Category: Author’s post
Small business and digital transformation get a support from EBRD in Serbia
The European Bank for Reconstruction and Development (EBRD) offers a new financing package of up to €50 million for ProCredit Bank Serbia to strengthen the competitiveness and resilience of Serbia’s small and medium-sized enterprises (SMEs).
The package includes €40 million to support Serbian SMEs and €10 million to drive digital transformation and automation of local businesses.
It also promotes innovation, competitiveness and gender inclusion in Serbia’s SME sector.
The Financial Intermediaries Framework provides the first loan with at least 30 per cent of the funds dedicated to green investments. The Go Digital in the Western Balkans program gives the second loan.
As a result, SMEs in Serbia will grow easier with the help of the new funding. The advantage is that these businesses will create most of the country’s jobs and economic value. Nevertheless, they will often struggle to access long-term financing. Also, the adoption of EU standards, energy efficiency will be promoted by the finance package. Moreover, gender inclusion will cause capacity building for women-led businesses.
According to Aleksandra Vukosavljević, EBRD Director for Financial Institutions in the Western Balkans and Eastern Europe, it is vital for the country’s sustainable economic development to support the growth and digital transformation of Serbia’s SMEs. She says that they help businesses get access to the long-term funding and expertise they need to innovate, become more competitive and accelerate their green transition with this new financing. Other goals are empowerment of women entrepreneurs and promotion of inclusive growth. Strong track record and commitment to responsible banking make ProCredit Bank Serbia’s an ideal partner for delivering real impact on the ground.
As Igor Anić, President of the Executive Board of ProCredit Bank, says, this new financing package from the EBRD further strengthens their long-term commitment to supporting SME growth in Serbia. It will expand access to financing for businesses across the country, with at least 30 per cent dedicated to green investments. Simultaneously, the additional €10 million from the Go Digital program will help accelerate the digital transformation and automation of local companies. Also, the cooperation with the EBRD will deepen. Moreover, SME development will become more sustainable and competitive due to jointly promote innovation.
The EBRD and ProCredit Bank Serbia are long-standing partners and leading SME lenders in the country. They serve over 6,000 clients with a strong focus on green finance and digital innovation.
Also, the EBRD is a leading institutional investor in Serbia. It has invested more than €10 billion through more than 400 projects. Most of these projects have supported the private sector. Enhancing private-sector competitiveness, productivity and access to finance are the Bank’s priorities in Serbia.
Source Link
Read moreAllianz Trade reports Serbia’s economy growth by 3.5-4% in 2026-2027
A global trade credit insurer Allianz Trade expects Serbia’s economic growth to quicken to 3.5-4% in 2026 and 2027, compared to an estimated 2.1% increase in 2025.
As Allianz Trade said in its annual research Country Risk Atlas 2026 published on Monday, wage growth and easing inflation should help private consumption remain resilient. Nevertheless, tighter labor market conditions and slowing productivity gains may cap momentum. Public investment is still acting as a short-term growth anchor, yet its net domestic spillovers import-intensive nature is reduced.
Also, strategic infrastructure and energy projects ahead of the EXPO 2027 support Serbia’s medium-term growth potential. This international exhibition to be held in Belgrade has also links with the country’s diversification efforts.
Allianz Trade expects inflation to remain within target and to allow for cautious monetary easing, despite the renewed food or energy price shocks that could reintroduce volatility. They also add that external demand remains a mild drag, given weak performance of Serbia’s key European partners.
A six-month cap on retail margins on staples and basic goods at 20% was imposed the Serbian government in September aiming to ease inflation pressures. It resulted in slowing annual consumer price inflation gradually to 2.7% in December from August’s 4.7%. The central bank expects annual inflation to remain within the 1.5-4.5% target range in the short term.
As Allianz Trade noted, Serbia’s cyclical risks are manageable. Nevertheless, they could tilt to the downside if global financial conditions tighten or domestic confidence weakens ahead of key political milestones. Meanwhile, improved market credibility, declining public debt and continued access to domestic and international funding can benefit the financing profile of the country. Also, investor appetite for dinar- and euro-denominated debt supports this tendency.
Despite a good capitalization of the banking sector, tightening credit terms annoy smaller firms and households. Also, sustained FDI inflows to offset import-heavy investment cause the current account deficit.
Politically speaking, balancing between hopes for EU accession and close ties with Russia and China define Serbia’s foreign policy. This position “adds strategic ambiguity, exposing the country to shifting external pressures”. Additionally, episodic security and diplomatic risks arise from unresolved tensions with Kosovo.
