Massively multilingual sentence representation models, e.g., LASER, SBERT-distill, and LaBSE, help significantly improve cross-lingual downstream tasks. However, the use of a large amount of data or inefficient model architectures results in heavy computation to train a new model according to our preferred languages and domains. To resolve this issue, we introduce efficient and effective massively multilingual sentence embedding (EMS), using cross-lingual token-level reconstruction (XTR) and sentence-level contrastive learning as training objectives. Compared with related studies, the proposed model can be efficiently trained using significantly fewer parallel sentences and GPU computation resources. Empirical results showed that the proposed model significantly yields better or comparable results with regard to cross-lingual sentence retrieval, zero-shot cross-lingual genre classification, and sentiment classification. Ablative analyses demonstrated the efficiency and effectiveness of each component of the proposed model.