The EFSE offers attractive investment opportunities to institutional investors who seek attractive and reliable financial returns from investments with a demonstrated social impact. The EFSE is clearly focused on supporting micro and small enterprises and low-income households, and has a social responsibility orientation.

Capital provided by international financial institutions and private investors assures the EFSE's positive development and stabilising impact on the financial markets of Southeast Europe and the European Eastern Neighbourhood Region. At the same time, these investors expect an attractive rate of return over the long term.

The EFSE’s investments consistently show a robust performance even in areas of political and economic turmoil. Investors who have placed their trust in the EFSE can look back on a success story that is unique in the sector. Since its inception in December 2005, the EFSE has recorded no losses or asset impairment, and external audit reports have always been unqualified.

This high level of security is the result of very robust risk management, which mitigates risks to investors by a variety of measures.

Investor protection

Stringent eligibility criteria for partner lending institutions

The EFSE only invests in partner lending institutions that meet a comprehensive set of eligibility criteria (including sound financial performance, good governance, prudent management, clear target group orientation). The fulfilment of these criteria is rigorously analysed and regularly tracked. 

Investment monitoring

The EFSE's risk management is founded on: Credit risk management, which includes an internal rating system to measure the financial strength of partner lending institutions and regular monitoring through on-site visits by the local offices of the Fund Advisor.

Partner lending institutions must submit quarterly reports on their performance in serving the EFSE’s final target group. they must also submit financial reports on a quarterly basis.

 

Currency hedging

EFSE investments are primarily Euro -denominated. The EFSE may engage in currency hedging for investments denominated in other currencies. Any losses and gains from foreign exchange operations are borne by C Shares. 

Capacity building

The EFSE Development Facility supports partner lending institutions in strengthening their human and institutional capacities. 

Exposure limitation

Loan ceiling

The loan portfolio to one specific partner lending institution may not exceed 100% of the institution's equity.

Equity limit

Equity participation in any single partner lending institution may not exceed 30% of the institution's capital. The ESFE may not be the single biggest equity investor. 

The following guidelines ensure portfolio diversification at the fund level:

  • A national portfolio may not exceed 20% of the EFSE’s total assets.
  • The EFSE may not invest or provide financing for more than 10% of its total assets in a particular partner lending institution.
  • The Fund may not invest or provide financing in a particular partner lending institution for more than 150% of the relevant C Shares.

Asset liability management

Market and asset/liability risk management is run by an Asset-Liability Committee (ALCO) formed by the Fund Manager and the Fund Advisor.

What Investors Say

  • Henry Russel

    "The key of the successful partnership between EBRD and EFSE lies in both sharing the same business goals: Promoting local currency instruments as part of responsible financing practices is one such important joint goal."

    Henry Russel
    Director Western Balkans, Croatia, Belarus & Moldova Team, EBRD

  • Nanno Kleiterp

    "FMO has always been at the forefront of integrating sustainability in business strategies. A new way to ensure sustainable development impact is to incorporate social and environmental principles into the management systems of the partner lending institutions. EFSE promotes this approach, through its continuous dialogue with PLIs and through technical assistance."

    Nanno Kleiterp
    Chief Executive Officer FMO

  • Michael Wancata, Member of the Executive Board Oesterreichische Entwicklungsbank AG

    "We consider it essential that all technical assistance financed by OeEB funds creates a sustainable impact both at the end-client as well as the partner institutions’ level. With the client educational booklet developed with support from the EFSE Development Facility, both goals were achieved at best."

    Michael Wancata
    Member of the Executive Board, Oesterreichische Entwicklungsbank AG

  • Dr. Norbert Kloppenburg

    "From the outset, with KfW as the Initiator and Lead Investor, the EFSE has made fairness, transparency and inclusiveness the key values in ensuring that Responsible Finance guides its development finance mission. In this context, shielding micro and small enterprises – which operate almost exclusively in the local economy – from currency exchange fluctuations that could adversely affect their ability to service debt is an important priority. Providing finance in local currency instead of euros or dollars offers this protection."

