The European Progress Microfinance Facility, an organization managed by the European Investment Fund (EIF) with the aim of increasing the availability of microcredit for small businesses, has signed its 20th microfinance intermediary, Italy-based credit cooperative Banco di Credito Mediocrati. Further details on the transaction have not been released.
With this transaction, approximately EUR 80 million (USD 98 million) has been committed by Progress Microfinance to microfinance providers in the European Union (EU). The committed funds are expected to facilitate approximately EUR 180 million (USD 220 million) in new microloans in 15 EU countries by 2019.
As of 2012 the European Progress Microfinance Facility has 20 microcredit providers in 14 countries. As of December 31, 2010, EIF reported total assets of EUR 1.2 billion (USD 1.6 billion).
By Charlotte Newman, Research Associate
About European Progress Microfinance Facility
The European Progress Microfinance Facility was launched in 2010 in an effort to increase the availability of microcredit for small businesses by issuing grants and providing loans to microcredit providers in the European Union. The microcredit providers may be private or public banks, non-bank microfinance institutions and nonprofit microcredit providers. Progress Microfinance is supported by the European Commission and the European Investment Bank, and it is managed by the European Investment Fund. As of 2012, the European Progress Microfinance Facility has 20 microcredit providers in 14 countries and has committed approximately USD 98 million in loans.
About European Investment Fund
The European Investment Fund (EIF) is a provider of risk finance to organizations that lend to small and medium-sized enterprises (SME) in Europe. The fund is a public-private partnership whose shareholding structure includes the European Union’s European Investment Bank; the European Union as represented by the European Commission; and 29 financial institutions from European Union member states plus Turkey and Croatia. EIF is a member of the EIB Group, the parent organization of the European Investment Bank. As of December 31, 2010, EIF reported total assets of EUR 1.2 billion (USD 1.6 billion).
Sources and Additional Resources:
Information sent to MicroCapital by the European Investment Fund: “EUR 180m of loans for microbusinesses across Europe under Progress Microfinance.”
MicroCapital.org story, March 21, 2012, “MICROCAPITAL BRIEF: European Investment Fund, Banca Transilvania Sign $10m Loan Agreement for Microfinance in Romania,” https://www.microcapital.org/microcapital-brief-european-investment-fund-banca-transilvania-sign-10m-loan-agreement-for-microfinance-in-romania/
MicroCapital.org story, January 3, 2012, “MICROCAPITAL BRIEF: Deutsche Investitions-und Enwicklungsgesellschaft GmbH (DEG), European Fund for Southeast Europe (EFSE), European Investment Fund to Loan $38m to Alternatifbank A.S. (ABank) of Turkey,” https://www.microcapital.org/microcapital-brief-deutsche-investitions-und-entwicklungsgesellschaft-gmbh-deg-european-fund-for-southeast-europe-efse-european-investment-fund-to-loan-30m-to-alternatifbank-a-s-abank-of-tu/
MicroCapital.org story, November 8, 2011, “MICROCAPITAL BRIEF: European Investment Fund Lends $1.3m to Microfinance Institution Societatea de Microfinantare Rurala FAER to Support Microenterprises in Romania,” https://www.microcapital.org/microcapital-brief-european-investment-fund-lends-1-3m-to-microfinance-institution-societatea-de-microfinantare-rurala-faer-to-support-microenterprises-in-romania/
MicroCapital Universe Profile: European Progress Microfinance Facility
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Progress+Microfinance+Facility
MicroCapital Universe Profile: European Investment Fund
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Investment+Fund
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