IFC and Opportunity Bank Support Farmers, Micro and Small Enterprises in Serbia
Eastern Europe, Serbia
The International Finance Corporation (IFC), a member of the World Bank Group. The IFC is providing an approximate EUR 6.5 million loan to Opportunity Bank Serbia (OBS) in order to financially support farmers, and micro and small enterprises in the country. To be specific, this loan aims to support the OBS to expand their portfolio and effectively deliver financial services to rural farmers and microenterprises so that they can grow their businesses and generate employment in return.
IFC’s first loan in Serbian dinars will help OBS, a leading micro and small business bank focusing on delivering financial services to rural farmers and microenterprises, further expand its portfolio. MSEs account for more than half of employment in Serbia, yet many of them, especially young farmers and young companies, are unable to obtain bank loans because of their lack of credit history. The agriculture sector is also the second largest economic contributor to the country’s GDP