What is ENEF?

Managed and advised by the European Bank for Reconstruction and Development (EBRD) and investing since 2016, the Enterprise Expansion Fund (ENEF) finances established SMEs with high growth potential to support the development and expansion of their businesses. In particular, ENEF aims to identify local and regional champions – market leaders with good growth prospects – and provide them with the financing they need to take them to the next level.

Guarantee Facility

What is WB EDIF’s Guarantee Facility?

The WB EDIF Guarantee Facility (“GF”) serves to provide a capped guarantee for SME loans via the participating commercial banks in the WB territories whereby such SMEs can obtain a loan to cover financing for investment and working capital of up to EUR 500k. The Guarantee Facility was initially funded with EUR 21.9m in 2013 (“WB EDIF GF I”) and was further topped up with a replenishment of EUR 17.5m contracted in 2015 (“WB EDIF GF II”). In December 2017, an additional funding of EUR 20m was contracted to increase access to, and availability of, finance for SMEs in the Republic of Serbia (“WB EDIF GF Serbia”). In December 2018, an additional funding of EUR 10m was contracted to support Youth Employment lending in the Western Balkans Beneficiaries Economies (“WB EDIF GF Youth Employment”), which could provide up to EUR 85m of loans to SMEs. WB EDIF GF Youth Employment is a dedicated Youth Employment window to improve access to finance for SMEs in all Western Balkan Beneficiary Economies with a view to support youth employment in the region.

Competitiveness programme

Through WB EDIF, EUR 30m is provided by the EU for the grant component of the Programme in support of up to EUR 140m from the EBRD for lending to local commercial banks and credit institutions in the economies of the Western Balkans for on-lending to local SMEs.

Programme components are: Dedicated credit lines to partner financial institutions (“PFIs”) for on-lending to SMEs in support of investments that lead to improvement of their overall competitiveness and align them with the EU Priority Directives; Investment incentives for SMEs and Technical assistance provided by a project consultant to market, implement and monitor the Programme and a verification consultant to verify the technical implementation of the investments by sub-borrowers before the incentives are paid.

Support services

Link to: For policy makers – Western Balkans Enterprise Development & Innovation Facility (wbedif.eu)

In order to offer a holistic approach to private sector development, WB EDIF also houses a wide range of support mechanisms, which work together with the financial instruments to enhance the emergence and growth of innovative and high-potential SMEs in the region.

WB EDIF economies:

Bosnia and Herzegovina


North Macedonia




Financial institution involved in EU programmes:



WB EDIF Annual Report 2019

Success Stories