Germany approved an additional amount of €5 million to help Bosnia and Herzegovina mitigate negative consequences of the coronavirus pandemic, the German embassy confirmed on Wednesday.

The funds were earmarked within the Bosnia-Germany bilateral development cooperation, and will be allocated to small and midsize entreprises.

“For almost a year the crisis caused by the coronavirus has been threatening to life and human existence across the world. We can only together successfully respond to this challenge – either like local, state or international community that is devoted to dolidarity. These measures complete our development cooperation, which puts a strong emphasis on development of private sector, in an ideal way,” said German ambassador in Bosnia Margret Uebber.

The funds are intended for all small and midsize enterprises in all branches of economy, including microbusinesses. Interest-free loans and grants in amount of €25,000 will be available through microcredit organisations and local partners.

The agreement on this programme was signed by Bosnia’s Council of Ministers and the German state-owned development bank KfW.