    Dr. Norbert Kloppenburg
    Member of the Executive Board of KfW Bankengruppe

Contact Point for Investors

Oppenheim Asset Management Services S.à Thomas Albert 2, Boulevard Konrad Adenauer 1115 Luxembourg

Thomas Albert, Oppenheim Asset Management Services S.à
Phone Fax Mobile E-Mail
+352 (0) 221 522-450 +352 (0) 221 522-9450 +352 (0) 621 290894 thomas.albert@oppenheim.lu
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Get in touch…

Use our Contact Form

Contact point for consultants

Your direct contact to answer your questions and to provide you with the details that you need in order to apply as an EFSE Development Facility consultant is:

Contact point for donors

To discuss how the European Fund for Southeast Europe can help you or your donor agency, please contact the Initiator of the EFSE, KfW Entwicklungsbank, at the following address:

Contact points for financial institutions

For more information about the European Fund for Southeast Europe and becoming a partner lending institution of EFSE or beneficiary of technical assistance services provided by the Fund, financial institutions can contact their regional office of the EFSE Fund Advisor, Finance in Motion:

Contact points for investors

International financial institutions interested in learning more about the European Fund for Southeast Europe can contact the EFSE Initiator, KfW Entwicklungsbank, private investors the EFSE Fund Advisor, Oppenheim Asset Management Services:

Contact point for journalists

For additional information on the European Fund for Southeast Europe or for any media-related queries, media representatives can contact the EFSE Fund Advisor, Finance in Motion:

General Inquiries

To obtain general information about the European Fund for Southeast Europe, please contact EFSE’s Fund Advisor, Finance in Motion:

Contact point for complaints

For any complaints about the European Fund for Southeast Europe, please use the following email address: complaints@efse.lu.

Oppenheim Asset Management Services S.à Thomas Albert 2, Boulevard Konrad Adenauer 1115 Luxembourg

Thomas Albert, Oppenheim Asset Management Services S.à
Phone Fax Mobile E-Mail
+352 (0) 221 522-450 +352 (0) 221 522-9450 +352 (0) 621 290894 thomas.albert@oppenheim.lu

KfW Monika Beck Palmengartenstr. 5-9 60325 Frankfurt am Main Germany

Monika Beck, KfW
Phone E-Mail
+49 (0)69 74 31-0 monika.beck@kfw.de

Finance in Motion GmbH Sylvia Wisniwski Theodor-Stern-Kai 1 60596 Frankfurt am Main Germany

Sylvia Wisniwski, Finance in Motion GmbH
Phone Fax E-Mail
+49 (0) 69 271 035 - 0 +49 (0) 69 271 035 - 110 s.wisniwski@finance-in-motion.com

Finance in Motion GmbH Gemma Ferst Theodor-Stern-Kai 1 60596 Frankfurt am Main Germany

Gemma Ferst, Finance in Motion GmbH
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+49 (0) 69 271 035 - 262 +49 (0) 69 271 035 - 110 ta@finance-in-motion.com

Finance in Motion GmbH Mejra Juzbăsić Kralja Tvrtka 12/2 71000 Sarajevo Bosnia and Herzegovina

Mejra Juzbăsić, Finance in Motion GmbH
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+387 (0) 33 56 11 - 90 +387 (0) 33 56 11 - 91 bosnia_and_herzegovina@finance-in-motion.com

Finance in Motion GmbH Oxana Binzaru 67, Hanrapetutyan street 0010 Yerevan Armenia

Oxana Binzaru, Finance in Motion GmbH
Phone E-Mail

Finance in Motion GmbH Oxana Binzaru 25, M. Bănulescu Bodoni str., 3rd floor, room 31 MD - 2012 Chișinău Republic of Moldova

Oxana Binzaru, Finance in Motion GmbH
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+373 (0) 22 54 46 26 +373 (0) 22 54 46 26 romania@finance-in-motion.com

Finance in Motion GmbH Dragan Spirovski Maksim Gorki 20/3 1000 Skopje FYR Macedonia

Dragan Spirovski, Finance in Motion GmbH
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+389 (0) 2 31 32 - 628 +389 (0) 2 31 32 - 627 bulgaria@finance-in-motion.com

Finance in Motion GmbH Iveta Tancheva-Nikolova 24 Rustaveli Avenue, III Floor 0108 Tbilisi Georgia

Iveta Tancheva-Nikolova, Finance in Motion GmbH
Phone Fax E-Mail
+995 (0) 322 611 - 158 +995 (0) 322 611 - 158 georgia@finance-in-motion.com

Finance in Motion GmbH Mejra Juzbăsić Qamil Hoxha 7 1/6 10000 Prishtina Kosovo

Mejra Juzbăsić, Finance in Motion GmbH
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+381 (0) 38 749 050 +381 (0) 38 749 053 kosovo@finance-in-motion.com

