News | 25 January 2017 | Luxembourg and Yerevan

EFSE, SEF International partner to fund development in rural Armenia

The EFSE senior loan will allow SEF to expand financing for rural MSEs

The European Fund for Southeast Europe (EFSE) has lent the equivalent of USD 2 million in Armenian dram to SEF International, the initial step in their partnership to support small businesses and families in rural Armenia.

The senior loan facility, valued at nearly AMD 970 million, is earmarked for loans to micro and small enterprises, farmers, and agricultural producers. SEF clients will receive loans to grow their businesses in rural areas, which will contribute to developing local communities and improving their quality of life.

EFSE Board Chairman Christoph Tiskens said: “We are excited to start off the new year with a new partner. SEF’s work in Armenia has given it the type of experience we seek in the regions we serve, as increasing economic development and access to finance in rural areas are two of our top priorities.”

Garegin Gevorgyan, CEO of SEF International, noted: "The partnership with the EFSE is vital for SEF. We are enthused to start working with the fund to help expand our efforts in reaching out to customers with limited access to finance and for strengthening our presence in rural and underserved areas."

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), Sal. Oppenheim and Deutsche Bank. Oppenheim Asset Management Services S.à r.l., Luxembourg acts as the EFSE’s Fund Manager and Finance in Motion GmbH, Germany as Advisor. For more information about the European Fund for Southeast Europe, please visit: www.efse.lu

About SEF International
SEF International, a VisionFund microfinance operation in Armenia, is the first licensed microfinance organization in the country and a leader in rural lending. Started in 1997, we now deliver loans to more than 27,000 clients for agriculture, business, education, housing, green and social purposes across Armenia through our 20 branches and a web application.

Media contact EFSE
Eric Culp
Press Officer
e-mail: press@efse.lupress@efse.lu
Tel: +49 (0)69 271 035-307

Media contact SEF
Lilit Khachikyan
Executive Assistant
e-mail: lilit_kh@sef.am
Tel: +374 (0)10 202 822



facebooktwitteryoutubeRSS Feeds

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

Finance in Motion GmbH, Luxembourg Branch 43, Rue Sainte Zithe 2763 Luxembourg

Phone E-Mail
+352 (0) 28 99 59 59 investors@efse.lu
Contact us