OREANDA-NEWS. November 23, 2010. The “MEGABANK”’s partner European Fund for Southeast Europe (EFSE) was recognized as the best worldwide model of catalysing finance for small and medium enterprises through the online competition “G-20 SME Finance Challenge”. South Korea’s President Lee Myung-bak hosted the award ceremony at the G-20 Summit in Seoul, Korea, which was also attended by U.S. President Barak Obama and Canadian Prime Minister Stephen Harper, reported the press-centre of MEGABANK.

“Receiving this award has made us happy: EFSE’s innovative, crisis-resistant fund model for financing small and medium enterprises has received one of the highest credentials possible. The award also acknowledges the Fund's track record in terms of establishing a financing infrastructure for SME, helping them grow and create jobs. Since its inception five years ago, EFSE has contributed to the creation of some 215,000 new jobs”.

“I would like to thank all our voters for the “People’s Choice” award who selected our concept of implementing a special local currency finance facility within the Fund to provide long-term local currency loans to small enterprises and to remove one of the major development barriers to responsible enterprise financing in developing and transition countries”.

“Also, I would like to specifically thank our partners for the trust they placed in us. We are committed to doing everything in our power to efficiently and sustainably support small businesses in transition and developing countries and place them in a position where they are able to help themselves”, - said Dr. Klaus Glaubitt, the Chairman of the EFSE Board of Directors.

Reference. In October 2009, PJSC “MEGABANK” and European Fund for Southeast Europe (EFSE) signed the agreement on the subordinated loan of 10 million dollars which should be used for lending to micro, small and medium enterprises.