Western Balkan Enterprise Development and Innovation Facility – WB EDIF
Western Balkan Enterprise Development and Innovation Facility (WB EDIF), founded by EU in 2012, is comprehensive set of complementary measures for improving access to finance for SMEs and assisting economic development in the Western Balkans. WB EDIF promotes the emergence and growth of innovative and high-potential companies, as well as the creation of a regional venture capital market. The European Commission, international financial institutions, governments of beneficiary economies and bilateral donors pulled together EUR 145 milion of initial capital of this program that may translate into around EUR 300 milion of direct financing available for SMEs in the region.
WB EDIF is coordinated by the European Investment Fund and implemented in close cooperation with the governments of the Western Balkans, the European Commission, the European Investment Bank and the European Bank for Reconstruction and Development.
Through WB EDIF are established four complementary components for SME tailor-made financing:
- Enterprise Innovation Fund (ENIF): early development stage equity financing in innovative SMEs;
- Enterprise Expansion Fund (ENEF) : provision of development and expansion capital to established high-growth potential SMEs (managed by European Bank for Reconstruction and Development);
- Regional Guarantee Facility : improvement of SMEs access to bank lending and lowering the cost of borrowing, by providing SME loan portfolio guarantees to financial intermediaries (managed by European Investment Bank);
- Technical Assistance Facility – which aim is to create favorable regulatory environment for innovative and high-potential SMEs, through supporting beneficiary governments in implementation of priority reforms.
Enterprise Innovation Fund
The Enterprise Innovation Fund (ENIF) is a venture capital fund focusing on an investment portfolio consisting of early stage innovative SMEs in the Western Balkans. The ENIF’s strategy is to invest in excellent local teams that have the skill set, ambition and potential to grow their companies regionally or globally.
ENIF is set up as an independent entity and is managed by South Central Ventures. ENIF has been active in the region since September 2015. Тotal fund size is EUR 41 milion.
The Innovation Fund participated at the launch of this regional Program and is authorized to take part in the work of ENIF, and the Program in general. For the need of participation of the Republic of Serbia in ENIF, funds are secured from the division of Ministry of Education, Science and Technological Development.