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Nov 09, 2017 12:12 EEST
BANJA LUKA (Bosnia and Herzegovina), November 9 (SeeNews) – The European Fund for Southeast Europe (EFSE) said on Thursday it has provided a 2 million euro ($2.3 million) loan to Microcredit Company EKI to support micro and small enterprises (MSEs) in Bosnia, with a focus on rural areas.
The senior loan will allow EKI to boost medium and long-term financing to Bosnian entrepreneurs in need of longer-term loans for fixed assets as well as working capital, EFSE said in a statement.
EKI operates through one of the widest networks in Bosnia with more than 70 offices and is fully committed to serve MSEs in rural areas. The proposed facility will support the company in providing around 1,000 loans to developing microbusinesses.
"Our main commitment is to provide support to the rural population and we are happy that EFSE continuously recognizes this," Sead Mucic, general director at Microcredit Company EKI, said.
EFSE was initiated by german development bank KfW in 2005 from four multi-donor programmes, with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission.
EKI, with its two entities, Microcredit Foundation and Microcredit Company, is one of strongest microcredit organizations in Bosnia. Credit operations started in 1996 with support from World Vision International.
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