Supported by OSF-RIO and the European Investment Fund, REDI will provide 4.65M EUR in loans to micro-enterprises in Roma Communities from 4 countries
Supported by the Open Society Foundations and the European Investment Fund, REDI will provide 4.65M EUR in loans to micro-enterprises in Roma communities in four countries
The Open Society Roma Initiatives Office and the Soros Economic Development Fund (SEDF) have been supporting REDI since 2017. With their financial and logistical support, REDI Economic Development S.A. (REDI), an investment vehicle focused on Roma entrepreneurs in Europe, was established in Luxembourg, and the Roma Initiatives Office and the SEDF were the first to provide risk capital for the REDI Fund. This enabled REDI to sign an agreement with the European Investment Fund (EIF) that will make €4.65 million available to enhance access to finance for entrepreneurs operating in Roma communities in Romania, Bulgaria, Serbia and North Macedonia. Micro-enterprises in Roma communities will be able to obtain loans of €25,000 each.
The agreement between REDI and EIF was signed on Tuesday, 12 April 2022. REDI will provide €4.65 million, and the EIF will provide REDI FUND the public guarantees. Micro-enterprises in Roma communities will be able to obtain loans of €25,000 each.
More than 300 small businesses will be funded, and at least 1,000 jobs will be created in the four Balkan countries.
In addition to financial support, REDI will also provide technical assistance to entrepreneurs to help inform these Roma communities and understand their specific business development needs.