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The European Fund for Southeast Europe (EFSE) said it has provided a loan in lei equivalent to EUR 7 million to BT Microfinantare to expand access to local currency finance for micro and small enterprises (MSEs) in Romania.

Photo by Marian Weyo/Shutterstock.com

BT Microfinantare, part of Banca Transilvania financial group (BT), is exclusively focused on financing MSEs, a still largely underserved segment in Romania, but a key contributor to employment and economic growth in the country, EFSE said in a press release on January 9.

EFSE was initiated by German development bank KfW with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission.

It aims to foster economic development and prosperity in Albania, Armenia, Azerbaijan, Belarus, Bosnia, Bulgaria, Croatia, North Macedonia, Kosovo, Georgia, Moldova, Montenegro, Romania, Serbia, Ukraine and Turkey, EFSE says.