Meanwhile, prolonged protest against incumbent politicians with increasing medium-term succession and institutional risks dominate domestic politics. According to Allianz Trade, it creates public opposition to mining and energy projects, especially lithium. This protest might intensify social unrest and delay strategic investments.
Source Link
Read morePrime Minister reports foreign capital inflows exceeding $58 Billion
As Prime Minister Olzhas Bektenov said at briefing with President Kassym-Jomart Tokayev on the latest economic figures at an expanded government meeting in Astana on Feb. 10, foreign capital inflows to Kazakhstan surpassed $58 billion in 2025.
Bektenov said that foreign direct investment increased by $1.5 billion, or 10.9%, over nine months and reached $14.9 billion. The rise of fixed capital investment was 13% (22.7 trillion tenge (US$46.1 billion).
Minister added that public investment increased by 800 billion tenge [US$1.6 billion], while the growth of private investment was 2.4 trillion tenge [US$4.9 billion].
This was the result of 212 projects with a combined value of $115 billion in 2025.
The prosecutor general executed the functions of the investment ombudsperson. They strengthened legal protection for investors through enhanced prosecutorial oversight.
Economically speaking, GDP grew steadily by 6.5%. The expansion of transport was 17.8%, of construction – 14.6%, of mining – 17.4%, of manufacturing -12.2%, of trade -26% and of agriculture – 5.9%.
According to Bektenov, current manufacturing growth rates are insufficient to achieve full economic diversification. So, the government is implementing projects involving higher value-added production in metallurgy, mechanical engineering and the agro-industrial sector to accelerate momentum.
The Minister acknowledged a number of issues that required prompt action despite economic growth, such as modernizing the country’s infrastructure and implementing large government-led industrial projects. At the same time, it is also necessary to support small and medium-sized businesses.
For example, concessional loans for small and medium-sized enterprises within 10 days to purchase modern machinery without additional collaterals is one of the key initiatives. Baiterek Holding will operate this special scheme. The increase of the number of active SMEs in Kazakhstan as of the end of 2025 was 5% (more than 2.2 million). The sector employed 4.5 million people, or nearly 46% of total employment and nearly half of the economically active population (3.9% growth).
Total output of SMEs was about 73 trillion tenge (US$148.3 billion) (40.5% of GDP).
Also, the transport sector grew steadily. As Bektenov said, the modernization of 11,000 kilometers of roads and expand airport throughput capacity to handle up to 40 passengers was in the government’s plans.
He said that this year the construction of two railway lines totaling 475 kilometers will be completed and 2,900 kilometers of track will be modernized. Transit freight volumes will increase by 60%, and the average speed of transit container trains will reach 50 kilometers per hour. This will reduce cargo delivery time from the Chinese border to the Caspian Sea from 84 hours to 55 hours by the end of this year.
Source Link
Read moreResults of the most profitable SMEs’ ranking
There are three legal criteria classifying entities and entrepreneurs according to Serbia’s Accounting Act: the average number of employees, operating revenue, and the total value of assets.
So, enterprises with more than 250 employees, revenue exceeding 40 million euros, and assets worth more than 20 million euros are large. An enterprise with fewer than 10 employees is micro. An enterprise between 10 and 50 employees and a revenue between 0.7 and 8 million euros and assets worth between 0.4 and 4 million euros is small. An enterprise between 50 and 250 employees and a revenue from 8 to 40 million euros and assets from 4 to 20 million euros is medium-sized.
As of 2024, 85 % of 113,000 enterprises in Serbia were micro enterprises, and their turnover was only 2.8 trillion dinars. Large enterprises produced more than 40 % of total turnover (7.8 trillion dinars).
Wholesale and retail enterprises and those engaged in trade and the repair of motor vehicles made 28 % of the total number of companies. Then followed manufacturing (14 %). Information and communication were the most dynamic sectors of the domestic economy (more than 8,500 enterprises in 2024 and 7.5 % of the total number of active enterprises).
Last year large enterprises employed almost 600,000 workers, or 44 per cent of the total number (1.34 million).
However, net result of 2024 was positive for the domestic economy (866.3 billion dinars, around 10 % lower than the previous year). Large enterprises contributed to the overall economic result, by generating a profit of 439.3 billion dinars, or about half of the total final result. Net profits of small and medium-sized enterprises were 209.2 billion and 206.9 billion dinars, respectively. The contribution of micro enterprises to the overall final result was 10.8 billion dinars.
Also, net profit of 108.8 billion dinars was generated by micro, small and medium-sized enterprises on the Top 150 list, ranked by profit.
According to domestic regulations, a company may operate without employees, but it must have a legal representative (director), who usually has an employment contract and sometimes a separate management contract.
