The European Fund for Southeast Europe (EFSE), a microfinance investment fund incorporated in Luxembourg, recently reported to MicroCapital that it has made debt investments worth a total of USD 29 million in Raiffeisen Bank Bosnia and Herzegovina (BiH), a bank that provides corporate, retail and investment banking services. The loan from EFSE has been made in instalments of USD 21.7 million and USD 7.2 million.
As of December 31, 2010, Raiffeisen Bank BiH’s website indicated total assets equivalent to USD 2.75 billion and total loans equivalent to USD 1.65 billion.
As of March 31, 2011, EFSE has an outstanding investment portfolio of EUR 667 million (USD 941 million). LuxFLAG, an organization that certifies that microfinance investment vehicles actually invest in the microfinance sector, renewed EFSE’s label as of 2011.
By Rohan Trivedi, Research Associate
About The European Fund for Southeast Europe (EFSE):
Established in 2005, the European Fund for Southeast Europe aims to foster economic development in southeastern Europe and parts of Central Asia by supporting the provision of financial services to low-income households and micro- and small enterprises via local financial institutions. EFSE was initiated by KfW Entwicklungsbank, a German development bank, with support from the German Federal Ministry for Economic Cooperation and Development (BMZ in German) and the European Commission. EFSE is privately managed, with Oppenheim Asset Management Services of Luxembourg acting as fund manager and Finance in Motion GmbH of Germany acting as fund advisor. As of March 31, 2011, EFSE has an outstanding investment portfolio of EUR 667 million (USD 941 million). LuxFLAG, an organization that certifies that microfinance investment vehicles actually invest in the microfinance sector, renewed EFSE’s label as of 2011.
About Raiffeisen Bank Bosnia and Herzegovina (BiH):
Raiffeisen Bank Bosnia and Herzegovina (BiH) is a financial services provider that was founded in 1992 and has its headquarters in Sarajevo, Bosnia and Herzegovina. Raiffeisen Bank BiH has operations in corporate and retail banking, investment banking and treasury and financial markets. Raiffeisen Bank BiH is a member of the Raiffeisen Bank International group and a subsidiary of Raiffeisen Zentralbank Österreich AG (RZB), a banking group with operations across Eastern Europe and Central Asia. As of December 31, 2010, Raiffeisen Bank BiH’s website indicated total assets of USD 2.75 billion and total loans of USD 1.65 billion.
Sources and Additional Resources:
[1] Press Release submitted by the European Fund for Southeast Europe (EFSE) to MicroCapital, July, 2011
MicroCapital.org story, July 4, 2011: “MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE), Araratbank Sign $10m Loan Agreement for Micro and Small Enterprises (MSEs) in Armenia”, https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-araratbank-sign-10m-loan-agreement-for-micro-and-small-enterprises-mses-in-armenia/
MicroCapital.org story, May 30, 2011: “MICROCAPITAL BRIEF: LuxFLAG Renews Label for MIVs From Absolute, BlueOrchard, EFSE, Finethic, Horus, KCD, ResponsAbility, Triodos, Wallberg”, https://www.microcapital.org/microcapital-brief-luxflag-renews-label-for-mivs-from-absolute-blueorchard-efse-finethic-horus-kcd-responsability-triodos-wallberg/
MicroCapital Universe Profile: European Fund for Southeast Europe (EFSE), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Fund+for+Southeast+Europe+%28EFSE%29
MicroCapital Universe Profile: Raiffeisen Bank Bosnia and Herzegovina (BiH), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Raiffeisen+Bank+Bosnia+and+Herzegovina+%28BiH%29
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