ANNOUNCEMENT 28 Aug 2013In August 2013, the government of Serbia announced a change to private-sector financial support.
NUMBER OF INTERVENTIONS
Simpo (2013) "Zapisnik".
Available from: http://www.simpogroup.com/TinyMCE/upload-files/Pdf/jan2014/Zapisnik%20sa%20vanredne%20sednice%20Skupstine%20akcionara%20SIMPO%20ad%2027-30.09.2013.pdf
On 28 August 2013, the government of Serbia granted state aid in the form of a short-term, interest-free loan to Simpo (a Serbian furniture manufacturer). The loan amount was RSD 1.5 billion (ca. EUR 13 million) and was designated for financing the repayment of Simpo's accumulated debt for mandatory pension contributions.
On the same date, the government of Serbia granted an approval to the state-controlled Serbian Development Fund to issueguarantees for Simpo's loan to cover working capital needs.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.