Serbian Entrepreneurship Foundation is a not-for-profit, non-governmental organization, founded in December 2019 for an indefinite period of time for achieving charitable purposes. The Foundation is established under the Law of Endowments and Foundations and the legal seat is in Belgrade.


Founders of the Foundation are KfW, German Development Bank, (www.kfw-entwicklungsbank.de) and Privredna komora Srbije (PKS), Serbian Chamber of Commerce (https://pks.rs/).


Foundation’s objectives:

Improving the access of start-ups, micro small and medium enterprises (MSMEs), entrepreneurs and registered farmers to adequate financial products, by encouraging banks and non-bank financial institutions to provide financial and non-financial services to this client segment.

This initiative should in turn generate and/or increase employment, improve the standards of living and alleviate poverty and thereby contribute to the sustainable growth of the Republic of Serbia.








To achieve its objectives, the Foundation, performs various activities including, but not limited to the following:

  • Providing bank guarantees to financial institutions
  • Providing trainings and technical assistance to banks and non-bank financial institutions, other service providers and business development entities, as well as support to implementing partners, taking the objective of the Foundation into account
  • Establishing cooperation with other similar organizations in Serbia and abroad
  • Initiating projects with the purpose of promotion of entrepreneurship and self-employment

Board of Directors


Members of the Board of Directors are:


John Khoury – Chairman of the Board of Directors, independent member

Darko Ivković – Member of the Board, appointed by KfW

Miloš Đekić – Member of the Board, appointed by PKS

Our Team


Aleksandar Grabovac –  Managing Director

Vedrana Vićentić –  Portfolio Manager

Danijela Avramović – Portfolio Manager

Nemanja Radojević– Portfolio Manager

Nataša Ranđelović –  Finance and Administration Officer

Kristina Skalušević – Junior Finance and Administration Officer

Annual Reports