Initiated by KfW (The German Development Bank) with the support of various donors and international finance institutions, the European Fund for Southeast Europe (EFSE) is today one of the world’s largest development finance investment funds.
EFSE's main investment activity is the refinancing of selected partner lending institutions in the target region of Southeast Europe and European Eastern Neighbourhood Region with senior or subordinated credit lines, whereby the borrower obliges himself to on-lend the funds to the final target groups, including micro and small enterprises and low-income private households. On a selected basis, the EFSE also engages in guarantees and equity investments in partner lending institutions. Targeted investors in the EFSE are both public and private entities.
EFSE at a glance
Corporate Information
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Public-Private Partnership involving donor agencies, international finance institutions and private institutional investors
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Domicile
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Luxembourg |
Inception
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December 2005 |
Fund Structure
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Specialized Investment Fund, SICAV-SIF, involving different share classes |
Initiator and Lead
Investor
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KfW Entwicklungsbank (The German Development Bank)
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Fund Manager
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Oppenheim Asset Management Services S.à r.l. |
Fund Advisor
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Finance in Motion GmbH |
Mission
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The EFSE aims to foster economic development and prosperity in Southeast Europe and in the European Eastern Neighbourhood Region through the sustainable provision of additional development finance, notably to micro and small enterprises (MSEs) and to private households, via qualified financial institutions. |
Target Region
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Southeast Europe: Albania, Bosnia and Herzegovina, Bulgaria, FYR Macedonia, Kosovo* , Montenegro, Romania, Serbia, Croatia, Turkey
European Eastern Neighbourhood countries through a dedicated European Neighbourhood Fund Window (ENBF) mechanism under the EFSE: Armenia, Azerbaijan, Belarus, Georgia, Moldova, Ukraine |
End-Beneficiaries
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MSEs, private households with limited access to financial services |
Key Products
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MSEs loans, rural loans (particularly for agriculture, livestock and agro-processing), housing loans (including housing energy efficiency loans) |
Target Financial
Institutions
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Commercial banks, microfinance institutions, non-bank financial institutions |
Financial Instruments
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Medium to long-term senior loans, subordinated loans, term deposits, subscriptions to bond issues, certificates of deposit, syndicated loans, stand-by-letters of credit, guarantees, equity / quasi-equity participations |
Non-Financial Services
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Through the EFSE Development Facility: Technical assistance for capacity building of partner lending institutions to increase outreach to final target group |
Status: 31 March 2013 *under UNSCR 1244/99
For further information about the European Fund for Southeast Europe, please visit www.efse.lu
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In a fund management consortium with Oppenheim Asset Management Services S.à r.l., Luxembourg, Finance in Motion has been mandated as investment advisor to provide the following services:
- Investment Management
- Risk Management
- General Fund Management
- Technical Assistance Services
| FUNDING |
| Committed Funds from Investors |
EUR 845.8 million |
| Status: 31 March 2013 |
| PORTFOLIO INVESTED IN PARTNER LENDING INSTITUTIONS |
| Investment Portfolio Outstanding |
EUR 766.1 million |
| Active Partner Lending Institutions |
67 |
| Amount of Approved Investment to Partner Lending Institutions since inception in Dec. 2005 |
EUR 1.3 billion |
| Status: 31 March 2013 |
| DEVELOPMENT PERFORMANCE |
| Portfolio Outstanding On-Lent to End-Borrowers |
EUR 699.4 million |
| Number of Active End-Borrowers |
119,428 |
| Average Size of Loans On-Lent to End-Borrowers |
EUR 5,856 |
| Number of Loans On-Lent to End-Borrowers since inception in Dec. 2005 |
379,178 |
| Amount of Loans On-Lent to End-Borrowers since inception in Dec. 2005 |
EUR 2.4 billion |
| Status: 31 March 2013 |
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