February 29 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Thursday it has signed an agreement with the European Union (EU) for a financial guarantee of up to 52.5 million euro ($56.9 million) to back micro, small and medium-sized enterprises (MSMEs) across the Western Balkans and Turkey.
The EU is providing the guarantee through its European Fund for Sustainable Development Plus (EFSD+) guarantee programme, which supports financing and investment operations in partner countries outside of Europe, the EBRD said in a press release.
The guarantee is expected to mobilise at least 400 million euro in EBRD and private-sector financing.
It is expected to help EBRD partners on-lend to MSMEs – in particular, women- or youth-led enterprises, those located in rural areas and, in Turkey, in earthquake-affected regions.
($ = 0.923 euro)