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Impact

Sustainable growth is essential

Micro, small and medium-sized enterprises (MSMEs) make up 99.7% of all businesses in Southeast Europe and the Caucasus – these firms are critical to the long-term success of their workforces, communities and economies

 

With the right support, they can benefit from EU integration momentum and generate robust, competitive growth.


But many businesses struggle to obtain the financing they need to scale, innovate and transform their operations. 


Our financing ensures they are both competitive and sustainable – creating jobs, raising living standards and driving inclusive growth. 

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Generating measurable impact

Figures as of Q4 2024

€11.4B

Volume of sub-loans enabled to MSMEs and households

2.6M

Indirect jobs supported* 

37%

'Share of female MSME end-borrowers

73%

Share of rural MSME end-borrowers

*Figures are modeled by EFSE based on primary reporting and third-party data

Contributing to the following SDGs

SDG 1
SDG 2
SDG 5
SDG 8
SDG 9
SDG 10
SDG 17

Addressing key barriers to growth

Reliable, local currency financing 

MSMEs need access to reliable, local-currency finance. However, they are often forced to manage foreign currency risk. This unfair burden hampers innovation and holds back growth. We provide access to local-currency funding through our dedicated capital structure, reducing risk for our partner financial institutions, end-borrowers and institutional investors.  

 

Sustainable agriculture 
Local economies and livelihoods are deeply dependent on agriculture in Southeast Europe and the Caucasus. But the sector faces many challenges, including changing climates, evolving regulations, lagging productivity and an over-reliance on outdated equipment. Our financing fosters the adoption of efficient and sustainable practices, helping local farmers become more adaptable, competitive and sustainable. 

 

Social inclusion 
Socio-economic challenges – such as gender inequalities, youth unemployment and regional disparities – linger across the region. We focus on expanding essential finance for businesses led by women and other socially vulnerable groups.

 

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At Inecobank, we are proud to stand behind entrepreneurs who turn ambition into impact. Through our partnership with EFSE, we’ve been able to channel targeted support to small businesses that drive inclusive growth. From first-hand experience, we know access to the right financing can unlock potential and build lasting value for communities."

Hayk Voskanyan, CEO of Inecobank, Armenia

Enhancing impact through Advisory & Capacity Building 

Figures as of Q4 2024

697

Projects managed 

EUR 48M

Volume of projects managed 

64,600

People benefitted from capacity building (43% of which female) 

This separately funded service is tailored to support the needs of financial institutions, businesses and sectoral partners (inc. central banks and industry associations).


We help our partners structure new products and offer consultancy services on ESG, risk management and more. We also train businesses on fundamentals (e.g., marketing and finance) and modern solutions (e.g., digitalization, sustainability).


We work with stakeholders across markets to raise awareness, promote best practices and help develop practical solutions. 
 

Driving impact – From individual businesses to entire systems

Supporting entrepreneurs

 

We help MSMEs grow, transform and sustain jobs by improving access to responsible finance and building entrepreneurial skills.

 

Strengthening systems

 

We work with and through financial institutions to build inclusive and sustainable financial systems. Our network extends beyond banks to include regulators, service providers and other key actors - creating an ecosystem in which MSMEs can thrive.


This enables us to reach thousands of entrepreneurs and create lasting impact at an individual and systemic level.

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Our impact stories

mikrofinInecobank impact storyUkraine Bank Lviv
Sustainable Agriculture gains traction in the Western Balkans
Empowering female founders: Scaling a beauty brand in Armenia
A lifeline for Ukrainian MSMEs

Our recognised impact management and measurement system

Information for potential investors

In respect of the United States of America, Canada, Japan or Australia or any other jurisdiction in which the distribution, offer, sale, transfer or resale would be prohibited by applicable law, no investment in notes/shares or other instruments of the Fund (or its sub-fund(s)) can be offered or made.