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EBRD invested over €800 million in Serbia in 2025
4–5 minutes
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  *   EBRD investment in Serbia exceeds €800 million for third year in a row
  *   84 per cent of total 2025 investment goes to private sector
  *   Cumulative EBRD investment in Serbia to date passes €10 billion mark

The European Bank for Reconstruction and Development (EBRD) delivered over €800 
million of new investment in 
Serbia<https://www.ebrd.com/home/what-we-do/where-we-invest/serbia.html> in 
2025, surpassing that level for the third year in a row and cementing its 
status as the leading international financial institution in the country.

The Bank invested in a record 42 projects in Serbia last year, with 84 per cent 
of that investment being directed to the private sector – with a particular 
focus on boosting the resilience and competitiveness of small and medium-sized 
enterprises (SMEs). The EBRD also reached a historic milestone in Serbia in 
2025, with its total cumulative investment passing the €10 billion mark.

Matteo Colangeli, the EBRD’s Regional Director for the Western Balkans, said: 
“In 2025, we delivered another year of exceptional results in Serbia. We 
maintained very high levels of investment and directed an increasing share of 
the total to the private sector, particularly to SMEs. With over €800 million 
being invested in 2025, the total capital deployed in Serbia to date has passed 
the €10 billion mark, which is testimony to the strength and depth of our 
partnerships in the country. With a steadily growing hub in Belgrade, we are 
committed to continuing to scale up our activities to strengthen the resilience 
and competitiveness of the Serbian economy.”

In 2025, nearly half of the Bank’s total investment in Serbia was channelled 
through our network of partner financial institutions, local banks and leasing 
companies, largely for the ultimate benefit of SMEs. This took the form of a 
broad range of targeted financial products, aimed at boosting investment in the 
green and digital transitions, improving access to finance for youth- and 
women-led enterprises, and boosting trade. In addition to finance, we also 
helped SMEs with access to know-how through tailor-made advisory services in 
order to increase competitiveness and support integration into international 
value chains. Serbia’s innovation ecosystem remained a priority, with our Star 
Venture Programme supporting 31 high‑potential startups and training over 200 
early‑stage entrepreneurs.

In the corporate sector, the EBRD extended growth and sustainability-linked 
finance to local companies in the manufacturing, pharmaceutical, agribusiness 
and technology sectors. It also provided cofinancing alongside foreign direct 
investors, particularly for real estate projects.

Environmental infrastructure continued to be an important priority, with the 
launch of an air quality improvement programme targeting the replacement of 
polluting boiler houses and the introduction of alternative sustainable heating 
in several municipalities across the country. Transport was also supported, 
with financing being provided to Serbia Voz for the purchase of sleeping cars 
for international rail routes.

The Bank also helped to strengthen and green Serbia’s energy sector, providing 
extensive technical assistance in support of the country’s second renewables 
auction. That auction allocated 645 MW across 10 wind and solar projects, 
helping to deliver more competitively priced clean energy to the Serbian 
economy.

The EBRD is the leading institutional investor in Serbia, having invested more 
than €10.6 billion through 404 projects to date. The Bank’s focus in Serbia is 
on private-sector competitiveness, the green economy and sustainable 
infrastructure.


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