FRANKFURT, November 12, 2010 /PRNewswire via COMTEX/ -- Incepted five years ago by KfW Entwicklungsbank (The German Development Bank), the European Fund for Southeast Europe (EFSE) was awarded first prize at the G-20 summit in Seoul, receiving by far the most votes during a world-wide election in early November.

With this award, the innovative, crisis-resistant fund model for financing small and medium enterprises (SME) has received one of the highest credentials possible. Despite the global financial crisis, the fund has been able to successfully raise private capital, which has subsequently been distributed, quickly and unbureaucratically, amongst more than 60 partner institutions in 14 transition and developing countries for the financing of investments by local SME. The award acknowledges the fund's track record in terms of establishing a financing infrastructure for SME and the creation of some 215,000 new jobs since its inception. "Our thanks go to all those voters who selected our concept, and we would also 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 in order to put them in a position where they are able to help themselves," said Dr Klaus Glaubitt, Chairman of EFSE's Board of Directors, when commenting on the award.