Private Briefing June 2025
No. 147 | Year XIII
The first summer edition of Private Briefing in 2025 brings fresh analyses of support programmes that enable the implementation of investments, enhancement of competitiveness, and sustainable development. The main focus is a new trilogy dedicated to EU instruments for MSMEs in the area of green transition, offering insight into the development and financing opportunities that will shape the next decade of business activity. We also examine the GreenUP Accelerator call for tech start-ups, while in the agricultural sector, the new call by the Ministry of Agriculture supports investments in physical infrastructure on farms. Finally, the credit line offered by the Ministry of Tourism provides an opportunity to improve the quality of tourist services under exceptionally favourable conditions.
GreenUP: New Accelerator for Green Start-Ups
// The GreenUP initiative has launched a public call for participation in a twelve-week accelerator programme aimed at domestic start-ups developing solutions in the field of green transition and sustainable development. The programme is implemented with the support of German Development Cooperation (GIZ) and UNIDO/GEF, and delivered by ICT Hub in partnership with the Faculty of Technology and Metallurgy at the University of Belgrade. The goal of the initiative is to strengthen the domestic start-up ecosystem by identifying, supporting, and accelerating projects with measurable environmental impact and strong market potential. Eligible participants include informal teams and companies registered less than six years ago, regardless of their development stage. Supported solutions may come from fields such as green chemistry, circular economy, energy, sustainable agriculture, transport, construction, ESG, decarbonisation, and digital sustainability. The programme is open to all teams with ambition to contribute to ecological resilience and the sustainability of local and broader systems through innovation and entrepreneurial action.
// Start-ups selected for the programme will be placed in two categories – GreenUP Starters, who will receive full technical and financial support for development, and GreenUP Scalers, who will gain access to a mentoring network, education, and partnership opportunities, but without direct financial backing. Throughout the programme, participants will benefit from specialised workshops in areas such as business modelling, ESG standards, legal compliance, market access, and communication with target groups. Mentoring support will be provided by experts from relevant sectors, including industry, academia, and the investment ecosystem. Special emphasis is placed on solutions with potential for pilot implementation in real-world conditions and commercialisation after the programme ends. The final Demo Day will offer teams the chance to present their solutions to investors, partners, and the professional public, opening up possibilities for further funding, strategic partnerships, and wider visibility in both domestic and international green tech contexts.
// The GreenUP Accelerator is one of the rare programmes in Serbia that systematically supports the development of technological solutions with a positive impact on the environment. Through a combination of financial assistance, expert mentoring, and market access, the programme enables accelerated development and positioning of start-ups whose innovations respond to the needs of the green transition. In light of growing regulatory demands, ESG compliance, and the global push toward decarbonisation, GreenUP is emerging as a significant development opportunity for those aiming to actively participate in the transformation toward a sustainable economy – particularly since the programme is open to both teams and companies, making it not only a sound model but also one well worth recommending.
EU Sustainable Development Instruments: Episode I - Green Priorities and Support for MSMEs
// In this edition of Private Briefing, we are launching a thematic trilogy dedicated to supporting the green transition of micro, small, and medium-sized enterprises, with the aim of in-depth analysis of EU instruments currently being implemented in Serbia. As the Green Agenda increasingly takes root as a key development direction, the number of support models for its implementation is growing, and given the differing focuses of these programmes, now is the right time to analyse and identify their roles in sectoral development. This first analysis focuses on programmes that provide direct access to financing for MSMEs investing in green equipment, circular business models, and energy efficiency
The relationship between the requirements of the European Green Agenda and the capacity of domestic firms to meet those requirements is reflected in the structure of these programmes. Many include not only financial components, but also technical assistance, and various forms of incentives for implementation.