In 2024 almost one-fifth of small and medium-sized enterprises in Serbia among the top 150 by net profit achieved function without any employees. They have mostly directly or indirectly connections with the real estate market. These companies may be newly established or in the initial phase of development, or holding companies and passive companies established to hold assets or investments. They can rent out own or lease property, development of construction projects, property management, construction of residential and non-residential buildings, and so on.
On the contrary, in wholesale and retail trade, professional, scientific, innovation and technical activities, as well as manufacturing and construction companies without employees are rare.
Source Link
Read moreBusinesses in Georgia will get GEL 270 million from ADB through TBC
GEL 270 million have been raised by TBC from the Asian Development Bank (ADB) to expand access to finance for micro, small and medium-sized enterprises (MSMEs) in Georgia and to strengthen green financing across the country.
They will direct the majority of the funds toward supporting MSMEs and allocate 20% of the total amount to empowering women entrepreneurs. Green investments will get 30%.
Georgia has been receiving ADB’s support since 2007. It is one of the country’s largest multilateral development partners. In total, ADB provided Georgia with loans, grants and technical assistance exceeding USD 5 billion. The private sector got nearly USD 1 billion. The aim of ADB’s five-year cooperation strategy with Georgia is helping the country become a green and inclusive regional hub. Other goals are promoting public and private sector investments, advancing reforms and knowledge sharing, building climate-resilient infrastructure, and deepening regional integration.
Source Link
Read moreSouth Korea gives Kazakhstanis the possibility of official employment
As Qazinform News Agency reports, a meeting took place between Almaty region governor Marat Sultangaziyev and a Korean delegation about gaining access to legal employment opportunities in South Korea through the country’s Employment Permit System (EPS).
Kazakh Labor and Social Protection Vice Minister Viktoria Shegay and representatives of local executive bodies were also at the meeting.
According to Governor Sultangaziyev, the point at issue is not just about working abroad, but also about creating a clear and protected migration mechanism.
Kazakhstanis will get the possibility to work legally abroad and receive valuable international experience and new professional skills. Building a transparent and secure labor migration system is another goal for Kazakhstan.
The Korean delegation made a short presentation of EPS. They designed it to operate in sectors with labor shortages and to legally attract foreign workers
The director of the mobile employment center of Almaty region Abylai Zuaida said that the sides signed a memorandum at the first stage of the talks, and they are currently at the second stage. It means that the Korean delegation is visiting colleges and training centers to evaluate workforce preparation and to assess Kazakhstan’s readiness to send workers.
The countries will sign a full memorandum as soon as all the requirements are met and negotiations succeed.
Moreover, specialized training centers will appear across the country to prepare workers for employment in South Korea if Kazakhstan joins the EPS.
However, an inter-ministerial commission will make the final decision once all preparatory stages are complete.
As estimated, 109,000 foreign seasonal workers expect to go to South Korea this year.
Further steps towards Kazakhstan’s inclusion in South Korea’s Employment Permit System (EPS) were discussed last August by Kazakhstan’s First Deputy Minister of Labor and Social Protection of Population Askarbek Yertayev and South Korean ambassador Cho Tae-ick.
Source Link
Read moreSeasonal work program is the subject of talks between Uzbekistan and U.S.
As President Shavkat Mirziyoyev announced at a recent foreign policy meeting, Uzbekistan will seek talks with the United States on allowing its citizens to work as seasonal laborers.
Also, the president’s press secretary noted that the U.S. government had simplified procedures last year for obtaining special visas for agricultural workers. As a result, Uzbekistan’s ambassador has initiated talks in Washington aimed at securing Uzbekistan’s inclusion on the U.S. list of countries whose citizens can be recruited for seasonal employment.
The aim of the initiative is to grant Uzbek citizens working abroad access to legal, well-paid jobs. So, regional governors got the requirement from the president to build direct ties with developed countries and regions that actively recruit foreign labor.
Ambassadors had also to identify high-income employment opportunities overseas. Citizens preparing for these roles should get vocational training and language instruction. The importance of signing bilateral labor migration agreements with countries including Japan, Sweden, Norway, Bulgaria, Austria, Croatia, Slovenia, Serbia, Greece, and Oman was also mentioned.
Once again, the number of Uzbek citizens residing abroad illegally was the subject of the president’s concern. Last year, more than 150,000 Uzbek nationals benefited from migration amnesty in Russia. The president instructed officials to intensify negotiations with other countries to help citizens secure legal employment. From their side, migrants have to comply with local laws.
In general, consular staff has a key responsibility for supporting Uzbek labor migrants in countries with rising migration flows, particularly in Europe. According to Mirziyoyev, simpler registration procedures and fewer bureaucratic hurdles will help them do it.
