IFC providing 18.5 mln euro to EFSE for on-lending to MSMEs

IFC providing 18.5 mln euro to EFSE for on-lending to MSMEs

BELGRADE (Serbia), April 21 (SeeNews) – The International Finance Corporation (IFC), a member of the World Bank Group, is providing 18.5 million euro ($20 million) to the European Fund for Southeast Europe (EFSE) for on-lending to micro, small, and medium enterprises (MSMEs), it said on Tuesday.The financing will reach MSMEs through banks and microfinance institutions in 14 European and Central Asian (ECA) countries, the IFC said in a statement.The investment will increase access to finance for underserved people in the ECA region, as the end-beneficiaries will be MSMEs and people that currently have limited, unreliable, or no access to finance, it added."The project will support sustainable financial service providers that address the needs of the underserved MSME segment, including through local currency funding, while enhancing operational capacity and sustainable performances of EFSE’s investee companies. This investment will contribute to IFC’s continuing implementation of the World Bank Group’s financial inclusion strategy," IFC’s Regional Industry Head, Vittorio Di Bello, said.EFSE, 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 private households.

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