The EFSE Impact Report is now online!

Luxembourg, 20 July 2018 – The European Fund for Southeast Europe (EFSE) released its Impact Report today, showcasing the fund’s accomplishments in supporting entrepreneurs as the drivers of micro and small enterprises (MSEs) – the economic backbone of the fund’s target regions.

"Bridging the Gap” illustrates the key role the fund plays not only in promoting a robust and healthy financial environment for existing MSEs to prosper, but also in connecting budding entrepreneurs to the resources and support they need to turn bright ideas into successful new businesses. Paths were forged between startups and investors, local markets and international financial institutions, and innovative entrepreneurs and experienced mentors, as well as between the entrepreneurs themselves who will form the next generation of industry pioneers.

In 2017, EFSE operations had made possible over 137,000 individual sub-loans to improve lives and bolster economic development. Its Development Facility reached over 16,000 end beneficiaries in capacity building, mentorship, and training measures. By the end of 2017, EFSE and its Development Facility had unleashed a cumulative EUR 6.5 billion toward its mission of fostering sustainable and responsible finance.

EFSE Board Chairman Christoph Tiskens said: "We are proud to present you with the new EFSE Impact Report 2017. The fund has achieved much since its founding in 2005 – it has grown from an enabler of micro and small-business lending to a connecting force within the entrepreneurship and sustainable finance ecosystem. I hope you enjoy reading about all the various ways in which EFSE has established itself as a reliable ally and partner in securing a solid economic future.”

The interactive online report can be found at:
A complete PDF is also available for download from the online report.
To order print copies, please contact:

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, EFSE focuses on assisting local financial sectors in strengthening their ability to ensure adequate and sustainable financing. The funding EFSE provides as long-term finance is channelled to loan customers – primarily micro and small enterprises (MSEs), but also private households for home improvement – through local partner lending institutions. Supporting 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, 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 Services S.à r.l., Luxembourg, acts as EFSE’s Fund Manager and Finance in Motion GmbH, Germany, as Advisor.

For more information about the European Fund for Southeast Europe, please visit  <br/>Follow us on Facebook at and Twitter @efsefund<br/>Media contact EFSE<br/>Merle Römer<br/>Manager, Marketing & Communications<br/>Email:<br/>Phone: +49 (0)69 271 035-171 

Get in touch

Interested in learning more about how the fund works, or seeking partnership opportunities? Contact an EFSE representative today.


Subscribe to OUR Newsletter

Stay up-to-date with the latest EFSE news by subscribing to our newsletter.