The International Financial Corporation (IFC) has said that it plans on investing EUR18.5m in the European Fund for Southeast Europe (EFSE) for lending to micro, small and medium enterprises (MSMEs).
The end users will be MSMEs or persons with currently limited, unreliable or no access to financing.
The investment will be conducted through banks and micro-financial institutions in 14 European and Central Asian states.
The IFC’s investment will foster greater competitiveness on the market, demonstrate the sustainability of financing in local currencies and enable creditor product innovation, the IFC said.
IFCE is a member of the World Bank Group and the largest developmental institution focused on the private sector in developing markets.