The European Bank for Reconstruction and Development (EBRD) has greenlit a senior unsecured loan totaling up to 7 million euros ($7.5 million) for Serbia’s Banca Intesa Beograd (BIB). This funding is earmarked for onward lending to eligible small and medium-sized enterprises (SMEs) led by women, as part of the Western Balkans Women in Business program.

In a statement released on Thursday, the EBRD outlined the significance of this initiative, emphasizing its role in fostering economic inclusivity for women. “The project will contribute to women’s economic inclusion by supporting women-led SMEs’ access to finance and business advisory services,” stated the EBRD.

The Western Balkans Women in Business program has a broader goal of providing financial support and expertise to businesses led by women. These enterprises encounter a spectrum of challenges specific to their respective contexts within the six European Union candidate countries: Serbia, Bosnia and Herzegovina, Albania, North Macedonia, Kosovo, and Montenegro. Through targeted assistance, the program seeks to empower women entrepreneurs and bolster their contribution to the regional economy.