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Kosovo Finance Agency secures €4.5m to support Kosovo's micro-enterprises


Written by Frédéric Dubessy on Tuesday, July 21st 2020 à 18:20 | Read 132 times



AFK has 23 branches throughout the country (logo: AFK)
AFK has 23 branches throughout the country (logo: AFK)
KOSOVO. The Kosovo Finance Agency (AFK) will benefit from a €4.5m line of credit, mainly from European Union institutions, to grant loans to Kosovar micro-enterprises and SMEs in difficulty, due to the economic consequences of Covid-19. They represent more than 90% of the companies in the country.

The European Bank for Reconstruction and Development (EBRD) is granting a €2m loan, the European Fund for South-East Europe (EFSE) €2m and CoopEst (launched in 2006 by Crédit Coopératif, Macif and the World Bank Group's International Finance Corporation, then joined by the European Investment Fund in 2009) €500k.

According to an EBRD press release published on Tuesday 21 July 2020, "the funds will be on-lent to local businesses, thus improving access to finance and supporting small businesses facing unprecedented challenges. One of the main objectives of this funding will be to boost the competitiveness of local businesses and strengthen their position in the market, which will also benefit clients.

The fourth largest microfinance institution in the country, and a non-governmental organisation (NGO) since February 2002, AFK provides financing especially to entrepreneurs in rural areas. It has a network of twenty-three branches throughout the country with the objective of "improving living conditions in Kosovo by providing sustainable financial services to micro and small enterprises".
AFK offers six types of loans: business, agriculture, family, renovation, energy efficiency and vehicle registration.
 



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