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Impact Report 2024

Cultivating Inclusive Growth

Message from our Board and Portfolio Manager 

In a year of challenges, EFSE’s results highlight the enduring relevance of our mission and the strength of our model.

 

We focused on laying the foundation for inclusive recovery in Ukraine, rural sustainability and resilience, and women’s economic empowerment. These are the foundations of long-term stability in the region.


As we look to the future, we remain committed to shaping a more inclusive, resilient and opportunity-rich economy – together with our investors.

Key Investment Figures

As of Dec 31, 2024

€1.5BAssets under management

of which €100Mfor Ukraine Sub-Fund

37%share of private capital in the Fund

€4.7BCumulative volume invested

€11.4Bcumulative volume of sub-loans enabled to MSMEs and households through EFSE financing

In a year marked by challenges and new beginnings, we achieved solid portfolio growth, expanded our sustainable agriculture initiatives, and launched the Ukraine Sub-Fund to support recovery and resilience.

Andrea Hagmann, Board Member, Chairperson in 2024

Key Impact Figures 

Cumulative figures since fund's inception, as of December 2024
* ‎Figures are modelled by the fund based on primary reporting and third-party data

€ 11.4Bcumulative volume of sub-loans enabled to MSMEs and households through EFSE financing

Supporting SDG8Decent Work and Economic Growth

2.6 MIndirect jobs supported in financed MSMEs*

Supporting SDG8Decent Work and Economic Growth

1.1 M Indirect jobs supported in financed MSMEs held by women*

Supporting SDG5Gender Equality

64,600People benefitted from training and capacity building

Supporting SDG8Decent Work and Economic Growth

It takes a specialist to invest in these markets

We live and work where our assets are based.

 

With over 20 years of experience, we know how to navigate shifting market dynamics.

Final Map EFSE

Our impact stories

We work with local financial institutions to drive inclusive grwoth across markets, businesses and communities.

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

Through our financing and Advisory & Capacity Building work, we continued to act as a stabilizing, countercyclical force for MSMEs and local financial institutions, allowing them to drive solid growth and build economic resilience.

Jasminka Begert, EFSE Portfolio Manager

Advisory and Capacity Building highlights 

Our Advisory & Capacity Building teams had a busy year implementing targeted projects to help local businesses - including those led by vulnerable groups - in EFSE's regions grow, adapt, and transform their operations in forward-thinking and sustainable ways.

EFSE test

We launched 11 new ESG initiatives to help our financial institution partners integrate ESG into their business strategies and corporate governance frameworks. This will help our partners better understand and analyze the ESG-risks in their portfolios and improve the advice they give to end investees on ESG topics.

 

We also completed our first gender finance study in the Western Balkans. This was an important step to better understanding the challenges faced by women entrepreneurs and the support they need from financial institutions to succeed. We're helping multiple institutions use these findings to develop their own gender policies, data systems and support programs for women-owned/led MSMEs.

MSMEs

MSMEs

Financing-linked Grant Program

Designed and launched a Financing-Linked Grant Program in support of EFSE’s Ukraine Sub-Fund (USF).

ukraine grant winner  2024

Sustainable Agri

Sustainable Agri

Pilot for sustainable agriculture

Led the Fund’s sustainable agri product launch in 4 countries, trained 230 farmers, and built partner capacity in sustainable agri lending in 2024.

test TA key highlights

ESG

ESG

ESG initiatives

Launched 11 new ESG initiatives to help partner financial institutions integrate ESG into their business strategy and corporate governance.

EFSE Grant Winner 2024

Women entrepreneurs

Women entrepreneurs

Gender finance study in Western Balkans

EFSE completed its first study on women entrepreneurs' access to finance and hosted a Gender Finance Conference in Sarajevo to spark dialogue across the financial sector.

test TA highlight

Supporting women in 2024 

In 2024, EFSE launched its Gender Strategy, reflecting the Fund’s growing commitment to empowering women entrepreneurs as key drivers of economic development in Southeast Europe and the EU Eastern Neighbourhood Region. EFSE’s strategy focuses on strengthening internal gender equity practices among its investees, expanding access to finance and capacity building for women-owned/led businesses, and fostering an enabling ecosystem for their success. 

gender strategy

How we manage impact

Our investors

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M&G Investments
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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.