Finance in Motion GmbH Oxana Binzaru 25, M. Bănulescu Bodoni str., 3rd floor, room 31 MD - 2012 Chișinău Republic of Moldova

Oxana Binzaru, Finance in Motion GmbH
Phone Fax E-Mail
+373 (0) 22 54 46 - 26 +373 (0) 22 54 46 - 26 moldova@finance-in-motion.com

Finance in Motion GmbH Vladan Curic Bulevar Svetog Petra Cetinjskog 114 81000 Podgorica Montenegro

Vladan Curic, Finance in Motion GmbH
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+382 (0) 20 22 83 - 41 +382 (0) 20 22 83 - 40 montenegro@finance-in-motion.com

Finance in Motion GmbH Vladan Curic Airport City, Omladinskih brigada 90v, building 1700, 8th floor 11070 Belgrade Serbia

Vladan Curic, Finance in Motion GmbH
Phone Fax E-Mail
+381 (0) 11 22 89 - 058 +381 (0) 11 22 89 - 026 serbia@finance-in-motion.com

Finance in Motion GmbH Burcu Karpuz Buyukdere Caddesi No: 237; Noramin Is Merkezi A103 34398 Maslak, Sariyer, Istanbul Turkey

Burcu Karpuz, Finance in Motion GmbH
Phone Fax E-Mail
+90 212 286 01 23 +90 212 286 01 22 turkey@finance-in-motion.com

Finance in Motion GmbH Oxana Binzaru Shovkovychna Str. 10, office 4 01021 Kyiv Ukraine

Oxana Binzaru, Finance in Motion GmbH
Phone Fax E-Mail
+380 (0) 44 290 40 38 +49 (0) 69 9778 7650 - 10 ukraine@finance-in-motion.com

Finance in Motion GmbH Iveta Tancheva-Nikolova Theodor-Stern-Kai 1 60596 Frankfurt am Main Germany

Iveta Tancheva-Nikolova, Finance in Motion GmbH
Phone Fax E-Mail
+49 (0) 69 271 035 - 919 +49 (0) 69 271 035 - 110 azerbaijan@finance-in-motion.com

Finance in Motion GmbH Dragan Spirovski Maksim Gorki 20/3 1000 Skopje FYR Macedonia

Dragan Spirovski, Finance in Motion GmbH
Phone Fax E-Mail
+389 (0) 2 31 32 628 +389 (0) 2 31 32 627 croatia@finance-in-motion.com

Finance in Motion GmbH Oxana Binzaru 25, M. Bănulescu Bodoni str., 3rd floor, room 31 MD - 2012 Chișinău Republic of Moldova

Oxana Binzaru, Finance in Motion GmbH
Phone Fax E-Mail
+373 (0) 22 54 46 - 26 +373 (0) 22 54 46 - 26 belarus@finance-in-motion.com

Finance in Motion GmbH Dragan Spirovski Maksim Gorki 20/3 1000 Skopje FYR Macedonia

Dragan Spirovski, Finance in Motion GmbH
Phone Fax E-Mail
+389 (0) 2 31 32 - 628 +389 (0) 2 31 32 - 627 FYR_macedonia@finance-in-motion.com

Finance in Motion GmbH Mejra Juzbăsić Kralja Tvrtka 12/2 71000 Sarajevo Bosnia and Herzegovina

Mejra Juzbăsić, Finance in Motion GmbH
Phone Fax E-Mail
+387 (0) 33 56 11 - 90 +387 (0) 33 56 11 - 91 albania@finance-in-motion.com

Finance in Motion GmbH Sylvia Wisniwski Theodor-Stern-Kai 1 60596 Frankfurt am Main Germany

Sylvia Wisniwski, Finance in Motion GmbH
Phone Fax E-Mail
+49 (0) 69 271 035 - 0 +49 (0) 69 271 035 - 110 press@efse.lu

Finance in Motion GmbH Charlotte Rieser Theodor-Stern-Kai 1 60596 Frankfurt am Main Germany

Charlotte Rieser, Finance in Motion GmbH
Phone Fax E-Mail
+49 (0) 69 271 035 - 435 +49 (0) 69 271 035 - 110 ta@finance-in-motion.com

KfW Christoph Tiskens Palmengartenstr. 5-9 60325 Frankfurt am Main Germany

Christoph Tiskens, KfW
Phone E-Mail
+49 (0)69 7431 4260 christoph.tiskens@kfw.de
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