October 24 (SeeNews) - The European Fund for Southeast Europe (EFSE) said on Tuesday it is lending 10 million euro ($11.8 million) to Serbia's Halkbank Beograd to support micro and small enterprises (MSEs) in the country.
Halkbank Beograd will now be able to further expand the fund’s outreach, focusing on MSEs in rural and less developed areas thanks to its wide business network and tailor-made products and services, EFSE said in a statement.
"EFSE support for Halkbank Belgrade will further increase outreach to the fund’s target group of micro and small enterprises through the bank’s expanding branch network. The senior loan will increase the availability of much-needed mid to long-term funding and will create more economic opportunities for Serbian businesses," the chairman of EFSE, Christoph Tiskens, said in the statement.
Halkbank aims to continue to offer favourable conditions for medium-term financing, especially for MSEs, and to secure their sustainable growth, the CEO of Halkbank, Kenan Bozkurt, said.
EFSE was initiated by Germany's KfW development bank with the financial support of the German Federal Ministry for Economic Cooperation and Development and the European Commission.