EFSE Provides 43mln Euro on Loans to W. Balkans Microfinance Institutions

Jun 2020
Southeast Europe, June, 25 2020 - The European Fund for Southeast Europe (EFSE) has provided a total of 43 million euro ($48 million) in long-term loans to nine key microfinance and small business lenders in the Western Balkans in response to the COVID-19 crisis, it said on Thursday.

The funding was provided to partner institutions in Bosnia, Montenegro and Kosovo, and will be on-lent to micro and small-scale enterprises (MSEs) to help them overcome crisis-related challenges and continue providing employment and income generation to the region in the long term, EFSE said in an e-mailed statement.

The senior loans were provided to Bosnia's MCC EKI (8 million euro), MCC Mikrofin Sarajevo (7 million euro), MF Banka (7 million euro), MFC Partner (5 million euro), and MCF MI BOSPO (3 million euro); Kosovo's Kreditimi Rural i Kosoves (3 million euro), KEP Trust (3 million euro), and Agjencioni per Financim ne Kosove (2 million euro); as well as Montenegro's MFI Alter Modus (5 million euro).

"In times of crisis, especially where entrepreneurs are among the hardest hit, it is at the very core of EFSE's mission to serve as a steadfast partner to the hardworking local financial institutions who serve MSEs. I would like to extend particular thanks to our public investors in their speedy collaboration and shared vision. It is through partnership – with dedicated financial providers, their clients, and high-impact supporters like the EU and BMZ – that we as a community will combine our strengths to withstand this crisis," EFSE Board Chairman Christoph Tiskens said in the statement.

EFSE was initiated by German development bank KfW with the financial support of the German ministry for economic cooperation and development and the European Commission. As the first public-private partnership of its kind, EFSE draws its capital from donor agencies, international financial institutions, and private institutional investors.

Source : SeeNews

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