Signing ceremony - EFSE Annual Meeting 2010
The Board of Directors of EFSE signed loan agreements with five Southeast European financial institutions at the 4th EFSE Annual Meeting that took place in Ohrid, FYR Macedonia on June 9, 2010. The Fund signed loan agreements with Armenia’s Converse Bank of USD 10 million, Belarus’ Bank Respublika of USD 5 million, Belarusian Bank for Small Business of EUR 5.4 million and Serbia’s Komercijalna Bank of EUR 20 million for on-lending to micro and small enterprises (MSEs) as well as with Belarus’ Belgazprombank of USD 30 million for on-lending to MSEs and to private households in the form of loans for house improvement, renovation, enlargement and purchase.
“Small businesses in Southeast Europe are faced with many challenges in getting access to long-term financing at reasonable interest rates. These investments will facilitate small businesses access to finance, which is an important factor to bring the economies back on a growth track in the aftermath of the financial crisis”, said Dr. Klaus Glaubitt, Chairman of the Board of Directors of EFSE at the signing ceremony.