The development of a robust private sector is essential for regional socio-economic development and integration, and to improve the region’s competitiveness and job creation. The Economic and Investment Plan (EIP) for the Western Balkans focuses on the importance of supporting start-ups and micro-, small and medium-sized businesses as a means to this end and directs significant investments towards innovation and green growth. To unlock the potential of the private sector, increased EU financing is made available through blending of grants and loans, and guarantees under the Western Balkans Guarantee Facility (EFSD+). This reinforces open, innovative, business friendly eco-systems.
Since 2020, support for private sector development has been consolidated under the WBIF Private Sector Blending, including several prominent initiatives. The Western Balkans Enterprise Development and Innovation Facility (WB EDIF), the European Fund for Southeast Europe (EFSE), and the Green for Growth Fund (GGF) can all be found here.
Up to €30 billion in investments, including up to €9 billion of EU grant funding, is available under the EU’s Economic and Investment Plan for the Western Balkans. Investment flagship 9 focuses on Investing in the Competitiveness of the Private Sector.
Aiming to facilitate access to financing – a hurdle many businesses in the region face – the European Commission, by partnering with IFIs, channels the funding through WBIF to local Partner Financial Institutions (Banks, Funds, Leasing companies, Microfinance Institutions). This funding is delivered via various financial instruments including loans, equity and guarantees to micro, small and medium-sized enterprises (MSMEs).
Complementing these financial instruments, WBIF also offers technical assistance to help MSMEs enhance their operational efficiency, adopt new technologies and improve their access to European and global markets. This assistance covers project preparation, business planning and capacity building.
EU funds for MSMEs in the Western Balkans
total investment value
MSMEs supported
jobs supported / sustained
MWh / year savings in energy
CO2 emissions reduced
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2022
Status: Under implementation
Total WBIF grant: €25 million
Estimated investment: €145 million
Embrace green prosperity with the SME Go Green Programme, a trailblazing initiative led by the European Bank for Reconstruction and Development (EBRD). It focuses on enhancing the green and circular economy, agribusiness and competitiveness investments for small and medium-sized enterprises (SMEs) in the Western Balkans.
The Programme is strategically designed to focus on:
EBRD extends debt financing to SMEs through local commercial banks for qualifying investments. These credit lines are boosted by an EU-funded advisory service and cash-back incentives of up to 10% await SMEs upon successful completion and verification of investments.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2023
Status: Under implementation
Total WBIF grant: €27.6 million
Estimated investment: €177.6 million
The Go Digital programme supports digitalisation, automation and competitiveness of small and medium-sized businesses (SMEs) across the Western Balkans. Emphasising sustainability, a minimum of 50% of the investments will be green, and at least 30% targeted to regions beyond capital cities thus contributing to regional and rural development.
EBRD extends debt financing to SMEs through local commercial banks for qualifying investments. These credit lines are boosted by an EU-funded advisory service and cash-back incentives of up to 15% await SMEs upon successful completion and verification of investments. The incentives will prioritise high-performing technologies that are less present on the market, mitigating upfront costs.
Some of the eligible digital technologies include automated manufacturing solutions, augmented reality, e-commerce, big data and analytics, and more. Automation investments will cover manufacturing and process equipment, printing, agricultural equipment, etc.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFIs: EIF and KfW
Start date: December 2009
Status: Under implementation
Total EU grant: €68.6 million
Estimated investment: circa €480 million
Experience the force of change with the Green for Growth Fund (GGF), a pioneer in financing energy efficiency and renewable energy ventures undertaken by micro, small, and medium-sized enterprises (MSMEs) and households.
GGF empowers by providing funds through local financial institutions or direct investments into qualifying projects and companies.
The commitment doesn’t stop at finance. The GGF Technical Assistance Facility is here to share know-how and technical expertise, ensuring the success of investments.
About GGF:
The Fund was launched in 2009 by the European Investment Bank (EIB) and the German Development Bank (KfW) with the backing of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission (EC). GGF currently operates in 19 markets, including the Western Balkans, and is dedicated to combatting climate change, promoting economic growth, and fostering a sustainable future.
For more information about the Green for Growth Fund, please visit: www.ggf.lu
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2017
Status: Under implementation
Total EU grant: €30 million
Estimated investment: €170 million
Sharpen small and medium-sized enterprises’ (SMEs) competitive edge with the SME Competitiveness Support Programme. This initiative empowers SMEs in the Western Balkans to excel in the EU market by meeting environmental protection, occupational health and safety, and product quality and safety standards.
