EFSE G-20 SME Finance Challenge finalist!
The European Fund for Southeast Europe (EFSE) has been chosen as one of 14 winners in the “G-20 SME Finance Challenge”! With this award, EFSE has received one of the highest credentials possible, being recognized as an effective and efficient model for providing micro, small and medium enterprise (MSME) finance.
EFSE was initiated by KfW (The German Development Bank) at the end of 2005 with financial support from the German Federal Ministry of Economic Cooperation and Development (BMZ) and the European Commission. Today, the Fund - privately managed by Finance in Motion and Oppenheim Asset Management Services -, has grown into one of the largest investment funds with a development mission with total assets of more than EUR 600 million. Since its inception EFSE has provided more than EUR 1.3 billion to more than 60 partner finance institutions for on-lending these funds to MSMEs. With these funds, the partner finance institutions have granted more than 247,000 loans, creating more than 215,000 jobs. EFSE’s investment activities are funded by a group of more than 30 investors, including donor agencies such as the European Commission, the German, Austrian, Swiss and Danish Government as well as international financial institutions and a considerable group of private investors. EFSE plans to implement a special local currency finance facility within the Fund to provide long-term local currency loans to small enterprises and to remove one of the major development barriers to responsible enterprise financing in transition and developing countries. This concept was presented to the "G-20 SME Finance Challenge" and awarded.
The “G-20 SME Finance Challenge” was initiated by the Group of 20 (G-20) at their Annual Meeting in Pittsburgh, USA, in 2009 to find the best models worldwide that catalyze finance for small and medium enterprises (SME). EFSE, as one of the leading Funds for micro and SME finance, took part in this competition.
The Challenge, the first competition launched by the G-20 ever, drew an exceptional pool of 345 innovations from more than 75 countries. The competition judges have selected 14 winning entries – among them EFSE – who are invited to attend the next G-20 meeting in Seoul, South Korea.
For more information, please see the press release:
G-20 initiative honours EFSE as one of the best PPP models for SME finance in the world
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