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SOFIA (Bulgaria), November 15 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Friday it signed an agreement to provide the European Fund for Southeast Europe (EFSE) with 25 million euro ($33.6 million) in additional funding.
“The funds will facilitate more than 4,000 new loans to micro and small enterprises (MSEs) in the Fund’s target regions of South Eastern Europe and the European Eastern Neighbourhood Region,” EBRD said in a statement.
The new commitment can be drawn upon in euro and in USD, adding flexibility to the ways in which EFSE can achieve its mission to foster economic development in its target region.
Currently, EFSE has total committed capital of 948 million euro.
The European Fund for Southeast Europe was initiated by KfW Development Bank (KfW) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. It aims to foster economic development and prosperity in Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia, Kosovo, Georgia, Moldova, Montenegro, Romania, Serbia, Ukraine and Turkey.