27-05-2026
The development of a robust private sector is essential for regional socio-economic development and integration, as well as for improving the region’s competitiveness and job creation.
The Global Gateway and the EU’s Growth Plan for the Western Balkans focus on the importance of supporting businesses as a means to this end and direct significant investments towards innovation, digital, energy and green growth.
To unlock the potential of the private sector, EU financing is made available through the WBIF Private Sector Blending Operations and EFSD+ Guarantees.
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 the WBIF to local Partner Financial Institutions, including banks, funds, leasing companies, and microfinance Institutions.
This funding is delivered via:
Financial Instruments Repayable forms of WBIF support such as equity contributions to impact and SME development funds, and all non-EFSD+ guarantees.
Investment Grants Non-repayable forms of support that enhance the impact of blended finance structures in achieving development goals and contribute to sustainable market development and regional economic integration.
Technical Assistance Non-financial support including advisory services, pre- and post- investment support, business planning, capacity building and access to finance to build the capacity, investment-readiness, and competitiveness of the private sector.
EFSD+ Guarantees Risk-sharing instruments that provide guarantee coverage to encourage private investors and development banks to finance entrepreneurs or investments in selected thematic areas: (1) Micro, Small and Medium Enterprises (MSMEs); (2) Connectivity: Energy, Transport and Digital; (3) Sustainable Agriculture, Biodiversity, Forests and Water; (4) Sustainable Cities; (5) Sustainable Finance and Impact Investing; and (6) Human Development.
2 Refers to funds from the WBIF Private Sector Calls for Blending Operations and earlier EU contributions (incl. non-EFSD+ guarantees) consolidated under the WBIF Private Sector Blending in 2020.
3 Also include approved but not yet active guarantee programmes Guarantee coverage and accompanying TA are presented separately.
MSMEs supported
jobs supported and/or sustained
MWh/p.a. savings in energy savings
t/p.a. CO2 emissions reduced
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2025 (only TA)
Status: Under implementation (only TA)
Expected mobilised investment: to be determined
of which EU guarantee coverage: up to €48 million
accompanied by Technical Assistance: up to €2.4 million
Over the past 15 years, green bonds have become a key tool for financing the low-carbon and climate-resilient transition. However, green bond markets in the Western Balkans remain underdeveloped, limiting access to domestic capital and constraining economic growth.
To address this, the EIB, together with other Development Finance Institutions (DFIs), proposes the Global Green Bond Initiative (GGBI) to:
Under the GGBI, a central investment vehicle will be established, with IFIs/DFIs making equity investments covered by the EFSD+ guarantee. The GGBI will act as an anchor investor in high-quality green bonds issued by private, sovereign, and sub-sovereign entities. Complementary technical assistance will support green bond frameworks, pipelines, and issuer capacity, including first-time issuer support, EU taxonomy and green eligibility advice, and origination support.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2025 (only TA)
Status: Under implementation (only TA)
Expected mobilised investment: to be determined
of which EU guarantee coverage: up to €10 million
accompanied by Technical Assistance: up to €0.5 million
This EFSD+ Guarantee:
The Guarantee will support eligible bonds (i.e. GBs, SBs and SLBs) issued by:
Additionally, the Guarantee will provide technical assistance to help the issuers with readiness assessments, green certification, second-party opinions, and coverage of expenses for monitoring, reporting, and third-party verification.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2025 (only TA)
Status: Under implementation (only TA)
Expected mobilised investment: to be determined
of which EU guarantee coverage: up to €50 million
accompanied by Technical Assistance: up to €2.5 million
This EFSD+ Guarantee accelerates the transition to low-carbon economies by supporting green investments in five sectors: i) Municipal infrastructure, ii) Transport and logistics, iii) Industrial and commercial activities, iv) Construction and tourism, and v) Agribusiness and food value chains. Final recipients of financing will be municipalities, private corporates, public utilities and, potentially, public-private partnerships (PPPs).
The Guarantee supports:
It also supports the sustainable transformation of municipal and transport infrastructure under the “build back better” principle, in particular:
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2022
Status: Under implementation
Total WBIF contribution: €25 million
Total 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 await SMEs upon successful completion and verification of investments.
