The European Fund for Southeast Europe (EFSE), a Luxembourg-based, government-backed microfinance investor that aims to foster regional development, recently announced that it has provided loans totaling EUR 25 million (USD 33 million) to UniCredit Serbia to support its small enterprise lending operations and its homes and housing improvement program [1].EUR 10 million (USD 13 million) was allocated to strengthen the bank’s microcredit lending and small enterprise initiatives. The remaining EUR 15 million (USD 20 million) was channeled to the bank’s housing program that provides loans intended to be used for home improvements. Approximately 40 percent of UniCredit Serbia loans to private clients are for home improvement and the development of small enterprises, constituting the largest portion of the bank’s lending services [1].
UniCredit Serbia is part of the UniCredit Group, an Italian-based financial group with presence in 22 countries. In 2012, UniCredit Serbia reported total assets of RSD 244 billion (USD 2.8 billion). As of March 2013, EFSE has an outstanding investment portfolio of EUR 699 million (USD 912 million) and 119,428 active borrowers.
By Anesa Kratovac, Research Associate
About UniCredit Bank Serbia
UniCredit Bank Serbia is a member of UniCredit Group, an Italy-based, pan-European financial institution. UniCredit Group has a presence in 22 countries with over 9,500 branches that successfully service millions of clients. UniCredit Group is present on the Serbian financial market as UniCredit Bank Serbia since 2001 with a network of 75 branches. For the year 2012, UniCredit Serbia reported total assets of RSD 244 billion (USD 2.8 billion).
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 2012, EFSE has an outstanding investment portfolio of EUR 723 million (USD 885 million). As of 2012, EFSE holds a label from LuxFLAG, an organization that certifies that microfinance investment vehicles actually invest in the microfinance sector.
Sources and Additional Resources
[1] EFSE Press Release website article, “EFSE Supports UniCredit Serbia’s Housing and MSE Finance Operations,” http://www.efse.lu/Press-releases—Details—2013-07-09-EFSE-bolsters-UniCredit-Serbia—s-housing-and-MSE-finance-operations——_nav.52_siteid.134_entryid.488_dir._likecms.html
EFSE website publication, “Q1 2013 Development Performance Quarterly Fact Sheet,” http://www.efse.lu/uploads/embedding_list_upload_51d2afb366ec9/development-performance-q1-2013_en.pdf
MicroCapital.org Article, June 17,2013, “MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $9.3m to Mikrofin Banja Luka, MF Banka of Bosnia and Herzegovina for Micro- and Small Enterprise (MSE) in Rural Areas,” https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-loans-9-3m-to-mikrofin-banja-luka-mf-banka-of-bosnia-and-herzegovina-for-micro-and-small-enterprise-mse-in-rural-areas/
MicroCapital Article, June 17, 2013, “MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE), European Bank for Reconstruction and Development (EBRD) Loan $4m to Mikrokreditna Fondacija Mi-Bospo of Bosnia and Herzegovina,” https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-european-bank-for-reconstruction-and-development-ebrd-loan-4m-to-mikrokreditna-fondacija-mi-bospo-of-bosnia-and-herzegovina/
MicroCapital Universe Profile: UniCredit Bank Serbia, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Unicredit+Bank+Serbia
MicroCapital Universe Profile: The European Fund for Southeast Europe (EFSE), https://www.microcapital.org/microfinanceuniverse/tikiindex.php?page=European+Fund+for+Southeast+Europe+%28EFSE%29
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: CEB, EU Expand Roma Housing Microfinance, Financial Inclusion Program to Bulgaria
- MICROCAPITAL BRIEF: EBRD Loans $21m to BMCI of Morocco as Part of Women in Business (WiB) Program
- MICROCAPITAL BRIEF: Sanad Fund for MSME Raises $26m from ASN Bank, Calvert Impact to Boost Financial Inclusion, Resilience in MENA
- SPECIAL REPORT: Yikri of Burkina Faso Wins $110k European Microfinance Award for Progress Toward Food Security #EMW2023
- SPECIAL REPORT: Investors, MFIs Continue to Wrestle with Sustainable Finance Disclosures Regulation (SFDR) #EMW2023
