The EFSE does not directly lend to its ultimate target group but provides commercial long-term funds to carefully selected, qualified local financial institutions – EFSE partner lending institutions. They in turn finance:

  • Micro and small enterprise loans
  • Rural loans for micro and small enterprises located in rural areas or those engaged in agricultural activities
  • Housing loans to low-income households

The EFSE is a market-enabler and serves as an incubator for financial innovations. Accordingly, it assists partner lending institutions in tapping into new markets with a promising business potential, ultimately expands the scope and scale of their services for micro and small entrepreneurs and low-income households.

The EFSE is currently invested in more than 70 partner lending institutions, which include:

  • Local commercial banks
  • Specialised microfinance banks
  • Microcredit organisations
  • Other non-bank financial institutions (e.g. leasing companies)
  • Investment companies or funds with a regional orientation

Any financial institution desiring to become an EFSE partner lending institutions must fulfil strict eligibility criteria. These are based on financial strength, creditworthiness, compliance with the EFSE’s business ethics, and strong corporate governance. EFSE partner lending institutions are also required to channel any funding provided by the EFSE exclusively to the EFSE’s final target group.

Funding instruments

The EFSE provides long-term and flexible funding instruments to partner lending institutions through a mix of different instruments. These include:

  • Medium to long-term senior loans
  • Subordinated loans
  • Term deposits
  • Subscriptions to bond issues
  • Co-investments (syndicated loans)
  • Stand-by letters of credit
  • Guarantees
  • Equity and quasi-equity participations.

The terms and conditions of each instrument are subject to individual negotiations with partner lending institutions.

General terms for investments

Maturity

EFSE investments generally have a maximum maturity of 10 years (in exceptional cases up to 15 years).

Pricing

The pricing of the refinancing instruments provided by the Fund reflects market conditions based on the following three factors:
Market rates (reference rate - international and/or domestic),
Risk premiums (country and individual client risk profile), and
Competition.

Repayment

Interest is generally paid out semi-annually in arrears. Individual repayment schedules are negotiated with each partner lending institution based on funding structure, use of funds and underlying risk profile.

Disbursement

An individual disbursement schedule is defined according to the absorption capacity and effective demand for funding of each partner institution. The total investment amount can be paid out at once or in tranches over several quarters.

Reporting

Partner lending institutions report to the EFSE on a regular basis on the development of their portfolio of loans to the target group(s) and/or the products that the EFSE wishes to support. Partner lending institutions also submit financial statements on a regular basis.

Partner lending institutions bear the full risk associated with sub-loans and, in principle, are free to define the final terms and conditions to their borrowers. However, to a limited extent, the EFSE’s instruments bear minimum conditions to ensure target group orientation as specified below. The sub-loan ceiling, for instance, is EUR 100,000, and the focus is on loans below EUR 20,000. During the entire the credit cycle, partner lending institutions are required to comply with environmental, social and governance standards in line with international best practices.

Partner lending institutions can avail themselves of the technical assistance, consulting and training provided by the EFSE Development Facility. Its aim is to enhance the long-term development impact of the EFSE’s investments and to mitigate the risk of investments to partner lending institutions.

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

Finance in Motion GmbH Gemma Ferst Carl-von-Noorden-Platz 5 60596 Frankfurt am Main Germany

Gemma Ferst, Finance in Motion GmbH
Phone Fax E-Mail
+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
Phone Fax E-Mail
+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
Phone Fax E-Mail
+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
Phone Fax E-Mail
+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
Phone Fax E-Mail
+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
Phone Fax E-Mail
+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 E-Mail
+380 44 290 70 88 ukraine@finance-in-motion.com

Finance in Motion GmbH Iveta Tancheva-Nikolova Carl-von-Noorden-Platz 5 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 Carl-von-Noorden-Platz 5 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 Marianne Sulzer Carl-von-Noorden-Platz 5 60596 Frankfurt am Main Germany

Marianne Sulzer, Finance in Motion GmbH
Phone Fax E-Mail
+49 (0) 69 271 035 - 329 +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

Finance in Motion GmbH Maja Gizdic Carl-von-Noorden-Platz 5 60596 Frankfurt am Main Germany

Maja Gizdic, Finance in Motion GmbH
Phone Fax E-Mail
+49 (0) 69 271 035 - 0 +49 (0) 69 271 035 - 110 m.gizdic@finance-in-motion.com
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Get in touch…

Use our Contact Form

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 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:

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

Finance in Motion GmbH Gemma Ferst Carl-von-Noorden-Platz 5 60596 Frankfurt am Main Germany

Gemma Ferst, Finance in Motion GmbH
Phone Fax E-Mail
+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
Phone Fax E-Mail
+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
Phone Fax E-Mail
+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
Phone Fax E-Mail
+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
Phone Fax E-Mail
+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
Phone Fax E-Mail
+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 E-Mail
+380 44 290 70 88 ukraine@finance-in-motion.com

Finance in Motion GmbH Iveta Tancheva-Nikolova Carl-von-Noorden-Platz 5 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 Carl-von-Noorden-Platz 5 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 Marianne Sulzer Carl-von-Noorden-Platz 5 60596 Frankfurt am Main Germany

Marianne Sulzer, Finance in Motion GmbH
Phone Fax E-Mail
+49 (0) 69 271 035 - 329 +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

Finance in Motion GmbH Maja Gizdic Carl-von-Noorden-Platz 5 60596 Frankfurt am Main Germany

Maja Gizdic, Finance in Motion GmbH
Phone Fax E-Mail
+49 (0) 69 271 035 - 0 +49 (0) 69 271 035 - 110 m.gizdic@finance-in-motion.com
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