For more information about the Programme, please visit: SME Go Green in the Western BalkansBeneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2023
Status: Under implementation
Total WBIF contribution: €27.6 million
Total 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 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.
For more information about the Programme, please visit: ebrd.com
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFIs: EIF and KfW
Start date: December 2009
Status: Under implementation
Total WBIF contribution: €88.6 million
Total estimated investment: circa €901.4 million
Technical assistance: €4 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. In 2023, the EU further supported the GGF, with a €20 million capital increase in the form of C-share equity, accompanied by €4 million in technical assistance. This replenishment will sustainably build up and expand the supply of effective financing for renewable and efficient energy measures in the region, and contribute to the reduction of energy consumption and greenhouse gas emissions among end-borrowers.
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 WBIF contribution: €30 million
Total 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 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 contribution: €3.6 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: EIF
Start date: June 2022
Status: Under implementation
Expected mobilised investment: €886.6 million
of which EU guarantee coverage: up to €60 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 (public/private): Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: March 2024
Status: Under implementation
Expected mobilised investment: €186 million
of which EU guarantee coverage: up to €50 million
accompanied by Technical Assistance: up to €2.5 million
The HI-BAR EFSD+ Guarantee accelerates investments in the next generation of climate mitigation measures and business models in the energy and energy-intensive industrial sectors. These include faster green energy transition, enhanced energy security, diversification of energy sources, and transition away from external fossil fuel dependency.
The Guarantee will support the rollout of mature technologies which have not reached critical levels of uptake due to market development barriers or the absence of established energy markets.
Furthermore, the HI-BAR will enable investments in the “next generation” of climate technologies that face high technology risks and demand a significant “green premium”, for the absence of an established market.
The Guarantee may also provide short-term and high-level coverage in support of exploration of critical raw materials, which serve as crucial primary inputs for various future climate technologies. Final recipients of financing will be public utilities, private corporates, and municipalities.
Beneficiaries (public/private): Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: KfW
Start date: June 2024
Status: Under implementation
Expected mobilised investment: €400 million
of which EU guarantee coverage: up to €200 million
accompanied by Technical Assistance: up to €10 million
This EFSD+ Guarantee supports market-oriented green transformation in the Western Balkans by:
The Guarantee enables investments in additional renewable energy (RE) capacities for solar and wind power, the rehabilitation of hydropower plants, smart grids and storage, energy efficiency (EE) measures, and other investments needed to strengthen a comprehensive green transformation.
Final recipients of the financing will be public utilities for investments in RE and grid infrastructure. These utilities will benefit from direct lending at concessional terms, which brings more sovereignty and independence in corporate decision-making, moving utilities closer to markets.
In addition, private corporates will receive EFSD+ guaranteed financing for green transformative investments through private financial institutions.
Full title of the guarantee is "Supporting a Market- Oriented Green Transformation in the Eastern Neighbourhood and Western Balkans"
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: IFC
Start date: December 2024
Status: Under implementation
Total WBIF contribution: €17.2 million
Total estimated investment: €207.2 million
Western Balkans economies are characterised by elevated levels of energy intensity, high pollution levels and an energy mix dominated by fossil fuels.
Micro, small, and medium-sized enterprises (MSMEs) interested in adopting energy-efficient and environmentally-friendly processes often encounter significant barriers to do so, including limited access to capital, insufficient skills, and a lack of awareness about green technologies and available financial solutions. In addition to the climate financing gap, capital markets in Western Balkans remain underdeveloped, with medium- to long-term local currency funding almost non-existent.
To address some of these challenges, the Western Balkans Climate Programme finances climate change-related sub-loans that support the transition from high to low-carbon economies. The Programme will increase access to climate finance, including energy efficiency and clean energy production for sub-borrowers in the region. This will enable businesses to improve their environmental impact by implementing climate-smart investments. In addition, the Programme will support the development of capital markets by issuing green bonds. The Programme will be accompanied by technical assistance to strengthen the climate-related capacity of Partner Financial Intermediaries (PFIs) by increasing outreach to MSMEs and building the PFIs’ potential to issue green bonds.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EIB
Start date: December 2024
Status: Under implementation
Total WBIF contribution: €23.7 million
Total estimated investment: €363.7 million
The Innovation and Green Transformation Facility supports innovative small and medium-sized enterprises (SMEs) and Mid-Caps and some of their green investments in the Western Balkans.
