EFSE: Sustainable financing for entrepreneurs and households since 2005

The European Fund for Southeast Europe (EFSE) is an impact fund that takes a comprehensive approach to fostering economic development and prosperity in Southeast Europe and the EU Eastern Neighbourhood Region.

By investing in local financial infrastructure that provides dedicated financing to micro and small enterprises, the fund supports the backbone of these regions’ economy. What is more, EFSE helps create the conditions for local businesses to thrive by building the capacity of local financial institutions or facilitating knowledge-sharing through its Development Facility, and by providing on-the-ground training and mentorship through its Entrepreneurship Academy. In this way, the fund aims to achieve impact on both an individual and systemic level.

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  • “With the two loans we were provided, we were able to buy the new equipment, and are now able to work better and increase our productivity.”

    Neonila Stadnik | Founder, Prolisok Farmhouse | Agroprosperis Bank, Ukraine


  • “Events like the EFSE Entrepreneurship Tournament provide entrepreneurs not only with visibility, but also connect them to the resources to succeed.”

    Markus Aschendorf | Chairman, EFSE Development Facility


  • “We have a lot of work, and I have a lot of plans.”

    Marco Šunjić | Metalworker and business owner | CEPOR, Croatia


  • “My business needs to adapt to changes and challenges as they arise. That’s why I work with Patria Credit.”

    Mladen Marian | Vegetable producer | Patria Credit IFN, Romania


Our impact

EFSE’s mission is to foster economic development and prosperity in Southeast Europe and the EU Eastern Neighbourhood Region by supporting the success of micro and small enterprises (MSEs) and improving living conditions for households.

That is why EFSE invests in the ability of local financial infrastructure to supply the resources entrepreneurs and families need to thrive. By enabling these groups’ access to responsible financing, EFSE strives for long-term, systemic impact.

The fund’s investment activities are complemented by the nonfinancial support of the EFSE Development Facility, which builds capacities, facilitates knowledge exchange, and nourishes an environment for entrepreneurs to grow.


Key Impact Figures

As of Q3 2021


Number of indirect jobs supported by MSE receiving financing through Partner Lending Institutions* (cumulative)

of which, women > 780.000 


Total volume of sub-loans enabled for MSE through EFSE financing (cumulative)


> 1 Million

Number of sub-loans facilitated to MSE and households (cumulative)


Share of total rural and MSE sub-loans disbursed below EUR 20.000 (current)


Share of total MSE and rural sub-loans disbursed in local currency (current)


Percentage of Partner Lending Institutions with dedicated rural & agri outstanding investments from EFSE (current)

> 34,000

Number of Financial Institution staff and entrepreneurs trained on EFSE prioritiy topics (cumulative)

of which, women: >14.000

* Figure draws on Partner Lending Institutions reporting and estimations by EFSE.

The Fund

EFSE is a pioneering impact investment fund. Its blended finance structure set a precedent for combining capital from public and private investors in order to mobilise more resources for sustainable development. EFSE’s solid, fifteen-year track record in expanding financial inclusion has made it a role model for development finance.


The Development Facility

The EFSE Development Facility provides customised technical assistance, training, and other support to institutions, organisations, and individuals across the financial sector and the wider ecosystem. By expanding capacities, opening up access to resources, promoting best practices for sustainable finance, and more, the Development Facility multiplies in the impact and outreach of the fund, creating conditions for sustainable entrepreneurship to thrive.

The Development Facility IN DETAIL

Woman and man working together textile production facility
At its core, entrepreneurship is turning inspiration into success.

Our Donors & Investors

News & Events

EFSE DF will support Doğan Investment Bank in building a new digital solution for Turkish MSMEs

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Luxembourg and Tbilisi, 29 December 2021 - The European Fund for Southeast Europe (EFSE) has committed to provide USD 2.5 million equivalent in…

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Luxembourg and Belgrade, 22 November 2021 - The European Fund for Southeast Europe (EFSE) has expanded its partnership with ProCredit Bank Serbia to…

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Luxembourg and Chișinău, 11 November 2021 The European Fund for Southeast Europe (EFSE) is providing a 7-year subordinated loan…

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Luxembourg and Kyiv, 28 October 2021 – The European Fund for Southeast Europe (EFSE) is providing Piraeus Bank with a senior loan facility in…

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Investment in Georgian lari equivalent to USD 10 million addresses the financing gap for micro, small and medium-sized enterprises

Luxembourg, 22…

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USD 6 million investment in local currency will help maintain growth momentum as economy gathers steam despite ongoing pandemic  

Luxembourg and…

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“Two Sides of the Coin: The Currency Debate” event discusses the nuances of lending in local currency with industry experts spearheading the topic 


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Through the new loan, BT Mic will continue to facilitate access to local currency financing for micro and small businesses.

Luxembourg, 01 October…

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Fund’s latest Impact Report details how investments and capacity building resulted in effective, inclusive crisis relief for 40,000 businesses in 2020

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Get in touch

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


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