{"id":61155,"date":"2021-05-13T09:14:40","date_gmt":"2021-05-13T09:14:40","guid":{"rendered":"https:\/\/eu4moldova.eu\/?p=61155"},"modified":"2022-02-01T01:54:59","modified_gmt":"2022-01-31T23:54:59","slug":"eu-and-efse-release-additional-40-million-in-response-to-coronavirus-crisis","status":"publish","type":"post","link":"https:\/\/eu4moldova.eu\/en\/eu-and-efse-release-additional-40-million-in-response-to-coronavirus-crisis\/","title":{"rendered":"EU and EFSE release additional &#x20AC;40 million in response to coronavirus crisis"},"content":{"rendered":"<p><strong><\/p>\n<ul>\n<li>Economic development &amp; market opportunities<\/li>\n<li>Employment and entrepreneurship<\/li>\n<\/ul>\n<p><\/strong><\/p>\n<p><strong><\/strong><\/p>\n<p>The European Commission has invested an additional \u20ac40 million into the European Fund for Southeast Europe (EFSE), supported by the EU under its EU4Business initiative, to help combat the economic effects of the COVID-19 pandemic in the Eastern Neighbourhood and the Western Balkans.<\/p>\n<p>The funding will be used to bolster the ability of local financial institutions to support micro- and small enterprises in overcoming the challenges of the crisis. A significant portion of the sum has been specifically designated for financing in local currency \u2013 providing an extra level of security by safeguarding borrowers from exchange rate risk.<\/p>\n<p><span><span><span><span><span>According to a\u00a0<\/span><\/span><\/span><a href=\"https:\/\/www.efse.lu\/fileadmin\/user_upload\/efse\/5_impact\/sektion_7__read_more_about_our_imapct\/EFSE_Study_Covid_19.pdf\"><strong><span><span><span>study<\/span><\/span><\/span><\/strong><\/a><span><span><span>\u00a0conducted by the EFSE Development Facility, <\/span><\/span><\/span><span lang=\"EN-US\" lang=\"EN-US\" lang=\"EN-US\"><span><span>four<\/span><\/span><\/span><span><span><span> out of <\/span><\/span><\/span><span lang=\"EN-US\" lang=\"EN-US\" lang=\"EN-US\"><span><span>five<\/span><\/span><\/span><span><span><span> small businesses in <\/span><\/span><\/span><span lang=\"EN-US\" lang=\"EN-US\" lang=\"EN-US\"><span><span>targeted<\/span><\/span><\/span> <span><span><span>regions have experienced \u2018negative to extremely negative impact\u2019 on their operations, with others reporting temporary layoffs that could become permanent. In 2020, EFSE\u2019s funding to 66 financial institutions in these regions facilitated 40,000 new loans to entrepreneurs and households, helping sustain over 91,000 jobs. Over 57% of these loans were provided in local currency.<\/span><\/span><\/span><\/span><\/span><\/p>\n<p><span><span><strong><span lang=\"EN-US\" lang=\"EN-US\" lang=\"EN-US\"><span>Find out more<\/span><\/span><\/strong><\/span><\/span><\/p>\n<p><span><span><a href=\"https:\/\/www.efse.lu\/news-events\/all\/newsdetail?tx_news_pi1%5Baction%5D=detail&amp;tx_news_pi1%5Bcontroller%5D=News&amp;tx_news_pi1%5Bnews%5D=660&amp;cHash=134988971cb9d97e2dce397d000c3a8e\"><span lang=\"EN-US\" lang=\"EN-US\" lang=\"EN-US\"><span>Press release<\/span><\/span><\/a><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economic development &amp; market opportunities Employment and entrepreneurship The European Commission has invested an additional \u20ac40 million into the European Fund for Southeast Europe (EFSE), supported by the EU under its EU4Business initiative, to help combat the economic effects of the COVID-19 pandemic in the Eastern Neighbourhood and the Western Balkans. The funding will be [&hellip;]<\/p>\n","protected":false},"author":35,"featured_media":60885,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"topics":[],"class_list":["post-61155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":{"event_start_date":null,"event_end_date":null},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EU and EFSE release additional &#x20AC;40 million in response to coronavirus crisis - EU for Moldova<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eu4moldova.eu\/eu-and-efse-release-additional-40-million-in-response-to-coronavirus-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EU and EFSE release additional &#x20AC;40 million in response to coronavirus crisis - EU for Moldova\" \/>\n<meta property=\"og:description\" content=\"Economic development &amp; market opportunities Employment and entrepreneurship The European Commission has invested an additional \u20ac40 million into the European Fund for Southeast Europe (EFSE), supported by the EU under its EU4Business initiative, to help combat the economic effects of the COVID-19 pandemic in the Eastern Neighbourhood and the Western Balkans. 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