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Small businesses in Kosovo to be supported

Graphic by corund / Shutterstock.com

The European Bank for Reconstruction and Development (EBRD) will provide a EUR 2 million loan to the Agency for Finance (AFK), one of the leading microfinance institutions in the country, the EBRD said in a statement.

This will be complemented by the European Fund for Southeast Europe (EFSE) and CoopEst, who are extending EUR 2 million and EUR 0.5 million, respectively.

CoopEst was set up in 2006 to foster the development of a socially-rooted financial sector in Central and Eastern Europe and the Caucasus (CEEC).

The funds will be on-lent to local enterprises, increasing much-needed access to finance and supporting small businesses facing unprecedented challenges, the EBRD said.

MSMEs are a vital element of Kosovoʼs economy, representing more than 90% of all companies in the country.