PRISTINA (Kosovo), July 9 (SeeNews) – The Kosovo credit guarantee fund (KCGF) said on Monday it has become the newest member of the European association of guarantee institutions (AECM).
“The AECM board together with the general assembly officially accepted the KCGF application for membership at the annual meeting held on 14 June 2018 in Warsaw, Poland,” KCGF said in a statement.
To date, the KCGF has disbursed more than 23 million euro ($27 million) to SMEs in various sectors of Kosovo's economy since it was established in January 2016.
The fund is a local, independent, sustainable credit guarantee facility issuing portfolio loan guarantees to financial institutions to cover up to 50% of the risk for loans to small and medium enterprises (SME).
Brussels-based AECM is a non-profit international association which has 47 member organizations operating in 28 EU countries, Bosnia, Kosovo, Serbia, Russia and Turkey, according to the statement. Its members are mutual, private sector guarantee schemes as well as public institutions, which are either guarantee funds or development banks with a guarantee division.
($ = 0.85124 euro)