MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Wins Tageblatt Award For Social Business Model At Luxembourg Fund Awards

The European Fund for Southeast Europe (EFSE), a microfinance investment fund incorporated in Luxembourg, was recently awarded the Tageblatt Award of the Luxembourg Fund Awards for its contribution to socioeconomic development in Southeast Europe and the Caucasus region. The Luxembourg Fund Awards, a joint initiative of the Tageblatt and Morningstar newspapers of Luxembourg, annually recognize the work of eleven investment funds. Ten of the awards are granted based on fund performance while the Tageblatt Award acknowledges a fund for its socially-oriented business model. Dr Klaus Glaubitt, chairman of the EFSE board of directors, expressed his appreciation on behalf of the EFSE, “We see rising interest from private investors in making long-term investments in the EFSE and thereby demonstrating social responsibility in the region.” As of December 31, 2010, EFSE has an outstanding investment portfolio of EUR 1.1 billion (USD 1.61 billion).

By Jacqueline Foelster, Research Associate

About European Fund for Southeastern Europe (EFSE): Established in 2005, the European Fund for Southeastern Europe aims to foster economic development in southeastern Europe and parts of Central Asia by supporting the provision of financial services to low-income households and micro- and small enterprises via local financial institutions. EFSE is privately managed, with Oppenheim Asset Management Services of Germany acting as its fund manager and Germany’s Finance in Motion GmbH acting as fund advisor. As of December 31, 2010, EFSE has an outstanding investment portfolio of EUR 1.1 billion (USD 1.61 billion). LuxFLAG, an organization that certifies that microfinance investment vehicles actually invest in the microfinance sector, renewed EFSE’s label as of April 2010.

Sources and Additional Resources:

[1] European Fund for Southeast Europe, “EFSE named as winner of the Luxembourg Fund Awards”, http://www.efse.lu/Details—2011-04-05-EFSE-named-as-winner-of-the-Luxembourg-Fund-Awards——_nav._siteid.134_entryid.353_dir._likecms.html

MicroCapital.org Brief, November 30, 2010, “CGAP (Consultative Group to Assist the Poor) Grants Transparency Certificates to Microfinance Investment Vehicles (MIVs) That Adhere to Environmental, Social and Governance (ESG) Standards”, https://www.microcapital.org/microcapital-brief-cgap-consultative-group-to-assist-the-poor-grants-transparency-certificates-to-microfinance-investment-vehicles-mivs-that-adhere-to-environmental-social-and-governance-esg-s/

MicroCapital Universe Profile: European Fund for Southeast Europe (EFSE), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Fund+for+Southeast+Europe+%28EFSE%29

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