SCAAK and EBRD Support Micro and Small Enterprises Towards Economic Recovery

2020-06-23 - 02:08

Prishtina, 23 June 2020 - The Society of Certified Accountants and Auditors of Kosovo (SCAAK) and the European Bank for Reconstruction and Development (EBRD) have signed an agreement for the development and implementation of the project "Support to micro and small enterprises towards financial management" .

Kosovo is not the only country that is going through an economic crisis affected by the COVID-19 pandemic, this situation is present all over the world. In particular, this crisis has affected micro, small and medium enterprises (SMEs), which have faced and continue to face large losses. At this time, it is essential to begin the process of recovery of the country's economy, which requires the provision of intensive support for capacity building, strengthening of enterprises and also financial assistance to these enterprises.

Through the project to be implemented by SCAAK and which is supported by the EBRD through funding from the Government of Luxembourg, the categories of micro and small enterprises will be assisted in building their capacity to understand the financial structure of the enterprise by drafting plans to mitigate the financial and economic impact, as well as to find ways to solve the financial problems and difficulties that these enterprises face.

The project envisages the creation of a simplified financial model and the relevant manual which will remain within the enterprises and will serve as a tool for forecasting cash flow, performance, position and financial analysis as well as reporting for these enterprises. Representatives of micro and small enterprises will have the opportunity as part of this project to attend online webinars to be trained on the use of the financial model and the relevant manual towards the recovery and further development of their enterprises.