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EBRD Approves EU10 Million for Serb Agriculture Via Erste Bank
17.08.2011 13:15 "Agro Perspectiva" (Kyiv) —
The European Bank for Reconstruction and Development will extend "up to 10 million euros‘‘ ($14.4 million) to help provide Serbian agribusiness with working capital through Austria’s Erste Group Bank AG (EBS)’s local unit.
Serbian agriculture companies will be able to use their warehouse receipts as collateral, the London-based lender said in an e-mailed statement yesterday.
As part of a 70 million-euro Warehouse Financing Framework, the loans will promote the use of the receipts that ‘‘demonstrate the viability of lending against agricultural commodities,’’ the bank said.
Since 2010, the EBRD has made similar arrangements with the local units of Credit Agricole SA (ACA), Banca Intesa SpA and Societe Generale (GLE) SA.
The EBRD said it has directly committed more than 365 million euros in over 29 projects in Serbia’s agribusiness since 2003.
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