Experienced cosmetologist Anna Stepanyan had a transformative idea – producing skincare products tailored to the skin type of Armenian women. This idea became Stepline, a thriving business that draws on the expert advice of leading dermatologists and cosmetologists across the country. Today, Anna produces more than 200 products under her own Esthe Nature brand and supports the production capacities of other Armenian skincare companies. Eager to grow beyond Armenia and expand Stepline’s product range to include a dedicated line for children’s care, Anna turned to Inecobank. The bank recognised her potential and provided the financing needed to increase competitiveness and brand awareness, both at home and internationally. What began in 2003 as a small company developing formulas for professional beauty lines is now a promising business looking to scale. Stepline is opening its own branded store in September 2025 and is keen to spread its care-products line to the US and Europe. The company currently employs 13 professionals – all women – and plans to increase the number of employees to support its bold development strategy. As the company continues to grow, Anna remains a guiding force - personally engaging in the production process and nurturing the brand with unwavering care. The business has navigated many strategic challenges over the past 20 years - from securing the capital to invest in innovative production technologies to reimagining its brand identity and marketing strategy. With Anna’s determination and Inecobank’s support, Stepline has remained ahead of its peers in a rapidly evolving and competitive marketplace.
Southeast Europe and the Caucasus have delivered encouraging economic growth in 2024. Yet the region continues to face deep-rooted socio-economic challenges, such as the slowing pace of poverty reduction and lingering gender inequalities. Many factors have contributed to a difficult operating environment for businesses in the region. These include persistent inflation, disrupted supply chains, weakened EU and global demand, labor shortages, and shifts in global trade policy. The war in Ukraine continued to cast a shadow across the region in 2024, with few signs of that changing in 2025. Geopolitical and economic risks remain elevated.
Filip Ilić owns a large vegetable farm in Petrovo Selo, within the Municipality of Gradiška, a Northern region known for its fertile soils. He cultivates vegetables, including bell peppers and onions, in both open fields and approximately 80 greenhouses, and sells his produce to regional markets and food retailers. The effects of climate change have inpacted the farm in recent years, including rising temperatures, and more irregular and intensified rainfall. This has stunted crop growth, decreased yields and damaged aging farming infrastructure. With his loan from Mikrofin, made possible by EFSE’s investment, Filip upgraded his greenhouses, replacing old, single-layer plastic covers with high-quality materials to improve insulation and structural durability. This enhanced resilience against adverse weather conditions, increasing production and extending crop cycles for greater profits. He also implemented new, smart technologies to monitor key environmental factors - like temperature and humidity - in the greenhouses. This increased crop yields and reduced resource waste. In the coming years, Filip plans to increase sustainable production and establish modern storage facilities to better store produce and improve sales further.
2024 was marked by profound uncertainty and ongoing conflict, conditions that persist today. Yet, it is precisely in these periods of disruption that the strength of a long-term, impact-driven approach becomes most apparent. For the SANAD Fund, these moments reinforce the urgency of our goal: to support local micro, small, and medium enterprises (MSMEs) across the Middle East and North Africa (MENA), and select countries in sub-Saharan Africa (SSA), and to help shape the resilient, inclusive economies of tomorrow. Despite these challenges, our multi-faceted and adaptive strategy allowed us to deepen our impact on the ground. In 2024 SANAD yet again expanded its outreach to MSMEs with 108,900 active borrowers served through 44 partner institutions. Since its inception in 2011, and through the end of 2024, SANAD has supported over 448,000 jobs across the MENA and SSA regions through cumulative debt and equity investments exceeding USD 980 million. Despite a highly challenging operating environment in 2024, the fund has an outstanding portfolio of USD 421 million and continued to maintain its Advisory & Capacity Building projects.
Media contact Nusha Westhoff Marketing & Communications Phone: +49 69 271 035-789 Email: n.westhoff@finance-in-motion.com
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