March 28 (SeeNews) - The European Fund for Southeast Europe (EFSE) said on Monday it is extending a 5 million euro ($5.5 million) loan to Bosnia's Sparkasse Bank, a unit of Austrian group Steiermaerkische Sparkasse, in support of local micro and small enterprises (MSEs).
The Development Facility of the EFSE (EFSE DF) is also providing technical assistance to entrepreneurs and will provide mentoring to new businesses which will take part in a social loan product by the bank, EFSE said in a statement.
Sparkasse Bank has a special focus on support for specific market segments such as startups and small businesses, the statement read.
“We are pleased to strengthen our relationship with Sparkasse Bank in the Western Balkan region. It is a partnership that is strongly aligned with EFSE’s primary mission, which is to foster economic growth and increase financial inclusion by supporting recovery and growth of MSEs through sustainable job creation. We look forward to a long-term relationship that will make a strong and lasting positive impact,” EFSE board chairperson Klaus Muller said in the statement.
The EFSE, an impact investment fund established in 2005, aims to foster economic development and prosperity in Southeast Europe and the Eastern Neighbourhood Region by investing in the success of micro and small enterprises as well as improved living conditions for households.
($ = 0.9106 euro)
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