The European Bank for Reconstruction and Development (EBRD) has reaffirmed its support for the continued growth of HTEC Group with a €55 million loan.
The loan, which represents the single biggest EBRD financing to an IT sector company in the Western Balkans, will support HTEC’s further expansion and internalization of operations through strategic acquisitions. Furthermore, the loan will also serve to strengthen HTEC’s services and expertise across all domains, including FinTech.
The EBRD and HTEC first partnered in 2020 when the Bank extended a loan, co-financed by the Enterprise Expansion Fund (ENEF), to support HTEC’s acquisition of the Serbian IT company Execom, an important milestone in the process that saw us go from 250 to more than 2,000 employees in the span of two years.
“Our partnership with the EBRD for the past two years has helped us to implement our expansion strategy in the region. We are now present in 29 locations across seven countries with the aim of being the best company for the career development of engineering and other talents in this region. We are driven by the goal of solving the toughest engineering problems for our clients, and through that engaging our people in building globally competitive careers in this part of the world.” – Miroslav Virijević, Chief Financial Officer at HTEC Group
The loan represents the continuation of EBRD’s strategy to promote the growth of the technology sector and digitalization in the Western Balkans.
“We are excited to partner again with HTEC, a company that we recognized and supported when it was still at the beginning of its expansion phase. The EBRD helps local companies to become regional champions and we are extremely pleased that our support has helped HTEC to grow and become one of the leading IT firms in the region and a global player in the engineering services sector.” – Dirk Werner, EBRD Director, Telecommunications, Media and Technology
The EBRD is a leading institutional investor in Serbia. The Bank has invested more than €7.5 billion in the country to date. Its focus in Serbia is on private-sector development, improving public utilities, and facilitating the country’s transition to a green economy.