177 projects in Bosnia.

Source : SeeNews

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