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2018, vol. 15, br. 1, str. 35-48
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Finansiranje preduzetništva u Srbiji - uloga grupacije Svetske banke
Entrepreneurial finance in Serbia: The role of the World Bank Group
aInstitut ekonomskih nauka, Beograd, Srbija bCentar za unapređenje i razvoj društva, Novi Sad cUniverzitet u Prištini sa privremenim sedištem u Kosovskoj Mitrovici, Ekonomski fakultet, Srbija
e-adresa: isidora.ljumovic@ien.bg.ac.rs, marko_kojovic@yahoo
Projekat: Organizacione i informacione podrške sistemu upravljanja kvalitetom kao ključnim faktorom povećanja konkurentnosti naših preduzeća i njihiovog bržeg izlaska na svetsko i EU tržište (MPNTR - 179001)
Sažetak
Kreatori ekonomske politike, nacionalna i nadnacionalna tela su prepoznala mala i srednja preduzeća kao nosioce ekonomskog rasta, ali i činjenicu da je pristup izvorima finansiranja jedan od osnovnih ograničavajućih faktora za MSP, a samim tim i limitirajući faktor za ekonomiju. Međunarodne finansijske institucije (MFI) mogu da imaju značajnu ulogu u obezbeđivanju pristupa odgovarajućim izvorima finansijskih sredstava i to naročito u državama sa slabo razvijenim finansijskim sistemom, koje su prolazile kroz različite transformacione promene i u kojima je akumulacija kapitala niska. Portfolio ulaganja MFI može biti raznolik, ali su u ovom radu analizirane samo institucije grupacije Svetske banke i to projekti realizovani u poslednjih deset godina, koji na direktan ili indirektan način doprinose razvoju preduzetništva u Srbiji. Ove institucije pružaju podršku preduzetništvu na makro (direktna podrška državi kroz najrazličitije podsticajne programe, programe stabilizacije, unapređenja ekonomskog ambijenta, podrške budžetu i slično) i mikro nivou (krediti, bespovratna sredstva, ulaganje u kapital, hibridni instrumenti, tehnička pomoć i instrumenti za smanjivanje rizika). U poslednjih deset godina analizirane institucije su, samo kroz analizirane projekte, uložile oko 3,7 milijardi dolara u podsticanje preduzetništva, što predstavlja oko 5% kreditnih plasmana banaka u privredu.
Abstract
Economic policymakers, national and supranational bodies have recognized small and medium-sized enterprises (SMEs) as the bearers of economic growth, but also the fact that access to funding sources is one of the main limiting factors for SMEs, and therefore a limiting factor for the economy. International financial institutions (MFIs) may play an important role in ensuring access to adequate sources of funds, especially in countries with a poorly developed financial system, which have undergone various transformational changes and where capital accumulation is low. The investment portfolio of MFIs may be diversified, but this paper analyzes only the institutions of the World Bank Group and particularly those projects that have been implemented in the last ten years, which directly or indirectly contribute to the development of entrepreneurship in Serbia. These institutions support entrepreneurship at macro level (direct support to the state through a variety of incentive programs, stabilization programs, improvement of the economic environment, support to the budget, etc.) and the micro level (loans, grants, equity investments, hybrid instruments, technical assistance and instruments to minimize the risk). In the last ten years, the analyzed institutions have invested around 3.7 billion dollars in stimulating entrepreneurship, only through analyzed projects, which represents around 5% of total bank landing to the economy sector.
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