The European Bank for Reconstruction and Development (EBRD) offers debt financing through local commercial banks for qualifying investments. These credit lines are boosted by an EU-funded advisory service ensuring businesses are well-equipped to meet stringent standards. Cash-back incentives of up to 15%, await SMEs upon successful completion and verification of investments.
For more information about the SME Competitiveness Support Programme, please visit: https://web-sme-csp.com/
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: IFC
Start date: July 2023
Status: Under implementation
Total WBIF grant: €2.5 million
This is the first programme in the Western Balkans to implement the eco-industrial parks (EcoIP) concept. It aims to demonstrate the feasibility of EcoIP’s by initiating four pilots in industrial parks in the region.
The programme has two components:
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2022
Status: Under implementation
Total WBIF grant: €25 million
Estimated investment: €145 million
Embrace green prosperity with the SME Go Green Programme, led by the European Bank for Reconstruction and Development (EBRD). It focuses on enhancing the green and circular economy, agribusiness and competitiveness investments for small and medium-sized enterprises (SMEs) in the Western Balkans.
The Programme is strategically designed to focus on:
EBRD extends debt financing to SMEs through local commercial banks for qualifying investments. These credit lines are boosted by an EU-funded advisory service and cash-back incentives of up to 10% await SMEs upon successful completion and verification of investments.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFIs: EIF and KfW
Start date: June 2006
Status: Under implementation
Total EU grant: €109.9 million
Estimated investment: circa €3.4 billion
Discover opportunities with the European Fund for Southeast Europe (EFSE), a driving force for micro and small enterprises (MSEs), farmers and private households.
EFSE empowers through finance, offering microfinancing via local commercial banks, microfinance institutions, and non-bank entities.
It’s not only about funding. A dedicated Development Facility strengthens local financial intermediaries, fortifies financial sectors, and bolsters resilience. The Entrepreneurship Academy partners with local incubators and accelerators, to provide training, resources, mentoring, networking opportunities, and more.
About EFSE:
EFSE was initiated in 2005 by KfW Development Bank, supported by the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission (EC). The EFSE mission is to ignite economic development and enhance lives in Southeast Europe and the Eastern Neighbourhood Region. As a pioneering public-private partnership, EFSE pools resources for enduring impact.
For more information about the European Fund for Southeast Europe, please visit: www.efse.lu
Beneficiaries: Albania and Serbia
Lead IFI: CDP
Start date: December 2022
Status: Under implementation
Total WBIF grant: €10 million
Estimated investment: €120 million
Unleash the potential of underserved micro, small, and medium-sized enterprises (MSMEs) across the Western Balkans with the Green Finance for Inclusion programme. By investing in innovative energy efficiency and climate-resilient measures, this programme will drive transformative change.
The support is particularly focused on empowering women- and youth-led MSMEs in the sectors of social entrepreneurship, sustainable agriculture, circular economy and eco-tourism.
Cassa Depositi e Prestiti (CDP) is the leading financial institution, extends credit lines to local financial institutions, including Microfinance Institutions (MFIs), to facilitate on-lending to MSMEs under favourable terms.
Thanks to EU backing, eligible MSMEs can access loans with favourable conditions like:
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2023
Status: Under implementation
Total WBIF grant: €27.6 million
Estimated investment: €177.6 million
The Go Digital programme supports digitalisation, automation and competitiveness of small and medium-sized businesses (SMEs) across the Western Balkans. Emphasising sustainability, a minimum of 50% of the investments will be green, and at least 30% targeted to regions beyond capital cities thus contributing to regional and rural development.
EBRD extends debt financing to SMEs through local commercial banks for qualifying investments. These credit lines are boosted by an EU-funded advisory service and cash-back incentives of up to 15% await SMEs upon successful completion and verification of investments. The incentives will prioritise high-performing technologies that are less present on the market, mitigating upfront costs.
Some of the eligible digital technologies include automated manufacturing solutions, augmented reality, e-commerce, big data and analytics, and more. Automation investments will cover manufacturing and process equipment, printing, agricultural equipment, etc.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2023
Status: Under implementation
Total WBIF grant: €3 million
EBRD will develop and implement a comprehensive policy programme to enhance the competitiveness of the private sector, including MSMEs, within the framework of the Structural Reform Facility - Competitiveness Policy Priorities for Western Balkans.
