The EBRD and Sweden support women entrepreneurs in Kosovo
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EUR 3 million package to Kreditimi Rural in Kosovo, Kosovo -
New financing to support investments by women-led companies and small and medium-sized enterprises -
Donor support from Sweden
The European Bank for Reconstruction and Development (EBRD) is extending EUR 3 million in financing to Kreditimi Rural in Kosovo (KRK), a microfinance institution in Kosovo. The financing, which Sweden supports with grants and technical assistance, will support investments by women entrepreneurs and small businesses.
As part of this financing, a loan of EUR 1 million is extended to companies run or owned by women under the EBRD’s Women in business programs, which promote women’s entrepreneurship and their participation in business more generally by giving them access to funding and know-how. Since its inception in the Western Balkans in 2014, the program has provided more than € 57 million in credit lines, reaching more than 4,800 women-led micro, SMEs across the region to provide funding, advisory services, training, mentorship and networking activities.
About € 2 million will be extended to other small businesses to increase entrepreneurship and competitiveness. It will give companies access to finance to invest in innovation in areas such as strategy, products, processes and marketing.
Aleksandra Vukosavljevic, EBRD Director, Financial Institutions, said: “We are pleased to be able to expand our cooperation with KRK in Kosovo. Improved access to finance and know-how will help increase the competitiveness of local SMEs and create more jobs and business opportunities in the country. With the Women in Business program, which helps in particular to bridge the gender gap in Kosovo; the EBRD has so far allocated € 12 million here under this program. “
KRK is the third largest microfinance institution in Kosovo. Operating since 2000, it has a network of 27 branches across the country and about 250 employees. KRK has a strong shareholder base consisting of the European Fund for Southeastern Europe (EFSE), the Dutch entrepreneurial development bank FMO, Solidarité Internationale pour le Développement et l’Investissement (SIDI) and Crédit Coopératif.
The EBRD has invested € 602 million in 86 projects in Kosovo since its inception in 2012. The Bank’s strategic priorities in the country are to promote the green economy, support the competitive development of the private sector and promote regional integration.