EBRD invests over €800 million in Serbia in 2024

• EBRD investment in the country exceeded the €800 million mark for the second consecutive year
• A record €494 million of EBRD’s investments was directed towards the green economy transition
• Bank portfolio of active projects in the country for the first time exceeding €3 billion

The European Bank for Reconstruction and Development (EBRD) invested €807 million in Serbia last year, continuing to scale up its activities in the country. The Bank also mobilised €395 million from other investors.

The Bank supported a record total of 37 projects across all sectors of the economy. Nearly €500 million of last year’s investment volume went towards accelerating Serbia’s green economy transition, particularly on renewable energy projects, greening district heating networks, and upgrading environmental infrastructure.

Highlights included a €105 million loan for the construction of a large solar thermal plant in Novi Sad which will contribute green energy for the city’s district heating, reducing air pollution and providing additional balancing capacity to the power system. In the same sector, the Bank also financed with a €30 million loan the piloting of cutting-edge technologies in the district heating systems of ten additional municipalities across the country, including solar-thermal, heat pumps, urban and industrial waste heat recovery, and geothermal power.

In renewables, the Bank provided a €45 million project financing for the first project constructed under the EBRD-supported program of wind and solar auctions, the Pupin wind farm, as well as a €67 million loan to EPS for the rehabilitation and expansion of the Vlasinske hydro power plant.

In the transport sector, the Bank continued to scale up its support for Serbia’s rail system through a €50 million loan for urgent rail track rehabilitation for Serbian Railways Infrastructure and extended a €20 million loan to the Serbia and Montenegro Air Traffic Services Agency for upgrading its systems.

Last year also marked the advancement of two important national programs to upgrade solid waste management systems and roll out fast broadband to rural areas with additional financing tranches totalling €125 million made available.

Access to finance for the corporate sector continued to be a key focus for the Bank. In 2024, EBRD financed directly local corporates and foreign direct investors in IT, manufacturing, food processing and distribution, including in partnership with the Enterprise Expansion Fund. However, most Bank financing for the real economy continued to be channelled via local banks and leasing companies, for a total of over €340 million in loans and trade finance, including a number of targeted products to boost SMEs investments in green technologies and digitalisation, as well as facilitating access to finance for women and youth-led enterprises.

Matteo Colangeli, EBRD Regional Director for the Western Balkans, said: “Serbia continues to be one of EBRD’s largest markets with our active portfolio of investments in the country exceeding the €3 billion level for the first time. We are proud of having delivered another year of high investment volume in 2024, with a record number of projects and share of financing dedicated to the green economy transition. With our growing regional hub in Belgrade, we are well positioned to continue scaling up our operations to foster a more competitive and resilient economy in Serbia”.

The EBRD invested €1.6 billion in the Western Balkans in 2024, plus half billion euros additionally mobilised from other investors, in 116 projects. A record 62% per cent share of the total investments was dedicated to supporting the green economy transition.