Summary
The purpose of the study was to assess the market conditions for implementation of new financial instruments for small and medium sized enterprises (SMEs) support in Serbia and, if applicable, content of related investment policies and strategies.
This study contains analyses of market weaknesses for each type of financial products available as an SMEs source of financing. It identifies the needs for financial instruments and analysis of shortcomings of long-term sources of financing in the financial market for micro and SMEs.
The research included a telephone survey with 2000 SMEs, stakeholder interviews (banks, international financial instruments, government institutions, etc.) and literature/data review.
According to the EU Common Provisions Regulation (CPR), support of financial instruments shall be based on an ex-ante assessment with proven evidence of market failures or suboptimal investments, estimated level and scope of public investment needs, including types of financial instruments to be supported.
The study also supported the Ministry of Economy with preparation of an investment strategy for design and implementation of financial instruments that will facilitate SMEs access to finance.
The ex-ante assessment took into account the Programme for the Competitiveness of Enterprises and SMEs - COSME and HORIZON 2020 the Framework Programme for Research and Innovation, since the financial instruments in those programmes are designed to provide added value to other present or/and possible financial instruments in Serbia.
Detailed information
http://privreda.gov.rs/wp-content/uploads/2017/11/Final-Report-Serbia-Ex-Ante_za-Sajt-2.pdf
http://privreda.gov.rs/publikacije/eib-studija/