At least 70% of the Facility will be dedicated to investments in innovative products and processes, research, development and innovation (RDI), and companies driven by innovation. The remaining 30% will be allocated to investments in climate change mitigation, primarily in agriculture, adaptation, and other green projects. At least 80% of the final beneficiaries will be SMEs, with the remaining 20% being Mid-Caps.
EIB extends debt financing to SMEs and Mid-Caps through local commercial banks for qualifying investments. These credit lines are boosted by an EU-funded cash-back incentives await final beneficiaries upon successful completion and verification of investments. SMEs and Mid-Caps will also receive TA to identify appropriate technologies and solutions for their businesses and develop bankable investment projects.
For more information about the Programme, please visit: eib.org
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: IFC
Start date: April 2025
Status: Under implementation
Total WBIF contribution:€199 million
of which EU guarantee coverage: up to €40 million
accompanied by Technical Assistance: up to €2 million
The Better Futures Programme aims to unlock and crowd-in private capital in various forms of equity, quasi-equity, debt (loans and bonds) and guarantees, in order to catalyse innovative approaches and scale up investments in climate, crisis response and inclusive growth. In the Western Balkans, the Programme’s primary focus will be on climate innovation by:
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EDFI Management Company
Start date: October 2024
Status: Under implementation
Expected mobilised investment: €18.4 million
of which EU guarantee coverage: up to €12 million
accompanied by Technical Assistance: up to €0.6 million
The EDFI Carbon Sinks aims to enhance carbon storage and expand the sustainable management of land and/or wetlands while delivering high-quality emission reductions, restoring biodiversity, and improving the livelihoods for forest dependent communities and smallholders. Carbon sinks are nature-based solutions that absorb carbon dioxide (CO2) from the atmosphere.
This EFSD+ Guarantee supports projects in five sub-sectors: Natural Forests, Smallholder Forestry, Plantation Forestry, Agricultural & Carbon Sink Investments, and Forest Product Processing.
Investments benefiting from the Guarantee will be made directly in private sector forestry and agribusiness companies or indirectly via equity and carbon credit funds.
Alongside investments, the Guarantee provides technical assistance for project preparation to ensure that the environmental and social risks are appropriately managed.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2022
Status: Under implementation
Total WBIF contribution: €25 million
Total 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 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 WBIF contribution: €109.9 million
Total estimated investment: circa €3.9 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: January 2023
Status: Under implementation
Total WBIF contribution: €10 million
Total estimated investment: €130 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 2025 (only TA)
Status: Under implementation (only TA)
Expected mobilised investment: to be determined
of which EU guarantee coverage: up to €20 million
accompanied by Technical Assistance: up to €1 million
The Digital Transformation Platform Guarantee:
More specifically, the Guarantee will support investments in:
The final recipients of financing will primarily be private corporates, with the possibility of project financing. Additionally, public institutions and utilities will also be eligible for projects focused on essential digital infrastructure.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2023
Status: Under implementation
Total WBIF contribution: €27.6 million
Total 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 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 contribution: €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: EIB
Start date: December 2024
Status: Under implementation
Total WBIF contribution: €23.7 million
Total estimated investment: €363.7 million
The Innovation and Green Transformation Facility supports innovative small and medium-sized enterprises (SMEs) and Mid-Caps and some of their green investments in the Western Balkans.
At least 70% of the Facility will be dedicated to investments in innovative products and processes, research, development and innovation (RDI), and companies driven by innovation. The remaining 30% will be allocated to investments in climate change mitigation, primarily in agriculture, adaptation, and other green projects. At least 80% of the final beneficiaries will be SMEs, with the remaining 20% being Mid-Caps.
