Econostrum | Economic News in the Mediterranean

EIB Global selects Bosnia and Herzegovina for its first impact loan in the Western Balkans

Written by Eric Apim on Tuesday, March 1st 2022 à 10:15 | Read 999 times

Intesa Sanpaolo Banka BiH has forty-seven branches in Bosnia-Herzegovina (photo: Intesa Sanpaolo Banka)
Intesa Sanpaolo Banka BiH has forty-seven branches in Bosnia-Herzegovina (photo: Intesa Sanpaolo Banka)
BOSNIA-HERZEGOVINA. Launched in early 2022, EIB Global is making its first move into the Western Balkans. The new branch of the European Investment Bank (EIB), dedicated to impact financing (development, climate action, innovative investments, sustainable living, aid to vulnerable populations) in non-European countries, has granted a €20m credit line to Intesa Sanpaolo Banka D.D. Bosna i Hercegovina (Intesa Sanpaolo Banka BiH). The bank will on-lend these funds to local companies committed to improving the social impact of their activities. A contribution from EIB Global described as "revolutionary because it will allow the social inclusion of SMEs, mid-sized companies and local social enterprises", by Marco Trevisan, CEO of Intesa Sanpaolo Banka BiH.

"This innovative loan includes a performance-based reward mechanism for companies that achieve specific targets to foster leadership, employment and professional development opportunities for women, youth and vulnerable groups (e.g. people with disabilities, refugees, etc.)," EIB Global said in a statement. "Tailor-made social impact targets will be set with each company benefiting from EIB financing and a financial reward proportional to the level of social impact generated will be distributed to those who reach these targets," the text said. This mechanism will be supported by a €3.3m grant from the EIB's Economic Resilience Initiative (ERI) Fund.

Sixth cooperation between the EIB and Intesa Sanpaolo in Bosnia and Herzegovina

"This new financing is a further demonstration of the EIB's continued support for the country's economic recovery and sustainable growth on the road to EU integration", underlines Lilyana Pavlova, EIB Vice-President responsible for the Western Balkans.
According to Marco Elio Rottigni, head of the international division of the subsidiary banks of Italy's Intesa Sanpaolo, his group "aspires to be the world's leading bank in terms of social impact. As such, we are active in making tangible social contributions to communities in terms of social inclusion, as well as ecological transitions, culture, education and innovation."

Established in 1972 as Upi Banka D.D. Sarajevo, Intesa Sanpaolo Banka BiH has five regional branches and forty-seven agencies throughout the country. The commercial bank is signing its sixth cooperation agreement with the EIB in support of the private sector. This cooperation has already resulted in the disbursement of €238m to 339 companies.

The EIB has been active in Bosnia and Herzegovina since 1977 and to date has invested €3.1 billion in the country, of which €860 million has been for the private sector.

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