EFSE and Alter Modus continue successful partnership to ensure MSE financing in Montenegro

Alter Modus is the leading microfinance institution in Montenegro, with a broad network of 15 branches covering all regions of the country. It caters especially to MSEs that have limited access to funding. The new loan will support Alter Modus in carrying forward EFSE’s mission to bolster economic development and MSE growth in Montenegro.
EFSE Board Chairman Christoph Tiskens said: "Alter Modus not only practices the industry’s best standards, it is also an institution truly committed to EFSE’s values. This investment will further strengthen our relationship with this valuable partner.”
"We are proud to continue our cooperation with EFSE. Together, we are aware of the importance of micro and small enterprises for an economy, and therefore we aim to give them access to financial support in order to facilitate their development,” said Ana Kentera, CEO of Alter Modus.
About the European Fund for Southeast Europe
The European Fund for Southeast Europe (EFSE) was initiated by KfW Development Bank (KfW) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. It aims to foster economic development and prosperity in Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, former Yugoslav Republic of Macedonia, Kosovo, Georgia, Moldova, Montenegro, Romania, Serbia, Ukraine and Turkey. As access to finance is a key success factor in developing the micro, small and medium enterprise segments, the EFSE focuses on assisting local financial sectors in strengthening their ability to ensure adequate and sustainable financing. The funding the EFSE provides as long-term finance primarily for micro and small enterprises (MSEs) – but also for private households in the form of home improvement loans – is channelled to these loan customers through local partner lending institutions. Supporting the EFSE’s investment activities is the EFSE Development Facility, which provides partner lending institutions with technical assistance, consulting and training services to build operational capacities and professional management.
Initiated by KfW Development Bank (KfW) on 15 December 2005 from four multi-donor programs under its management, the EFSE is the first public-private partnership of its kind and the first privately managed fund in development finance to leverage private funding for MSE finance in the target region. Capital is provided by donor agencies, international financial institutions and private institutional investors, including the German Federal Ministry for Economic Cooperation and Development (BMZ), the European Commission (EC), the Government of Albania, Small and Medium Business Credit Support CJSC (SMBCS), a subsidiary of the Central Bank of Armenia, the Development Bank of Austria (Oesterreichische Entwicklungsbank, OeEB), the Swiss Agency for Development and Cooperation (SDC), the Danish International Development Agency (Danida), KfW as Lead Investor, the International Finance Corporation (IFC), the Netherlands Finance Company (FMO), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and Deutsche Bank.
Hauck & Aufhäuser Asset Management Services S.à r.l., Luxembourg, acts as EFSE’s Fund Manager and Finance in Motion GmbH, Germany, as Advisor.

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About Alter Modus
Alter Modus is the leading microfinance institution specialized in providing a range of financial services tailored to the specific needs of micro and small business throughout Montenegro. From its 15 branches, Alter Modus operates throughout the entire territory of the country and has been operating for over 17 years, providing support to entrepreneurs and micro and small enterprises. More than 20,000 active clients are the best confirmation of successful business and the application of the best practice in the field of microfinancing.
The key to Alter Modus’ success is focus on building strong and lasting relations with clients. Understanding clients’ needs enables Alter Modus to optimize products and procedures in a client-oriented manner. By providing fast and efficient service, clients’ time is respected. Although micro and small entrepreneurs are the core client base of Alter Modus, financial services are also provided to the general public. Loans are approved for all activities in the areas of agriculture, husbandry, trade, services and production. Loans are established in accordance with legislation and the repayment schedule, and the interest rate depends on the activity for which the loan is used as well as the loan period.
Satisfying interests of clients, employees and business partners is Alter Modus’ goal in the long run, all while complying with the highest ethical standards and the environment in which it operates. In this way, Alter Modus wants to raise the company values reflected in its quality of work, high ethical standards and strong focus on clients.
For more information about Alter Modus, please visit
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Media contact EFSE
Merle Römer
Manager, Marketing & Communications
Tel: +49 (0)69 271 035-171
Media contact Alter Modus
Dijana Avramović
Marketing communication specialist
Tel: +382 (0)69 465 436

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