EIB extends debt financing to SMEs and Mid-Caps through local commercial banks for qualifying investments. These credit lines are boosted by an EU-funded cash-back incentives await final beneficiaries upon successful completion and verification of investments. SMEs and Mid-Caps will also receive TA to identify appropriate technologies and solutions for their businesses and develop bankable investment projects.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2025 (only TA)
Status: Under implementation (only TA)
Expected mobilised investment: to be determined
of which EU guarantee coverage: up to €12.8 million
accompanied by Technical Assistance: up to €0.64 million
This EFSD+ Guarantee helps SMEs and MidCaps access finance while providing pre- and post-investment support to raise awareness and enhance the adoption of sustainable business practices in line with Environmental, Social and Governance (ESG) standards. As such, the Guarantee will address two market failures: access to finance (in particular, for smaller businesses) and adoption of ESG standards.
The Guarantee features two financial instruments:
In addition to investments, technical assistance will be deployed to:
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2017
Status: Under implementation
Total WBIF contribution: €30 million
Total 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 contribution: €3.6 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, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: KfW
Start date: December 2025
Status: Under implementation
Expected mobilised investment: to be determined
of which EU guarantee coverage: up to €50 million
accompanied by Technical Assistance: up to €2.5 million
Access to finance remains a major constraint for MSMEs in the Western Balkans, despite their fundamental role in employment creation and economic activity. Traditional credit guarantee schemes tend to collaborate only with established finance providers and offer only a limited number of financial products.
For this reason, this EFSD+ Guarantee establishes a regional credit guarantee platform to explore innovative financing solutions for MSMEs, delivered through both traditional and alternative finance providers. Overall, the MSME Guarantee Platform (MGP) will ensure that MSMEs across different growth stages gain access to affordable financial and non-financial assistance to develop resilient and inclusive business models.
The final recipients of financing will be unserved or underserved MSMEs (including youth- and/or women-led businesses, microfinance and social enterprises) who will benefit from financial inclusion, start-up and innovation support, access to green finance, digital innovation and local currency financing.
Beneficiaries: Albania and Serbia
Lead IFI: CDP
Start date: January 2023
Status: Under implementation
Total WBIF contribution: €10 million
Total estimated investment: €130 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 WBIF contribution: €109.9 million
Total estimated investment: circa €3.7 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 IFI: CDP
Start date: December 2025
Status: Under implementation
Total WBIF contribution: €9.4 million
Total estimated investment: €39.4 million
SAFE supports the growth of local micro-enterprises (LMEs) - with a specific focus on social enterprises - by promoting their access to finance through local micro-financial institutions (LMFIs). To meet these objectives, CDP partners with Banca Etica Group (BEG), which works with LMFIs to expand lending to entrepreneurs who often face barriers to traditional bank financing.
Thanks to EU support, the Programme lowers lending risks and interest rates, through a first loss guarantee and an interest rate subsidy, thus making loans more accessible and affordable for micro enterprises. Part of the WBIF contribution also funds technical assistance to strengthen LMFIs, promote responsible and sustainable lending practices, and support entrepreneurs in areas such as green jobs and digital skills.
As such, the Programme contributes to reducing inequality, increasing job creation, and generating income by fostering financial inclusion and social entrepreneurship.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFIs: EIF and KfW
Start date: December 2009
Status: Under implementation
Total WBIF contribution: €88.6 million
Total estimated investment: circa €901.4 million
Technical assistance: €4 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. In 2023, the EU further supported the GGF, with a €20 million capital increase in the form of C-share equity, accompanied by €4 million in technical assistance. This replenishment will sustainably build up and expand the supply of effective financing for renewable and efficient energy measures in the region, and contribute to the reduction of energy consumption and greenhouse gas emissions among end-borrowers.
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
Expected mobilised investment: €886.6 million
of which EU guarantee coverage: up to €60 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 contribution: €2.8 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.
In 2024, the programme received a top-up to extend policy mapping to all WB6 economies, including Kosovo, Montenegro, and Serbia, which were not covered in the initial phase.
The programme has two components.
