The European Investment Bank (EIB) – the lending arm of the EU – and UniCredit Bank Serbia have officially launched a €30 million credit line aimed at supporting the employment, professional training and long-term retention of people from vulnerable social groups. These funds will enable UniCredit  to on-lend to Serbian companies that are committed to improving the social impact of their businesses and creating long-term employment and entrepreneurship opportunities for women, young people and those segments of the population that face higher entry barriers to the labour market. Representatives of the government of the Republic of Serbia and the EU Delegation to Serbia attended the launch ceremony, expressing support for socially-oriented financial instruments of this kind.

In addition to funding, Serbian companies will receive a performance-based financial reward if they meet specific targets to foster leadership, employment and professional development opportunities for women, young people and others, including people with disabilities and refugees that often face additional barriers to accessing such opportunities. The financial reward is provided as a grant under the EIB’s Economic Resilience Initiative (ERI), aimed at boosting job creation and sustainable private sector growth. This is the first EIB private sector loan in the Western Balkans under the ERI, which will contribute to the most important goals in promoting sustainable development. The EIB will also provide technical assistance for the preparation and implementation of projects in order to achieve these goals and have a wider social impact.