EBRD Backs Raiffeisen Bank Serbia With €35 Million MSME Risk-Sharing Guarantee

The European Bank for Reconstruction and Development will provide Raiffeisen Bank Serbia a €35 million unfunded portfolio guarantee covering 50% of the credit risk on new MSME loans, the EBRD said on October 28, 2026. The EBRD said the arrangement will help unlock up to €70 million in fresh financing for micro, small and medium-sized enterprises.

How the Raiffeisen Bank Serbia Guarantee Works

The guarantee covers a newly generated portfolio of MSME loans originated by Raiffeisen Bank International's Serbian arm. The EU's European Fund for Sustainable Development Plus (EFSD+) Growth for All programme backs the initiative with technical assistance and a first-loss counter-guarantee. The facility targets underserved businesses, including those led by women and young people, and small firms in tourism, agriculture and rural areas. By sharing part of the risk, the EBRD said the facility reduces barriers to lending for businesses that often struggle to access credit because of limited collateral or insufficient operating history.

Aleksandra Vukosavljević, EBRD Director for Financial Institutions, Western Balkans and Eastern Europe, said: "MSMEs are a cornerstone of Serbia's economy, yet many still face significant barriers to accessing finance." Zoran Petrović, Chairman of the Executive Board of Raiffeisen Bank Serbia, said: "Small and medium-sized businesses are essential to Serbia's economic development, and supporting their growth is one of our strategic priorities." The EBRD has invested more than €11.3 billion in Serbia to date through 423 projects.

Raiffeisen's Record With the EBRD

According to akta.pro company records, Raiffeisen Bank International has four funding rounds on record, two of them led by the EBRD: a $13.6 million post-IPO debt round in May 2024 and a $58.4 million debt-funded round in October 2022. The same records list a $167.2 million debt-funded round led by the International Finance Corporation in December 2019 and a post-IPO debt round in July 2025. The Vienna-headquartered group operates across 14+ countries in Central and Eastern Europe, including Serbia.

Raiffeisen's Earlier Moves in 2026

Raiffeisen Bank International said in October 2026 that an internal review found no evidence to support Grizzly Research's allegations, Bloomberg reported; the review covered nearly 200 items. In September 2026, FinanzNachrichten.de reported that the bank rejected a short-seller report's accusations, citing factual errors and misleading claims, and was considering legal action. In August 2026, FAZ.NET reported that new chairman Michael Höllerer is tasked with resolving the bank's Moscow operations.