- For SMEs with a high growth potential
- Provides equity financing for the expansion of these businesses
- Eligible SMEs can obtain investments of EUR 1 million up to EUR 10 million on average
- Advised by the European Bank for Reconstruction and Development (EBRD)
- Target fund size: up to EUR 100 million
What is ENEF?
ENEF supports established SMEs with a high-growth potential, incorporated in the Western Balkans or investing in projects implemented in the Western Balkans, by providing equity finance to support the development and expansion of these businesses.
Which SMEs can benefit from ENEF?
ENEF focuses on SMEs in the Western Balkans (Albania, Bosnia and Herzegovina, Croatia,*, former Yugoslav Republic of Macedonia, Montenegro and Serbia) which have a high growth potential.
Which type of financing does ENEF provide to SMEs?
ENEF provides primarily equity and quasi-equity as well as convertible loans to the selected investee companies with the aim to strengthen their balance sheet and support their growth potential by providing liquidity. The target fund size of ENEF is up to EUR 50 million alongside with an up to EUR 50 million co-investment by EBRD.
Who are the partners of ENEF?
The initial investors into ENEF are the European Commission, EBRD, the European Investment Fund (EIF), Kreditanstalt für Wiederaufbau (KfW), the Austrian Development Bank OeEB and the Italian Government.
ENEF managed and advised by EBRD
ENEF is internally managed and advised by The European Bank for Reconstruction and Development (EBRD). In order to handle the increased activities due to the launch of ENEF, the EBRD has strengthened its network of resident offices and bankers in the Region. EBRD in its Investment Advisor capacity is also in charge of compiling a pipeline of suitable projects with a balanced geographical and sector distribution. As part of the marketing activities promoting ENEF, EBRD organised roadshows in each of the beneficiary countries of the Region where ENEF will operate. During each event, the main features and characteristics of ENEF were presented to an audience composed of private businesses, local commercial banks, institutional partners (such as chambers of commerce), local political representative (such as ministry of economy and development and PAG representatives) and EU representatives. These events were usually followed by bilateral discussions on investment opportunities and networking activities to maximise the visibility of the launch. For more details go to the Events page
The Enterprise Expansion Fund – Background
There is a growing demand in the Western Balkans to finance expansion capital of local SMEs. There has been few successful homegrown equity funds in the Western Balkans because of the high costs associated with establishing and developing investment funds in the region. In this context, ENEF was created to encourage the expansion of SMEs in the Western Balkans. SMEs can clearly benefit from cooperation with equity investors to make the transition to the next level of development and realise in full their growth potential.
Contact ENEF For all enquiries regarding the Enterprise Expansion Fund, please contact:
The European Bank for Reconstruction and Development (EBRD)
T : (+381) 11 2120 636