Enterprise Expansion Fund (ENEF)

32m €
invested in SMEs
supported companies
jobs supported

What is ENEF?

Managed and advised by the European Bank for Reconstruction and Development (EBRD) and investing since 2016, the Enterprise Expansion Fund (ENEF) finances established SMEs with high growth potential to support the development and expansion of their businesses. In particular ENEF aims to identify local and regional champions – market leaders with good growth prospects – and provide them with the financing they need to take them to the next level.

Learn more about ENEF

ENEF focuses its investments in expansion stage SMEs, meaning those which are already well-established, but need advice and financing to expand their businesses further.

ENEF provides equity and quasi-equity funding to private companies incorporated or investing in projects to be implemented in the Western Balkan Region.

The initial investors into ENEF are the European Commission, the EBRD including financing from the Italian State, the European Investment Fund (EIF),  Kreditanstalt für Wiederaufbau (KfW), and the Austrian Development Bank (OeEB). The total financing from these partners totals EUR 48.5m. The EBRD furthermore co-invests on a deal-by-deal basis at 1:1; meaning that for every euro invested by ENEF, it is met equally with 1 additional euro from the 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.

Key facts and features

  • For SMEs with a high growth potential

  • target fund size of up to € 97 million

  • provides equity and quasi equity financing for expansion of businesses

  • Eligible SMEs can obtain investments from € 1m up to € 7 million on average

  • Aiming to finance approximately 15-25 SMEs in the region

The Enterprise Innovation Fund - Background

According to the 2014-2015 World Economic Forum Global Competitiveness Index, the Western Balkans regions have limited innovation and venture capital available, despite the relatively good quality of scientific research institutions and progress in the economy. Equity investment instruments can therefore address some of these shortcomings and aim to set the basis for further development of these companies. This is why an expansion stage fund was considered as important for the WB EDIF Platform in order to help SMEs which find themselves wanting to take their enterprise to the next level.

ENEF provides equity, quasi-equity and to a limited extent debt funding to private companies incorporated or investing in projects to be implemented in the Western Balkan Region. ENEF aims to support established SMEs with a high potential to grow in the Western Balkans to support their further expansion by improving access to finance for them. ENEF has a fund size of EUR 48.5m , which is being further leveraged in a proportion 1:1 by pari passu co-investments from the EBRD through its Direct Financing Framework (DFF) on a deal-by-deal level.

Contact to apply:

For more information please visit the EBRD’s website.

For all enquiries regarding the Enterprise Expansion Fund, please contact:
The European Bank for Reconstruction and Development (EBRD)
Fabio Serri
T : (+381) 11 2120 636

News & Events


WB EDIF SME Forum, Sarajevo, 7 May

“It is our pleasure to invite you to the Western Balkans Enterprise Development and Innovation Facility SME Forum on Tuesday, 7 May 2019 from 14:00 to 18.15 in the Main Hall (Level 1) of the Hotel Holiday, Sarajevo, Bosnia – Herzegovina. The WB EDIF SME Forum will open with the SME Policy Index: Western Balkans and Turkey 2019 launch session, co-hosted with the OECD, setting the stage for an in-depth discussion on the opportunities and challenges in the SME business environment. This will be followed by an interactive panel session, during which SMEs, finance providers and other stakeholders can share their experiences under WB EDIF as well as exchange lessons learned and best practices on their road to success. Read more


13th WBEDIF Platform Advisory Group meeting

13th WBEDIF Platform Advisory Group meeting took place on 5 December in Luxembourg, at the premises of EIB and hosted by EIF. PAG has discussed the results of WB EDIF to date and the future strategy of the platform for the benefit of the target beneficiary economies. A short movie has been created at this occasion, which will be released soon!

See more news & events

Case studies


Bosnia & Herzegovina Case Study

Founded in 1995 as a s mall bakery shop located in the family house of the newly-married Trivic couple, Krajina Klas has now, 20 years later, grown to 490 employees with EUR 10m in turnover and is the leading producer of bakery and confectionary products in Bosnia Herzegovina.

Find out how WB EDIF’s expansion fund, ENEF, financed this family business in its growth stages.

WBEDIF Succes Stories – Krajina Klas

Discover other means of support

Footer Logo WBEDIF