As The Times of Central Asia previously reported, the U.S. State Department plans to suspend the issuance of immigrant visas for citizens of Uzbekistan and 74 other countries starting January 21. It will add urgency to Tashkent’s pursuit of alternative legal migration pathways.
Source Link
Read moreBenefits for Ukrainians in Germany are planned to be canceled
As Minister of Labor of Germany Barbel Bas stated, basic social security allowance for refugees from Ukraine will be cancelled. Bas made this statement in connection with a draft law on the abolition of the basic social allowance of the Bürgergeld for refugees from Ukraine who arrived in Germany after April 1, 2025 and the payment of a smaller allowance for asylum seekers, considered in the Bundestag. The German government previously approved the relevant bill.
Also, the Minister states that the abolition of basic social benefits for newly arrived Ukrainian refugees in Germany will change their legal status.
According to the data, more than 1.2 million Ukrainian citizens have entered Germany. Nevertheless, the Federal employment Agency reports that only about 360 thousand of them are employed for November. Moreover, the German Ministry of Social Security spent about 6.4 billion euros on basic social security for Ukrainian refugees in 2024.
Source Link
Read moreReal Changes in Kazakh Labor Market that AI causes
As Minister of Science and Higher Education Sayasat Nurbek predicted at a government meeting on Jan. 6, Artificial Intelligence (AI) will raise productivity for approximately 70% of Kazakhstan’s workforce and transform up to 53% of job functions. According to experts, AI will mainly redistribute the tasks rather than cause mass job losses and urgent challenges for labor policy and education systems.
Also, Nurbek presented a phased action plan is being developed to modernize higher education. On the first stage, in 2025, Quacquarelli Symonds assessed the role of education in building an AI-based economy.
As the International Labor Organization reports, high levels of generative AI already influences approximately 25% of jobs worldwide. Its share is nearly 35% in advanced economies, and is approaches to 10% in countries with lower digital maturity. Nevertheless, the tendency for changing daily work functions with keeping the same job titles prevails everywhere.
According to labor law expert Gulzira Atabayeva, these changes occur gradually and unevenly.
Also, she mentioned administrative and office roles among the most exposed to automatization.
As international research showed, women more often work on these positions.
EY shows that nearly 60% of global employment is already under moderate or high influence from generative AI. According to the Organisation for Economic Co-operation and Development (OECD), up to 28% of professions in OECD countries are at high risk of automation.
In response to this challenge, Kazakhstan the Kazakh government adopted an AI law at the end of 2025. It establishes artificial intelligence as a regulated sector under national legislation. The law will take effect in January 2026 and introduce principles of responsibility and transparency, labeling of AI-generated content and banning manipulative AI systems.
The Ministry of AI and Digital Development has also appeared. It approved the 2024-2029 AI Development Concept. Building an ecosystem that combines infrastructure, data access and human capital is the main focus of the strategy. The national Alem.AI platform, designed to provide developers with access to data and tools, and the AI Qyzmet program, which trains civil servants to work with AI-based solutions, are its key initiatives.
As Kazakhstan’s Center for Labor Resources Development assesses, it is possible to automate 29% of the country’s work functions. Approximately 13% have a direct link with AI applications. It means that employment structure may change for up to 2.2 million people, or nearly a quarter of the workforce, in their in the medium term.
As Nurbek stated, all educational programs starting in 2025 introduced AI -related skills: AI-related courses, AI-focused degree programs and AI upskilling courses.
Also, the Tomorrow School project is being implemented in cooperation with Astana Hub at universities nationwide. There are plans to establish a specialized AI university focused on interdisciplinary training and applied research. It should be integrated into the Alem.AI ecosystem and developed in partnership with foreign universities and technology companies.
Source Link
Read morePMCG reports that 12.4% of persons receive a monthly salary up to 600 GEL
996,988 persons were receiving Linka monthly salary in November 2025. It is 0.8% lower than in October 2025 and 1.0% less than in November 2024.
In November 2025, the share of persons receiving a monthly salary up to 600 GEL amounted to 12.4%, which was 0.2 percentage points higher than in October 2025 and 4.0 percentage points less than in November 2024.
In November 2025, 33.2% of persons were receiving a monthly salary of 2,400 GEL or more. It was 1.1 percentage points lower than in October 2025 and 4.5 percentage points more than in November 2024.
2.9% of persons were receiving a monthly salary of 9,600 GEL or more in November 2025. The decrease was 0.3 percentage points compared to October 2025 and 0.5 percentage points compared to November 2024.
Source Link
Read more