The SME Go Green programme is part of a broader package implemented by the EBRD in cooperation with the EU and local banks. The goal is to ensure that at least 70% of total investment value is directed toward green technologies, with additional conditions applying to agribusinesses and women-led enterprises. Furthermore, the possibility of partial investment reimbursement after implementation provides users with a tangible incentive to recognise their own benefit, not just regulatory compliance. It is precisely this combination of loans, advisory support, and reimbursement that makes this programme an example of how green transition can be approached from a business benefit perspective. For firms without access to traditional credit lines, particularly smaller ones with a short market history, another initiative offers a viable alternative.
The Green Finance for Inclusion programme is supported by Cassa Depositi e Prestiti (CDP) and implemented in cooperation with financial intermediaries that have a long-standing presence in rural and underserved business segments. Loans disbursed through this programme come with lower interest rates, less stringent collateral requirements, and extended repayment terms. This means that firms with limited capital can consider investments in equipment and technologies that are more efficient, economically viable in the long term, and aligned with green transition requirements. The initiative specifically recognises women entrepreneurs, young business owners, and social enterprises, aiming to ensure that green economy development is not limited to the most competitive market segments but extends to where the need is greatest..
// The third programme, the Green for Growth Fund (GGF), has been present in the region for over a decade and operates through a broad network of local partners. Its main objective is to reduce energy consumption and GHG emissions through investments in equipment, production processes, and small-scale renewable systems. Although most commonly used for smaller investments in heating and cooling systems or lighting optimisation in production, GGF offers not only tailored credit arrangements but also advisory support in assessing cost-effectiveness and identifying the most efficient solutions. Such instruments enable companies to reduce operating costs and strengthen business resilience while improving competitiveness.
// A common denominator across all these instruments is the combination of market mechanisms and targeted support. Companies that decide to use them are not entering aid programmes but rather advancing their competitiveness under conditions that reflect real-world constraints, from ownership structure to company size and access to capital and markets. For this reason, field experience is increasingly used as the foundation for shaping the next generation of support programmes. In this context, the KfW Development Bank has launched a new phase of research into the needs of Serbian enterprises, with a focus on green investments, financial barriers, and mechanisms perceived as usable. We invite all entrepreneurs and representatives of MSMEs to participate in this research, so that the voice of users can be embedded into future support instruments.
Ministry of Agriculture: Support for Construction and Farming Equipment
// In this edition of Private Briefing, we analyse a new public call launched by the Directorate for Agrarian Payments, with strategic support from the Ministry of Agriculture, Forestry and Water Management. The call concerns co-financing for the construction and equipping of facilities on agricultural holdings and is implemented within a support budget of 2,8 billion dinars. The programme directly supports farmers who have already completed investments in physical infrastructure, including the construction of barns, poultry houses, fishponds, manure storage and treatment facilities, as well as the purchase of equipment for livestock farming and waste management. In addition, the funds may be used to improve biosecurity standards, enhance waste management, and modernise production technologies. The programme targets beneficiaries seeking to improve production quality, meet technical and sanitary standards, and ensure the long-term stability and safety of their operations..
Eligible applicants include registered agricultural holdings with active status, whether they are natural persons, sole proprietors, business entities, agricultural cooperatives, secondary agricultural schools, or religious communities. Only one application may be submitted per public call, but that application may cover multiple investments within the same category. The minimum investment value is 100.000 dinars, while the maximum incentive per beneficiary is 15 million. These limits are intended to maximise the number of potential users while ensuring that the funds are directed toward applicants planning substantial investments in sustainable production.
Co-financing covers up to 60% of eligible costs, and for young farmers (under the age of 40), female farm holders, and holdings operating under difficult conditions, the rate is 70%. To be eligible, investments must have been completed and paid for no earlier than 1 January 2023 and before the
submission date. All supporting documentation – including invoices, proof of payment, construction and occupancy permits, technical documentation, inspection reports, and photographs must be properly prepared and submitted digitally via the eAgrar platform..
