Mikrofond Aktzionerno Druzhestvo, a Bulgarian microfinance institution (MFI); Microfinance Centre, a Poland-based network of MFIs; and Citi Foundation, a US-based organization supporting financial inclusion, have prepared 25 Bulgarian microfinance trainers to give financial education workshops and counseling sessions to poor people in both rural and urban areas. Aspects of the sessions include making and using a repayment calendar, calculating savings capacity and creating an emergency fund [1].
The US-based nonprofit Microfinance Information Exchange (MIX) reports data on 25 MFIs in Bulgaria, which hold an aggregate gross loan portfolio of USD 673 million reaching 44,814 borrowers as of 2010 [2].
About Mikrofond Aktzionerno Druzhestvo
Mikrofond Aktzionerno Druzhestvo was established in 1999 with the goal of financing Bulgarian entrepreneurs who do not have access to the traditional banking system. Among Mikrofund’s funders is the European Progress Microfinance Facility, which is managed by the European Investment Fund. In 2010, Mikrofond had 10 branches and a gross loan portfolio of USD 4 million. Mikrofond also had total assets of USD 6.4 million, 1,027 borrowers, a return on assets rate of 0.25% and a return on equity rate of 0.93%.
About Microfinance Centre
Based in Poland, the Microfinance Centre (MFC) for Central and Eastern Europe and the New Independent States is an international network of approximately 105 microfinance institutions (MFIs) that aims to promote a socially oriented and sustainable microfinance sector. Its services include knowledge management, policy advocacy, technical assistance and research and development.
About Citi Foundation
The Citi Foundation provides grants and guarantees focusing on the areas of microfinance, small and growing businesses, education, asset building and neighborhood revitalization. As of 2009, Citi Foundation reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 65.8 million. Citi Foundation is the charitable arm of US-based financial services provider Citigroup.
By Charlotte Newman, Research Associate
Sources and Additional Resources:
[1] Microfinance Centre: “Mikrofond AD, Microfinance Centre and Citi Foundation Support the Financial Inclusion of Low-Income Individuals in Bulgaria,” http://mfc-highlights.blogspot.com/2012/01/mikrofond-ad-microfinance-centre-and.html
[2] Microfinance Information Exchange: Microfinance in Bulgaria: Country Profile http://www.mixmarket.org/mfi/country/Bulgaria
MicroCapital.org story, August 18, 2011, “MICROCAPITAL BRIEF: Microfinance Centre (MFC) for Central and Eastern Europe and the New Independent States’ ‘Financial Education Program’ Reacher 100,000 Low-Income Households in Eastern Europe, Central Asia,” https://www.microcapital.org/microcapital-brief-microfinance-centre-mfc-for-central-and-eastern-europe-and-the-new-independent-states%E2%80%99-%E2%80%9Cfinancial-education-program%E2%80%9D-reaches-100000-low-income-households/
MicroCapital.org story, April 5, 2011, “MICROCAPITAL BRIEF: European Commission ‘s ‘European Progress Microfinance Facility’ Looks to Ease Access to Credit for Small-business, Signs Agreement with Mikrofond AD of Bulgaria,” https://www.microcapital.org/microcapital-brief-european-commissions-european-progress-microfinance-facility-looks-to-ease-access-to-credit-for-small-business-signs-agreement-with-mikrofond-ad-of-bulgaria-2/
MicroCapital Universe Profile: Mikrofond AD https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=mikrofond+AD
MicroCapital Universe Profile: Microfinance Centre https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microfinance+Centre+for+Central+and+Eastern+Europe+and+the+New+Independent+States
MicroCapital Universe Profile: Citi Foundation
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Citi+Foundation
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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