Financial Markets Development

The Project provides support to the financial market in Serbia in order to increase businesses' access to financial resources and facilitate the development of risk management instruments. The Project is undertaking the following activities:

  • Improve access to finance for small and medium-sized enterprises and sole proprietors (SMEs): Empower service providers to support lending by providing, support for improving the profession of real estate appraisers. Assist the Ministry of Economy in establishing the SME Council and implementing the SME Development Strategy, in particular in terms of improvements to access to finance and business regulation. Public outreach on the development of financial markets and their role in economic growth and poverty reduction. Assistance in improving the dissemination of all information on SME financing. Support the enhancement and proper use of accounting for micro-enterprises and SMEs.

  • Developing a regulatory framework for non-bank financial institutions (NBFIs): Assist the Government, National Bank, and financial sector to develop a regulatory and supervisory framework for non-bank financial institutions. Provide expertise and facilitate dialogue on NBFI legislation. Assist in drafting legislation to improve leasing as an alternative source of financing for SMEs.

  • Improve the efficiency, monitoring and transparency of state aid: Assist the Ministry of Economy and Ministry of Finance in reforming financial support mechanisms for SMEs. Prepare recommendations for the design of new state aid programs or improvement of existing ones, as well as recommendations for the management of state aid programs.

  • Developing a legal framework for Commodity Exchanges: Technical assistance in finalizing a regulatory framework for commodity exchanges.

  • Strengthen In-Court and Out-of-Court Credit Enforcement: Advocate for and assist with improvements to laws and regulations that will improve the regulatory framework for collateral enforcement, particularly out-of court enforcement. Assist in continued improvements to implementation of in-court enforcement. Continuing collaboration with other donors (such as GIZ) in providing support to the Enforcement Officer profession and assisting their Chamber in additional capacity-building efforts.


  • BEP's comprehensive study and recommendations for improving SME financing were used in the GoS Action Plan for Implementing the Entrepreneurship and Competitiveness Development Strategy. Recommendations adopted include introducing cash-based payment of value added tax for SMEs, abolishing advance VAT payment, reducing waiting times for tax refunds and payments by public enterprises, and eliminating reserve requirements for leasing companies.
  • A new Law on Factoring drafted with BEP’s assistance has helped increase business liquidity and expand the factoring industry.
  • BEP’s assistance to draft and implement the Capital Markets Law and by-laws contributed to a sound, transparent regulatory framework.
  • BEP’s analysis and advocacy led the GoS to prioritize establishment of non-deposit-taking non-bank institutions. BEP will help the MoF and National Bank to develop regulations to enable such financial institutions.
  • BEP is working with the MoF and the National Bank to improve collateral valuation: a real estate transactional database is under development, and a new Property Valuers Law and National Valuation Standards are drafted to improve the valuer profession.




14.08.2017 - New Real Estate Registration Bill Introduces Efficient Registration and Higher Level of Legal Security in Serbia

11.08.2017 - For Stronger Ethics and Integrity in Inspection Oversight

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