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MOSTAR, September 16 (FENA) – A conference marking the 20th anniversary of the European Fund for Southeast Europe (EFSE) began in Mostar on Wednesday, bringing together representatives of regional financial institutions, entrepreneurs, investors, policymakers and development partners to reflect on two decades of financing micro, small and medium-sized enterprises in Southeast European countries and the EU neighborhood.
According to the Head of the European Union (EU) Delegation to Bosnia and Herzegovina and EU Special Representative in BiH, Ambassador Luigi Soreca, the European Union has supported the European Fund for Southeast Europe from the very beginning precisely because small and medium-sized enterprises are the backbone of every economy and, together with agricultural producers and other beneficiaries, are those who need assistance and support in terms of access to finance.
“The European Union certainly supports the work of the European Fund for Southeast Europe. We have provided approximately 250 million euros, including funds invested in BiH. Politically speaking, every economy that is progressing, growing and making strides is an economy that is moving closer to the European Union market. In doing so, we are working to advance European integration, which ultimately is our primary goal,” Soreca told reporters.
Speaking about the Growth Plan for the Western Balkans, he said there was still much work to be done.
“There is still a great deal of work left to do. First and foremost, I am referring to the Growth Plan for the Western Balkans, whose main objective is to help and support BiH in implementing reforms, because reforms attract investment, investment brings growth, and growth ultimately creates jobs,” Soreca said.
He called on BiH leaders not to miss the opportunities offered through the Growth Plan.
“Unfortunately, there is also a cost to inaction. Time is running out, and the risks of losing the funds provided through the Growth Plan have unfortunately become a daily reality,” Soreca stressed.
He added that he also wanted to highlight the positive developments, one of which, he said, was BiH’s application for membership in the Single Euro Payments Area (SEPA).
“I would like to take this opportunity to congratulate the Central Bank and the esteemed Governor on a job very well done. Membership in SEPA represents a truly important step that will help the economy, as well as citizens and individuals, in terms of bringing BiH closer to the European Union and European standards,” Soreca concluded.
Key topics of the Mostar conference include responses to continued economic instability and external shocks, mobilizing capital on a larger scale to support the development of micro, small and medium-sized enterprises, financing food security and sustainable agriculture, and strengthening the participation of women in entrepreneurship and the financial sector.
The organizers said the conference would provide a space for an open exchange between those who provide capital and those who use it in practice, including banks, entrepreneurs, investors and public-sector representatives.
Jasminka Begert, EFSE portfolio manager at Finance in Motion, said that the European Fund for Southeast Europe has been investing in people and businesses in Southeast Europe for 20 years.
“Through cooperation with local financial institutions and financial institutions in the region, we help small and medium-sized enterprises grow, develop and create jobs, and build more resilient economies. We are now celebrating our 20th anniversary, but we are mainly talking about the future and what it will bring. We are increasingly working on projects that help businesses and farmers in the region become more resilient, innovative and competitive, find new opportunities and enter new markets,” Begert said.
Regional Director of Finance in Motion for Southeast Europe Mejra Juzbašić Bajgorić said they were very proud of everything achieved over the past period and hoped to contribute to the future and the creation of better, safer and more resilient economies throughout the region.
“Over the past 20 years, EFSE has invested more than two billion euros in the Western Balkans region. Of that amount, 20 percent was invested in Bosnia and Herzegovina. In the coming period, we plan to continue supporting economic growth and development, both in Bosnia and Herzegovina and across the Western Balkans region,” Mejra Juzbašić Bajgorić stressed.
Governor of the Central Bank of Bosnia and Herzegovina (CBBH) Jasmina Selimović said that EFSE and the CBBH have been cooperating for more than 10 years and that this cooperation has resulted in a series of highly successful projects in various areas.
“When people trust the financial system and understand it sufficiently, all the activities we have carried out with EFSE in this area have contributed to a better understanding of the financial system, which in turn contributes to financial stability in BiH. I believe that these activities are part of the path toward meeting the criteria on the road to the EU, and that this is certainly something that will benefit the citizens of BiH in the foreseeable future,” the CBBH governor said.
The key topics of today’s conference also include responses to continued economic instability and external shocks, mobilizing capital on a larger scale to support the development of micro, small and medium-sized enterprises, financing food security and sustainable agriculture, and strengthening the participation of women in entrepreneurship and the financial sector.
(FENA) S. R.
