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EFSE and Banca Intesa Beograd boost financing to micro and small enterprises in Serbia

Dr. Klaus Glaubitt, Chairman of the Board of Directors of the EFSE, said: "We are looking forward to expanding our successful cooperation with this second MSE loan. Micro and small businesses are critical for economic development and for generating employment opportunities. However, they often lack access to suitable finance. This latest loan will help overcoming this hurdle.” He added: "The EFSE loan will enable Banca Intesa Beograd to enhance its role in financing MSEs and to increase the competition in this sector."

"Being aware of the potential of this segment of the economy and its strategic importance to the country’s economic development, Banca Intesa, as one of the leading banks in the Serbian market in the small business segment, offers continuous support to entrepreneurs and small enterprises in all aspects of their operations", said Draginja Djuric, President of Banca Intesa’s Executive Board. "This continuation of our successful cooperation with EFSE will further strengthen our resolve to maintain intensive lending for this sector and remain a strong pillar of the domestic economy”, Draginja Djuric added.

About the European Fund for Southeast Europe
The European Fund for Southeast Europe (EFSE) aims to foster economic development and prosperity in Southeast Europe and the European Eastern Neighbourhood Region (ENR), including Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, FYR Macedonia, Georgia, Kosovo, Moldova, Montenegro, Romania, Serbia, Turkey and Ukraine. It provides long-term finance primarily for micro and small enterprises (MSEs) and private households in the form of home improvement loans channelled through local financial institutions. 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. 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. The EFSE was initiated by KfW Entwicklungsbank (The German Development Bank) 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 as the first EFSE shareholder from the EFSE’s target region, the Development Bank of Austria (Oesterreichische Entwicklungsbank - OeEB), the Swiss Agency for Development and Cooperation (SDC), the Danish International Development Agency (Danida), KfW Entwicklungsbank 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 Sal. Oppenheim and Deutsche Bank. Oppenheim Asset Management Services S.à.r.l, Luxembourg, and Finance in Motion GmbH, Germany, are, respectively, the EFSE’s Fund Manager and Fund Advisor.

About Banca Intesa a.d. Beograd
Banca Intesa Beograd, a subsidiary of Intesa Sanpaolo, is the leading bank in the domestic market and a reliable partner to 1.5 million customers. Banca Intesa Beograd serves private individuals, entrepreneurs and small and medium enterprises as well as large companies and municipalities. With EUR 3.49 billion in total assets, EUR 2.21 billion in total deposits and over EUR 2.44 billion in total placements, Banca Intesa Beograd ranks first among Serbia’s largest banks. The combination of a vast network of 200 branch offices in 120 cities throughout Serbia, the widest ATM and POS terminal network, and a professional staff of 3,000 enables the bank to achieve strong growth in all fields of operations.

Media contact EFSE         
Samir Djikić
Manager Communications
Tel: +49 (0)69/977 876 50-26
E-mail: press@efse.lu

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