TEB and IFC signed the agreement on Small and Medium Enterprises
Support to Kosovar businesses as of this agreement incorporates all small and medium enterprises, agribusinesses and those of women entrepreneurship program.
TEB Sh.A. and IFC - the World Bank financial institution have reached a cooperation agreement in the scope of risk sharing in a value of 10 milion Eur, to support lending to small and medium-sized enterprises (SMEs) including those in the agribusiness sector and women entrepreneurs.
As of the agreement reached in the scope of IFC program, the Small Loan Guarantee Program (SLGP), is about strengthening the capacities of financial institutions in low-income countries. As of this agreement for the empowerment of small and medium enterprises are also included agribusinesses and businesses within women entrepreneurship program.
Under this program, TEB has provided access to funds for medium and small enterprises and various non-financial services to build the capacities of this business profile.
Deputy Managing Director of TEB Bank, Dren Krypa said that the relevant Departments of the Bank will provide the necessary support as in the past for SMEs and especially for women as owners.
“TEB will continue to provide solutions and financing for SMEs, in order to dynamize them and will continue to support new ideas in the market,” said Krypa. “This partnership with IFC in risk sharing is a valuable tool in supporting and growing the small and medium enterprise sector in Kosovo, especially for women entrepreneurs.”
IFC as a member of the World Bank is the largest global private sector development institution, operating in more than 100 countries with capital, expertise and influence in developing countries.
Vittorio Di Bello, regional leader for Europe and Central Asia within the group of financial institutions at IFC evaluated highly the cooperation especially at this time that we are going through.
“We are glad that we have expanded the cooperation with TEB Sh.A. and the support that we are giving to SMEs, enabling entrepreneurs to create and grow their operations. “This is especially important in these extraordinary times when businesses have been hampered by the global outbreak of COVID-19 pandemic,” he said. “IFC believes that this risk-sharing opportunity will help maintain and create new jobs, proving the importance of women-owned and agribusiness-owned SMEs in the market.”
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