July 21 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Tuesday it is extending a loan of 2 million euro ($2.3 million) to Kosovo's microfinance institution Agency for Finance in Kosovo (AFK) to support small businesses in the country.
In addition, the European Fund for Southeast Europe (EFSE) and CoopEst will provide loans of 2 million euro and 0.5 million euro, respectively, to AFK for the same purpose, the EBRD said in a statement.
The finances will be on-lent to micro, small and medium-sized businesses (MSMEs) to strengthen the competitiveness of the business sector during the coronavirus pandemic, the EBRD said, noting that MSMEs represent more than 90% of all companies in Kosovo.
AFK, operating since 2000, provides access to finance to micro and small firms run by entrepreneurs, especially in rural areas.
($ = 0.8727 euro)