The Programme is structured in two phases:
(1) the development of Competitiveness Policy Priorities (CPP) reports which assess key growth opportunities and barriers in the private sector and provides recommendations for policy measures,
(2) the implementation of a set of remedial policy actions to address identified gaps and improve regulatory frameworks, institutional strength and the overall business environment at country and regional level, following the CPP’s recommendations.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2017
Status: Under implementation
Total EU grant: €30 million
Estimated investment: €170 million
Sharpen small and medium-sized enterprises’ (SMEs) competitive edge with the SME Competitiveness Support Programme. This initiative empowers SMEs in the Western Balkans to excel in the EU market by meeting environmental protection, occupational health and safety, and product quality standards.
The European Bank for Reconstruction and Development (EBRD) offers debt financing through local commercial banks for qualifying investments. These credit lines are boosted by an EU-funded advisory service ensuring businesses are well-equipped to meet stringent standards. Cash-back incentives of up to 15%, await SMEs upon successful completion and verification of investments.
For more information about the SME Competitiveness Support Programme, please visit: https://web-sme-csp.com/
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: IFC
Start date: July 2023
Status: Under implementation
Total WBIF grant: €2.5 million
This Programme initiates the implementation of the eco-industrial parks (EcoIP) concept in the Western Balkans and demonstrate the first-ever EcoIP’s proof of concepts (POC) through the implementation of EcoIP pilots in four industrial parks and/or separate business units within industrial parks in the region.
It will be performed through the following two components:
Beneficiaries: Albania and Serbia
Lead IFI: CDP
Start date: December 2022
Status: Under implementation
Total WBIF grant: €10 million
Estimated investment: €120 million
Unleash the potential of underserved micro, small, and medium-sized enterprises (MSMEs) across the Western Balkans with the Green Finance for Inclusion programme. By investing in innovative energy efficiency and climate-resilient measures, this programme will drive transformative change.
The support is particularly focused on empowering women- and youth-led MSMEs in the sectors of social entrepreneurship, sustainable agriculture, circular economy and eco-tourism.
Cassa Depositi e Prestiti (CDP) is the leading financial institution, extends credit lines to local financial institutions, including Microfinance Institutions (MFIs), to facilitate on-lending to MSMEs under favourable terms.
Thanks to EU backing, eligible MSMEs can access loans with favourable conditions like:
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFIs: EIF and KfW
Start date: June 2006
Status: Under implementation
Total EU grant: €109.9 million
Estimated investment: circa €3.4 billion
Discover opportunities with the European Fund for Southeast Europe (EFSE), a driving force for micro and small enterprises (MSEs), farmers and private households.
EFSE empowers through finance, offering microfinancing via local commercial banks, microfinance institutions, and non-bank entities.
It’s not only about funding. A dedicated Development Facility strengthens local financial intermediaries, fortifies financial sectors, and bolsters resilience. The Entrepreneurship Academy partners with local incubators and accelerators, to provide training, resources, mentoring, networking opportunities, and more.
About EFSE:
EFSE was initiated in 2005 by KfW Development Bank, supported by the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission (EC). The EFSE mission is to ignite economic development and enhance lives in Southeast Europe and the Eastern Neighbourhood Region. As a pioneering public-private partnership, EFSE pools resources for enduring impact.
For more information about the European Fund for Southeast Europe, please visit: www.efse.lu
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFIs: EIF and KfW
Start date: December 2009
Status: Under implementation
Total EU grant: €68.6 million
Estimated investment: circa €480 million
Experience the force of change with the Green for Growth Fund (GGF), a pioneer in financing energy efficiency and renewable energy ventures undertaken by micro, small, and medium-sized enterprises (MSMEs) and households.
GGF empowers by providing funds through local financial institutions or direct investments into qualifying projects and companies.
The commitment doesn’t stop at finance. The GGF Technical Assistance Facility is here to share know-how and technical expertise, ensuring the success of investments.
About GGF:
The Fund was launched in 2009 by the European Investment Bank (EIB) and the German Development Bank (KfW) with the backing of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission (EC). GGF currently operates in 19 markets, including the Western Balkans, and is dedicated to combatting climate change, promoting economic growth, and fostering a sustainable future.
For more information about the Green for Growth Fund, please visit: www.ggf.lu
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, Serbia
Lead IFI: EIF
Start date: June 2022
Status: Under implementation
Total guarantee coverage: up to €60 million
Estimated investment: circa €750 million
The Guarantee4SME Resilience empowers micro, small and medium-sized enterprises (MSMEs) with improved access to affordable finance. By sharing the risks with commercial banks, the guarantee is dedicated to supporting smaller SMEs, with a minimum 25% allocation to micro-businesses.
