Enterprise Expansion Fund (ENEF)

30m €
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


Next year’s Berlin Process Summit to be held in the city of Poznań

Deputy Ambassador of Republic of Poland to Serbia, Mr Andrzej Kindziuk, announced that his country will host the next year’s Berlin Process Summit in the city of Poznań, due to its economic and historical significance. The announcement came during the event on the future of Berlin Process, organised by the European Western Balkans portal.


The fifth Berlin Process Summit got underway with a meeting of Economy Ministers in Vienna

The fifth Berlin Process Summit, hosted by the United Kingdom, got underway with a meeting of Economy Ministers in Vienna on 4 July.

Discussions in Vienna focused on how the Berlin Process could best support economic growth in the region, including through the implementation of the Western Balkans Multi-Annual Action Plan for a Regional Economic Area Plan – a proposal agreed at the 2017 Berlin Process Summit to allow for the unobstructed flow of goods, services, capital and highly-skilled labour across the region, so as to promote investment and trade.

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

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