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Project:
Subject:
Establishment of a Guarantee Fund in Novi Sad - Serbia
The initiative stems from one of the 5 specific actions of the project
“Sustainable Economic Devolpement of Serbia” launched in 2001 with the
joining of the City of Modena to the “City-to-City” Programme, promoted by
the Italian government and operationally managed by the UN agency
UNOPS (United Nations Office for Project Services). After identifying the
problem of guarantees and credit availability as one the main obstacles to
the activities of small and medium-sized enterprises (SMEs), the City of
Modena carried out a feasibility study in partnership with Fidindustria
Emilia-Romagna to assess the conditions of the establishment of a
guarantee fund designed according to the model developed by the
Guarantee Consortia in Modena and Emilia-Romagna.
The study highlighted that the economic and financial context of Novi Sad
and Vojvodina were marked by an ineffective and inadequate credit market,
with high interest rates and scarce resources for loans.
The establishment of a guarantee fund was therefore deemed as an
extremely useful tool to create better conditions for Serbian SMEs and for
individual entrepreneurs to credit access, as well as to re-establish a
“confidence” relation between the financial and the production sectors and
to boost local development and decrease unemployment. On top of
supporting the development of SMEs in Serbia, the fund will also play a
vital role for the companies and banks from Emilia-Romagna wishing to
invest and start economic and commercial activities with the region.
The project has therefore aimed in particular at: creating favourable
conditions for local economic development; creating a useful tool to
facilitate access to credit by Serbian SMEs and individual entrepreneurs;
facilitating the inclusion of socially disadvantaged categories into the legal
economy; strengthening local institutions; improving bank credit offer to the
project beneficiaries.
Submission:
2003
Leader:
Comune di Modena in cooperation with Emilia-Romagna Region,
UNOPS, Fidindustria Emilia-Romanga, Chamber of Commerce of
Modena, Banca Popolare dell’Emilia Romagna, Unicredit, Gruppo
Banco Popolare di Verona e Novara.
Managing agency:
Local Development Agency of Novi Sad Alma Mons and Continental
Banka of Novi Sad
Initial available budget:
600.000 US $
Start of project:
April 2004