The European Fund for Southeast Europe (EFSE), a microfinance investment fund incorporated in Luxembourg, has reported to MicroCapital that it has made a loan amounting to EUR 15 million (USD 20.7 million) to ProCredit Bank Georgia (PCBG).
PCBG defines itself as “development-oriented” and works especially with micro-, small and medium-sized enterprises in Georgia. In 2010, PCBG reported to US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 488 million, a gross loan portfolio of USD 336 million, return on assets (ROA) of 2.55 percent, return on equity (ROE) of 18.1 percent and 49,000 active borrowers. PCBG is a member of Germany’s ProCredit Holding, which consists of 21 banks operating in emerging markets in Eastern Europe, Latin America and Africa.
As of June 30, 2011, EFSE has an outstanding investment portfolio of EUR 676 million (USD 982 million). LuxFLAG, an organization that certifies that microfinance investment vehicles actually invest in the microfinance sector, renewed EFSE’s label as of 2011.
By Kristha Abores, Research Associate
About 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 June 30, 2011, EFSE has an outstanding investment portfolio of EUR 676 million (USD 982 million). LuxFLAG, an organization that certifies that microfinance investment vehicles actually invest in the microfinance sector, renewed EFSE’s label as of 2011.
About ProCredit Bank Georgia (PCBG):
ProCredit Bank Georgia (PCBG), a member of Germany’s ProCredit Holding, is a deposit-taking bank that operates in Georgia. PCBG defines itself as “development-oriented” and works especially with micro-, small and medium-sized enterprises. In 2010, PCBG reported to US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 488 million, a gross loan portfolio of USD 336 million, return on assets (ROA) of 2.55 percent, return on equity (ROE) of 18.1 percent and 49,000 active borrowers. As of 2011, ProCredit Holding consists of 21 banks operating in emerging markets in Eastern Europe, Latin America and Africa.
About ProCredit Holding:
ProCredit Holding consists of 21 banks operating in transition economies and developing countries in Eastern Europe, Latin America and Africa. It provides credit and other banking services to small and medium-sized enterprises and lower- and middle-income savers who have previously had limited access to formal financial services. As of December 31, 2010, it reported assets of EUR 5.2 billion (USD 6.8 billion) and a gross loan portfolio of EUR 3.6 billion (USD 4.8 billion).
Sources and Additional Resources:
[1] Information submitted by The European Fund for Southeast Europe to MicroCapital
MicroCapital.org article, October 12, 2011, “MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $8m to Mikrofin Banja Luka of Bosnia and Herzegovina, ProCredit Bank Macedonia to Support Micro-,Small and Medium-Sized Enterprises,” https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-loans-8m-to-mikrofin-banja-luka-of-bosnia-and-herzegovina-procredit-bank-macedonia-to-support-micro-small-and-medium-sized-enterprises/
MicroCapital.org article, July 8, 2011, “MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $49m to Support Micro-, Small and Medium-Sized Enterprises (MSMEs) Through Raiffeisen Banka Serbia, ProCredit Bank Macedonia, Mikrofin Banka Luka of Bosnia and Herzegovina,” https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-loans-49m-to-support-micro-small-and-medium-sized-enterprises-msmes-through-raiffeisen-banka-serbia-procredit-bank-macedonia-mikrof/
MicroCapital.org article, July 7, 2011, “MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $29m to Raiffeisen Bank Bosnia and Herzegovina,” https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-loans-29m-to-raiffeisen-bank-bosnia-and-herzegovina/
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: ProCredit Bank Georgia, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ProCredit+Bank+Georgia
MicroCapital Universe Profile: ProCredit Holding, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Procredit+Holding
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