Brussels, 06/12/2012 (Agence Europe) - On Thursday 5 December, the European Commission announced the launch of the Western Balkan enterprise development and innovation facility (WB EDIF). Over €300 million will be made available to innovative and high-potential small and medium size companies (SMEs) in the Western Balkans, and to create a regional venture capital market that will facilitate their emergence and growth. The funding is expected to be operational on the ground as of 2013.
Its initial capital of €145 million has been pulled together by the European Commission, the European Investment Bank (EIB), the European Investment Fund (EIF), the European Bank for Reconstruction and Development (EBRD), and beneficiaries and bilateral donors. The European Commission, with €65.6 million, provides the largest share of the capital. It will be coordinated by the EIF and implemented in close cooperation with, among others, the governments of the Western Balkan countries and the European Commission.
It is the first regional initiative in the private sector development area channelled through the Western Balkan Investment Framework (WBIF). (CG/transl.fl)