Germany supports small and medium-sized enterprises throughout BiH with a 5 million EUR program

Germany supports small and medium-sized enterprises throughout BiH with a 5 million EUR program

SARAJEVO, December 2 (FENA) – Germany has approved an additional amount of 5 million euros to help Bosnia and Herzegovina mitigate the negative consequences of the coronavirus pandemic as part of bilateral development cooperation, the German embassy confirmed today.

The funds will be allocated to small and medium enterprises.

“For almost a year the crisis caused by the coronavirus has been threatening life and human existence across the world. We can only together successfully respond to this challenge – either as a local, state, or international community that is devoted to solidarity. These measures complete our development cooperation, which puts a strong emphasis on the development of the private sector, in an ideal way,” said the German ambassador Margret Uebber.

The funds are intended for all small and medium-sized enterprises in all branches of the economy, including microbusinesses. Interest-free loans and grants in the amount of €25,000 will be available through microcredit organizations and local partners.

The agreement on the program was signed by the BiH Council of Ministers and the German state-owned development bank KfW.