// This form of support represents an investment in the future of domestic food production, rural communities, and overall food security. Such measures, including this one, enable beneficiaries to invest not only in equipment and end-products, but in the very foundations of production. By constructing facilities and creating safe working conditions, the programme enables improvements in quality throughout the food production chain, from stable to table. This traceability is a key factor for competitiveness, both in domestic and foreign markets. The programme thus sends a clear message: there is no competitiveness without adequate infrastructure, and no sustainable agriculture without basic working conditions. In the context of growing climate risks, rising input costs, and increasingly strict market standards, this type of support can significantly enhance the resilience of farms and improve their market access – especially when investments are strategically focused on increasing production capacity and standardising quality. It also offers a chance to technically prepare farms for the next level of development, whether through IPARD, national rural development measures, or commercial financing.
// Applications will be considered on a first-come, first-served basis, as long as the budget remains available. This makes the measure highly competitive and time-sensitive. Based on past experience, calls of this type tend to close as soon as the allocation limit is reached, meaning that timely submission is essential. Proper documentation and technical alignment with regulations become critical success factors in the award process. Glenfield consultants are available to support applicants throughout the process, from assessing investment viability and applying, through realization of IPARD pre-financing, all the way to monitoring implementation and evaluating outcomes.
Ministry of Tourism: Loans to Support the Quality of Tourist Services
// The Ministry of Tourism and Youth has launched a public call enabling eligible users from the tourism and hospitality sectors to access loan support under exceptionally favourable conditions, aimed at enhancing the quality and scope of tourist services across Serbia. The programme is structured as a credit line with an annual interest rate of only 1%, including the possibility of covering investments already made within the past six months. Loans are disbursed through the Development Fund, with repayment periods of up to six years and a grace period of up to one year, or up to two years for greenfield investments.
Eligible users include business entities and sole proprietors registered to carry out tourism and hospitality activities, as well as registered agricultural holdings wishing to expand into tourism. Loan funds can be used for a wide range of investments, including the construction, renovation, and improvement of accommodation facilities, restaurants, and related infrastructure, restoration of rural buildings, development of sports and recreational amenities, as well as the design and production of authentic souvenirs. In addition, the programme supports compliance with legal and technical standards, making this call particularly
relevant for those seeking to formalise and strengthen existing operations. The minimum loan amount is 500,000 dinars for agricultural holdings and sole proprietors, and 2 million dinars for business entities. The maximum loan amount is not predefined, but will be determined by the Development Fund based on an assessment of the project’s economic viability, the applicant’s financial position, and the quality of collateral offered. Up to 20% of the approved loan can be allocated for permanent working capital, and the applicant’s co-financing must cover at least 50% of the total project value.
// This programme serves as a valuable complement to existing tourism development support measures, as it enables structured investments aimed at improving the core elements critical to quality tourist services. It gives users the opportunity to plan long-term development, improve infrastructure, introduce new amenities, and raise the level of service. Unlike traditional subsidies, this form of support requires financial discipline, but in return offers an extremely low cost of capital and extended repayment periods. It is particularly important that agricultural holdings are also included, as this expands the realistic development potential of tourism to areas not typically prioritised by standard support models through commercial channels. Because of this combination of accessibility, affordability, and a wide range of eligible investments, this credit line may represent a strong incentive for the development of higher-quality, more authentic, and competitive tourist services for companies, entrepreneurs, and farms alike – and is therefore highly recommended.
| KEY ECONOMIC INDICATORS | Jun - 25 | |
|---|---|---|
| 1 | Annual inflation | 3.80% |
| 2 | Reference interest rate | 5.75% |
| 3 | Unemployment rate | 9.10% |
| 4 | Average net salary - RSD | 109,272 |
| 5 | Average pension - RSD | 50,684 |
| 6 | Exchange rate RSD/EUR | |
| On the last day of the month | 117.2105 | |
| Average exchange rate for the month | 117.2275 | |
| 7 | Exchange rate RSD/USD | |
| On the last day of the month | 103.2874 | |
| Average exchange rate for the month | 103.8338 | |
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