Solid Partnerships in Challenging Times

This annual report by the European Fund for Southeast Europe (EFSE) provides insights into how the impact investment fund has responded swiftly and forcefully to help micro and small enterprises (MSEs) in Southeast Europe and the EU Eastern Neighbourhood tackle the economic headwinds of the coronavirus crisis. Measures by EFSE consisted of approving nearly €280 million in new financing – a large proportion of which in local currency, thus protecting financial institutions and borrowers from exchange rate risk – as well as over 18 technical assistance projects for digitalisation, including e-sales as well as upskilling and reskilling. These activities resulted in support for 91,000 jobs and much-needed financing to 40,000 MSEs across the fund’s regions, conveyed through 67 on-the-ground financial institutions.