Final Annual Review Meeting of the Challenge to Change 3.0 Project Held

The meeting brought together members of the SERDA project team, as the implementing organisation, along with representatives of the Embassy of Sweden, who had the opportunity to gain detailed insight into the project's achievements throughout its implementation.

During the meeting, the project's key results were presented, including the strong response from the private sector, with more than 1,100 applications received, of which 59 projects were successfully implemented. The total value of the completed investments exceeded EUR 4.11 million, including EUR 1.36 million in grant funding and EUR 2.75 million in private co-financing, demonstrating a strong multiplier effect in mobilising private capital.

The project made a significant contribution to economic development by supporting business innovation and growth. As a result, 1,242 jobs were retained and 185 new jobs were created, including a substantial number of employment opportunities for young people and women.

Particular emphasis was placed on the project's impact in strengthening the competitiveness of small and medium-sized enterprises (SMEs), as well as its contribution to the digital and green transition, in line with the priorities of the Swedish International Development Cooperation Agency (Sida) and the European Union.

The high quality of the project's implementation was also highlighted, including a transparent and competitive evaluation process with a minimal number of appeals, as well as an unqualified audit report, confirming the high standard of project management and full compliance with donor requirements.

Participants concluded that there is significant potential for the further application and expansion of the Challenge Fund model, including growing interest in replicating it in other countries of the region and incorporating it into future support programmes.

The meeting concluded with participants expressing satisfaction with the project's achievements while emphasising the importance of continuing support for innovation and private sector development in Bosnia and Herzegovina.