Beneficiaries (private): Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: August 2024
Status: Under implementation
Expected mobilised investment: €320 million
of which EU guarantee coverage: up to €40 million
accompanied by Technical Assistance: up to €4 million
The Growth for All addresses some of the key challenges for MSMEs in the Western Balkans through a supply of dedicated financing and technical assistance that promotes sustainable economic growth in underserved segments and achieves lasting change. Financing will be made available through Partner Financial Intermediaries (PFIs) in all six WB economies and will target specifically agri-businesses, women-led MSMEs, and youth-led MSMEs.
The Guarantee is designed to motivate PFIs to finance the targeted segments perceived to be too risky, by providing both credit lines and guarantee coverage for a share of the losses sustained.
Technical assistance will be essential for the successful deployment and implementation of the products and achievement of the objectives of the Programme. Its scope will include capacity building to PFIs, direct support to agribusinesses, marketing, and eligibility criteria verification.
Beneficiaries: Albania, Kosovo*, Serbia
Lead IFI: KfW
Start date: September 2024
Status: Under implementation
Expected mobilised investment: €100 million
of which EU guarantee coverage: up to €48 million
accompanied by Technical Assistance: up to €0.43 million
This Guarantee aids Albania, Kosovo, and Serbia in post-pandemic recovery, enhancing the region's competitiveness and job creation. Through risk-sharing guarantees and technical assistance, it unlocks financing for micro, small and medium-sized enterprises (MSMEs), prioritising start-ups, rural MSMEs, and those operating in the manufacturing sector.
The Guarantee will be implemented through local Credit Guarantee Funds (CGFs), which will enable Partner Financial Intermediaries (PFIs) to finance target MSMEs by mitigating lending risks through partial reimbursement of losses in the event of MSME defaults.
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: KfW
Start date: November 2024
Status: Under implementation
Expected mobilised investment: to be determined
of which EU guarantee coverage: up to €5 million
accompanied by Technical Assistance: up to €0.25 million
The EU Market Creation Facility aims to boost local lending and economic growth by reducing local currency risk through the Currency Exchange Fund (TCX) and financial intermediaries.
TCX, established by leading European development financial institutions, manages currency risk in development finance, promoting financial stability and enabling access to local currency markets that would otherwise be unavailable.
The Programme consists of the following components that are mutually reinforcing and interdependent:
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2025 (only TA)
Status: Under implementation (only TA)
Expected mobilised investment: to be determined
of which EU guarantee coverage: up to €12.8 million
accompanied by Technical Assistance: up to €0.64 million
This EFSD+ Guarantee helps SMEs and MidCaps access finance while providing pre- and post-investment support to raise awareness and enhance the adoption of sustainable business practices in line with Environmental, Social and Governance (ESG) standards. As such, the Guarantee will address two market failures: access to finance (in particular, for smaller businesses) and adoption of ESG standards.
The Guarantee features two financial instruments:
In addition to investments, technical assistance will be deployed to:
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2021
Status: Under implementation
Total WBIF contribution: €19 million
Total estimated investment: €71 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.
For more information about the Programme, please visit: ebrd.com
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, Serbia
Lead IFI: EIF
Start date: June 2022
Status: Under implementation
Total EU guarantee coverage: up to €60 million
Total estimated investment: circa €886.6 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 contribution: €2.8 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.
In 2024, the programme received a top-up to extend policy mapping to all WB6 economies, including Kosovo, Montenegro, and Serbia, which were not covered in the initial phase.
The programme has two components.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: IFC
Start date: December 2024
Status: Under implementation
Total WBIF contribution: €17.2 million
Total estimated investment: €207.2 million
Western Balkans economies are characterised by elevated levels of energy intensity, high pollution levels and an energy mix dominated by fossil fuels.
Micro, small, and medium-sized enterprises (MSMEs) interested in adopting energy-efficient and environmentally-friendly processes often encounter significant barriers to do so, including limited access to capital, insufficient skills, and a lack of awareness about green technologies and available financial solutions. In addition to the climate financing gap, capital markets in Western Balkans remain underdeveloped, with medium- to long-term local currency funding almost non-existent.