Thanks to EU backing, eligible MSMEs can access loans with favourable conditions like:
Launched in June 2022 in the wake of the COVID-19 pandemic and the ongoing energy crisis; this initiative aids MSMEs in bolstering their resilience while progressing towards a more sustainable, low-carbon economy.
Beneficiaries: North Macedonia, Albania, Bosnia and Herzegovina
Lead IFI: EBRD
Start date: December 2022
Status: Under implementation
Total WBIF grant: €2.5 million
This programme will help the private sector across the Western Balkans implement Inclusive and Socially Responsible Procurement (ISRP). The concept will be piloted at a regional solid waste investment in North Macedonia.
The programme has two components.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2021
Status: Under implementation
Total EU grant: €30 million
Estimated investment: €75 million
The Enterprise Expansion Fund (ENEF) is an equity fund that catalyses the expansion of local small and medium-sized enterprises (SMEs) and high-potential mid-caps in the Western Balkans.
Focusing on providing equity, quasi-equity and debt financing, ENEF II provides the financial boost needed for small businesses to grow and expand. Launched in December 2021, supported by the European Commission, EBRD and other development finance institutions, up to €75 million is expected to be available.
ENEF II goes beyond financing, by providing extensive pre- and post-investment support. Success is more than numbers, so support is given to identifying and addressing Environmental, Social and Governance (ESG) risks and opportunities for businesses.
ENEF: a proven legacy
The journey began in 2014 with the launch of the Enterprise Expansion Fund (ENEF) under the Western Balkans Enterprise Development and Innovation Facility (WB EDIF), backed by an initial capital of €48.5 million. Guided by the European Bank for Reconstruction and Development (EBRD), ENEF I successfully invested in 16 companies by July 2020.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, Serbia
Lead IFI: EIF
Start date: June 2022
Status: Under implementation
Total guarantee coverage: up to €60 million
Estimated investment: circa €750 million
The Guarantee4SME Resilience empowers micro, small and medium-sized enterprises (MSMEs) with improved access to affordable finance. By sharing the risks with commercial banks, the guarantee is dedicated to supporting smaller SMEs, with a minimum 25% allocation to micro-businesses.
Thanks to EU backing, eligible MSMEs can access loans with favourable conditions like:
Launched in June 2022 in the wake of the COVID-19 pandemic and the ongoing energy crisis; this initiative aids MSMEs in bolstering their resilience while progressing towards a more sustainable, low-carbon economy.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2019
Status: Under implementation
Total EU grant: €15 million
Empower small and medium-sized enterprises (SMEs) with the transformative Advice for Small Businesses initiative. It offers comprehensive advisory services spanning strategy and operations to quality management, financial reporting, energy efficiency and beyond.
The programme operates through a network of local consultants and international experts, accessing cutting-edge best practices. The mission is clear - equip small businesses in the Western Balkans with the tools to enhance their business performance and sharpen their competitive edge.
The European Bank for Reconstruction and Development (EBRD) pilots the Advice for Small Businesses Programme through the Western Balkans Enterprise Development and Innovation Facility (WB EDIF).
For more information about Advice for Small Businesses, please visit https://www.ebrd.com/small-business-support/advice-for-small-businesses.html
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This map provides an overview of all active WBIF programmes for the private sector and the financial intermediaries that deliver them.
Use the filters below to find the best option for you.
Number of Partner Financial Institutions: 17
Number of Programmes: 5
More about available programmes: PDF
Number of Partner Financial Institutions: 5
Number of Programmes: 5
More about available programmes: PDF
Number of Partner Financial Institutions: 8
Number of Programmes: 4
More about available programmes: PDF
Number of Partner Financial Institutions: 4
Number of Programmes: 4
More about available programmes: PDF
Number of Partner Financial Institutions: 7
Number of Programmes: 4
More about available programmes: PDF
Number of Partner Financial Institutions: 11
Number of Programmes: 6
More about available programmes: PDF
* This designation is without prejudice to positions on status and is in line with UNSCR 1244/1999 and the ICJ Opinion on the Kosovo declaration of independence.
Number of Partner Financial Institutions: 5
Number of Programmes: 5
More about available programmes: PDF
Number of Partner Financial Institutions: 17
Number of Programmes: 5
More about available programmes: PDF
Number of Partner Financial Institutions: 8
Number of Programmes: 4
More about available programmes: PDF
Number of Partner Financial Institutions: 4
Number of Programmes: 4
More about available programmes: PDF
Number of Partner Financial Institutions: 7
Number of Programmes: 4
More about available programmes: PDF
Number of Partner Financial Institutions: 11
Number of Programmes: 6
More about available programmes: PDF
