The European Fund for Southeast Europe (EFSE), a microfinance investment vehicle (MIV) based in Luxembourg, has disbursed loans to Microcredit Foundation EKI (MCF EKI) and MF Banka a.d. Banja Luka, both of which are microfinance institutions located in Bosnia and Herzegovina.
EFSE loaned USD 3.7 million to MF Banka a.d. Banja Luka and USD 5.0 million to MCF EKI. The loans are intended to assist MF Banka and MCF EKI in expanding outreach into rural areas.
As of 2012, MCF EKI reported total assets of USD 68.9 million and a gross loan portfolio of USD 62.9 million. As of 2010, MF Banka a.d. Banja Luka reported total assets of USD 40.3 million. 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.
By Brett Cohen, Research Associate
About Microcredit Foundation EKI
Microcredit Foundation EKI (MCF EKI) was established in 1996. Through its network of 62 branches and offices, MCF EKI serves approximately 34,500 clients across the country, both in urban and rural areas. As of 2012, MCF EKI reported total assets of USD 68.9 million and a gross loan portfolio of USD 62.9 million.
About MF Banka a.d. Banja Luka
MF Banka a.d. Banja Luka, which was established in 2007, is a bank in Bosnia and Herzegovina affiliated with its majority owner Mikrofin Banja Luka, a microfinance institution (MFI) based in Bosnia and Herzegovina. As of 2010, MF Banka a.d. Banja Luka reported total assets of USD 40.3 million.
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.
Sources and Additional Resources
Efse.lu Press Release, “EFSE continues to support rural finance through MCF EKI in Bosnia and Herzegovina”
http://www.efse.lu/Press-releases—Details—2012-05-31-EFSE-continues-…
MicroCapital.org story, May 11, 2012: “MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Lends $23m to Inecobank of Armenia, Megabank of Ukraine, Partner MikroKreditna Fondacija Tuzla of Bosnia and Herzegovina”
https://www.microcapital.org/microcapital-brief-european-fund-for-southea…
MicroCapital.org story, April 28, 2012: “MICROCAPITAL BRIEF: DIMOCO Expands Corporate Mobile Payment Services to Albania, Montenegro, Bosnia-Herzegovina and Kosovo”
https://www.microcapital.org/microcapital-brief-dimoco-expands-corporate-...
MicroCapital Universe Profile: European Fund for Southeast Europe
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Eur…
Browse the MicroCapital Universe Profile and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Mi-Bospo of Bosnia and Herzegovina Borrowing $2.2m from Grameen Credit Agricole Foundation for Microfinance Lending
- MICROCAPITAL BRIEF: CEB, EU Expand Roma Housing Microfinance, Financial Inclusion Program to Bulgaria
- MICROCAPITAL BRIEF: Paywatch, Visa to Expand Early Access to Wages, Payment Services in Asia
- SPECIAL REPORT: Yikri of Burkina Faso Wins $110k European Microfinance Award for Progress Toward Food Security #EMW2023
- MICROCAPITAL BRIEF: Belgian Investment Company for Developing Companies (BIO) Names Joris Totté as CEO
