EBRD and EU help furniture manufacturer in Serbia to invest in modern equipment

By bne IntelliNews September 30, 2021

Furniture manufacturer Novi stil from Jagodina in Serbia has received a loan to buy three new machines from the European Bank for Reconstruction and Development (EBRD) and the EU, the EBRD announced on its website.

The EBRD did not announce the amount of the loan, but stated that Novi stil, after a successful investment, received a grant worth 15% of the loan amount, funded by the EU.

"Our work helps SMEs to boost their competitiveness by providing them with well-structured finance for investments in equipment to improve production processes, implement international standards and so on. The goal is to help these businesses modernise their activities so they can take advantage of trade opportunities in the Western Balkans and the wider European market,” said Matteo Colangeli, EBRD regional director for the Western Balkans and head of Serbia.

With the new machines, Novi Stil is able not only to produce better-quality furniture, but also to make the process much quicker and achieve significant energy savings, explained the founder of Novi stil, Dragan Tasic.

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