EBRD and EU help furniture manufacturer in Serbia to invest in modern equipment

By bne IntelliNews September 30, 2021

Furniture manufacturer Novi stil from Jagodina in Serbia has received a loan to buy three new machines from the European Bank for Reconstruction and Development (EBRD) and the EU, the EBRD announced on its website.

The EBRD did not announce the amount of the loan, but stated that Novi stil, after a successful investment, received a grant worth 15% of the loan amount, funded by the EU.

"Our work helps SMEs to boost their competitiveness by providing them with well-structured finance for investments in equipment to improve production processes, implement international standards and so on. The goal is to help these businesses modernise their activities so they can take advantage of trade opportunities in the Western Balkans and the wider European market,” said Matteo Colangeli, EBRD regional director for the Western Balkans and head of Serbia.

With the new machines, Novi Stil is able not only to produce better-quality furniture, but also to make the process much quicker and achieve significant energy savings, explained the founder of Novi stil, Dragan Tasic.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Tashkent Stock Exchange reports decline in 1Q24 trading volume

Tashkent Stock Exchange (TSE) has released its results for 1Q24, revealing a significant decrease in trading volume y/y. The results report, compiled by the TSE and Avesta Investment Group, ... more

EIF signs guarantee agreements with 11 banks in Western Balkans, unlocking €750mn for small businesses

The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more

UniCredit sees modest growth and fiscal overshoot for Hungary in 2024

Hungary’s economic rebound will be modest this year, around 2%, and the return to potential growth is set to be postponed to 2025 with GDP expanding around 3.2%, according to UniCredit bank's ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    5 days ago
  2. Saudi Arabia to scale back plans for Neom city
    8 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    5 days ago
  4. PANNIER: Caspian military drills that exclude Russia and Iran have some people in Moscow asking questions
    6 days ago
  5. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    19 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    23 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    28 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    21 days ago

Reports

Dismiss