To address some of these challenges, the Western Balkans Climate Programme finances climate change-related sub-loans that support the transition from high to low-carbon economies. The Programme will increase access to climate finance, including energy efficiency and clean energy production for sub-borrowers in the region. This will enable businesses to improve their environmental impact by implementing climate-smart investments. In addition, the Programme will support the development of capital markets by issuing green bonds. The Programme will be accompanied by technical assistance to strengthen the climate-related capacity of Partner Financial Intermediaries (PFIs) by increasing outreach to MSMEs and building the PFIs’ potential to issue green bonds.
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: January 2025
Status: Under implementation
Total WBIF contribution: €17 million
This programme supports MSMEs growth and competitiveness, from early-stage startups to mature businesses, aiming to strengthen the regional market and align with the EU.
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 WBIF contribution: €11 million
The €7 million technical assistance package for ENEF II encompasses pre-investment support for pipeline preparation, project origination and implementation as well as post-investment support for monitoring, assistance, and value creation for ENEF II investee companies.
The €4 million Star Venture Programme supports high-potential early-stage enterprises, builds capacity for start-up support organisations, and improves the overall business environment with better access to finance. Its three objectives are:
For more information about the Programme, please visit: https://www.ebrd.com/home/what-we-do/products-and-services/support-for-start-ups-and-msmes/our-programmes/star-venture.html
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EBRD
Start date: December 2019
Status: Under implementation
Total WBIF contribution: €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 please visit ebrd.com
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: AFD
Start date: July 2024
Status: Under implementation
Expected mobilised investment: €43.2 million
of which EU guarantee coverage: up to €20 million
accompanied by Technical Assistance: up to €1 million
The FAST-Cities EFSD+ Guarantee enhances access to finance for urban authorities, in particular intermediate cities, to invest in sustainable urban infrastructure that contributes to climate change mitigation and adaptation. Some of the investments may include road rehabilitation, drainage, economic and social infrastructure, schools, health centres, public space, transport, technical landfills, urban renewal, housing, water networks, etc.
The final recipients of financing will be cities or their municipal operators. The financing will be made available through:
Consequently, the FAST-Cities programme will stimulate sub-sovereign lending as a way to limit the states’ indebtedness, reinforce the urban authorities’ autonomy and enhance decentralisation. Moreover, investments will be accompanied by technical support aimed at enhancing the technical, managerial, and financial capabilities of urban authorities.
Full title of the guarantee is "Financing and Accelerating the Sustainable Transition of Cities (FAST-Cities)"
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: IFC
Start date: April 2025
Status: Under implementation
Total WBIF contribution:€199 million
of which EU guarantee coverage: up to €40 million
accompanied by Technical Assistance: up to €2 million
The Better Futures Programme aims to unlock and crowd-in private capital in various forms of equity, quasi-equity, debt (loans and bonds) and guarantees, in order to catalyse innovative approaches and scale up investments in climate, crisis response and inclusive growth. In the Western Balkans, the Programme’s primary focus will be on climate innovation by:
Beneficiaries: Albania, Bosnia and Herzegovina, Kosovo*, Montenegro, North Macedonia, Serbia
Lead IFI: EDFI Management Company
Start date: October 2024
Status: Under implementation
Total EU guarantee coverage: up to €12 million
Technical assistance: up to €0.6 million
Total estimated investment: circa €18.4 million
The EDFI Carbon Sinks aims to enhance carbon storage and expand the sustainable management of land and/or wetlands while delivering high-quality emission reductions, restoring biodiversity, and improving the livelihoods for forest dependent communities and smallholders. Carbon sinks are nature-based solutions that absorb carbon dioxide (CO2) from the atmosphere.
This EFSD+ Guarantee supports projects in five sub-sectors: Natural Forests, Smallholder Forestry, Plantation Forestry, Agricultural & Carbon Sink Investments, and Forest Product Processing.
Investments benefiting from the Guarantee will be made directly in private sector forestry and agribusiness companies or indirectly via equity and carbon credit funds.
Alongside investments, the Guarantee provides technical assistance for project preparation to ensure that the environmental and social risks are appropriately managed.
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
