Europäischer Fonds für Südosteuropa (EFSE) European Fund For Southeast Europe (EFSE) Mit dem hier vorgestellten Vorhaben Lokalwährungsfinanzierung für KKMU (Erweiterung L-Shares) soll der Europäische Fonds für Südosteuropa (EFSE) unterstützt werden, seine strategische Ausrichtung zur Ausweitung seines Refinanzierungsangebots an Partnerinstitutionen in Lokalwährung auszubauen. Gleichzeitig sollen somit die Strukturbildung des Kapitalmarktes in der Zielregion gestärkt und zusätzliche private Mittel für den Fonds mobilisiert werden. Zur Diversifizierung der Länderrisiken ist der Fonds regional aufgestellt.Beim EFSE handelt es sich um einen im Dezember 2005 unter Führung der KfW aufgelegten und in der Zwischenzeit zum Leuchtturmprojekt der deutschen EZ in der Region avancierten Mikrofinanzfonds. Generelles Ziel des Fonds ist die Kreditvergabe an KKMU sowie an private Haushalte für Wohnraummodernisierungsmaßnahmen in den Ländern Südosteuropas und der Türkei sowie in der östlichen EU-Partnerschaftsregion (ENR). Die zu erreichenden Zielgruppen werden dabei durch den EFSE über qualifizierte lokale Finanzinstitutionen refinanziert. Under the umbrella of the new strategic EFSE initiative , the European Fund for Southeast Europe (EFSE) intends to offer more local currency financing. The MSME's and private households' increasing need for financial products in local currency is mainly a result of negative experiences regarding recent local currency devaluations in some EFSE target countries (i.e. Ukraine or Azerbaijan) and their economic consequences for final borrowers. Up to now, especially long-term local currency financing for SME and private households is hardly available due to its high risk. Within the framework of the new project concept, a further share class (L Shares) was to be implemented in addition to the existing A, B and C Shares of the fund. These L Shares serve the provision and hedging of local currency financing, especially in the target countries of the Eastern European Partnership Region (Armenia, Azerbaijan, Georgia, Moldova, Belarus and Ukraine). The new EFSE project, funded by the BMZ, also supports and strengthens the mission of the fund to provide sustainable and long-term access to finance for undersupplied micro and small enterprises (MSE) as well as low-income households. The project is an important contribution to a stronger integration of the Eastern European Partnership Region. The new EFSE business strategy also encourages local government initiatives and the policies of the central banks in order to counteract the dollarization of the financial sector and to establish local currency financing in the near future. The BMZ contribution consists of funding for L-Shares (10,0 Mio. EUR). Ziel der FZ-Maßnahme ist die Bereitstellung von Refinanzierungsdarlehen anKleinst-, kleine und mittlere Unternehmen (KKMU) und Privathaushalte über lokale Partnerinstitute (PLI). Mit der Maßnahme sollen gezielt Lokalwährungsfinanzierungen an EFSE-Partnerinstitutionen zur Verfügung gestellt werden. Under the umbrella of the new strategic EFSE initiative , the European Fund for Southeast Europe (EFSE) intends to offer more local currency financing. The MSME's and private households' increasing need for financial products in local currency is mainly a result of negative experiences regarding recent local currency devaluations in some EFSE target countries (i.e. Ukraine or Azerbaijan) and their economic consequences for final borrowers. Up to now, especially long-term local currency financing for SME and private households is hardly available due to its high risk. Within the framework of the new project concept, a further share class (L Shares) was to be implemented in addition to the existing A, B and C Shares of the fund. These L Shares serve the provision and hedging of local currency financing, especially in the target countries of the Eastern European Partnership Region (Armenia, Azerbaijan, Georgia, Moldova, Belarus and Ukraine). The new EFSE project, funded by the BMZ, also supports and strengthens the mission of the fund to provide sustainable and long-term access to finance for undersupplied micro and small enterprises (MSE) as well as low-income households. The project is an important contribution to a stronger integration of the Eastern European Partnership Region. The new EFSE business strategy also encourages local government initiatives and the policies of the central banks in order to counteract the dollarization of the financial sector and to establish local currency financing in the near future. The BMZ contribution consists of funding for L-Shares (10,0 Mio. EUR).