The European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle (MIV), recently loaned EUR 1.5 million (USD 1.9 million) to Mikrokreditna Fondacija Mi-Bospo, a microfinance institution (MFI) based in Bosnia and Herzegovina that loans exclusively to women. Additional details concerning the transaction are unavailable.
As of December 2012, Mi-Bospo reported total assets of USD 21.2 million, a gross loan portfolio of USD 18.4 million, approximately 14,200 active borrowers, return on assets (ROA) of 0.99 percent and return on equity (ROE) of 1.92 percent. The institution does not accept deposits.
As of March 2012, EFSE has an outstanding investment portfolio of EUR 723 million (USD 885 million). As of March 2013, EFSE holds a label from LuxFLAG, an organization that certifies that microfinance investment vehicles actually invest in the microfinance sector.
By Nicole Boyd, Research Associate
About Mikrokreditna Fondacija Mi-Bospo
Mikrokreditna Fondacija Mi-Bospo was established in 1996 as a microcredit research program of Bospo, an NGO based in Bosnia and Herzegovina (BiH) that offers educational, legal and psychosocial services. Mi-Bospo became registered as an independent microcredit institution in 2000. The institution provides women with access to agricultural, business, housing and multipurpose loans. The institution is a member of the Poland-based Microfinance Centre (MFC) for Central and Eastern Europe and the New Independent States, an organization that aims to promote a socially oriented and sustainable microfinance sector in Eastern and Central Europe. As of December 2012, Mi-Bospo reported total assets of USD 21.2 million, a gross loan portfolio of USD 18.4 million, approximately 14,200 active borrowers, return on assets (ROA) of 0.99 percent and return on equity (ROE) of 1.92 percent. The institution does not accept deposits.
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 March 2013, EFSE holds a label from LuxFLAG, an organization that certifies that microfinance investment vehicles actually invest in the microfinance sector.
Sources and Additional Resources:
Information sent by the European Fund for Southeast Europe to MicroCapital.
MicroCapital. March 8, 2013, “MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $974k to Araratbank of Armenia,” https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-loans-974k-to-araratbank-of-armenia/
MicroCapital. February 27, 2013, “MICROFINANCE PAPER WRAP-UP: “Microfinance at The Margin: Evidence from Bosnia and Herzegovina”; by Ralph De Haas, Heike Harmgart, Britta Augsburg and Costas Meghir; published by European Bank for Reconstruction and Development,” https://www.microcapital.org/microfinance-paper-wrap-up-microfinance-at-the-margin-evidence-from-bosnia-and-herzegovina-by-ralph-de-haas-heike-harmgart-britta-augsburg-and-costas-meghir-published-by-europe/
MicroCapital. January 8, 2013, “MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $4.9m to Banka Respublika of Azerbaijan, $3.2m to ProCredit Bank Bosnia and Herzegovina,” https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-loans-4-9m-to-banka-respublika-of-azerbaijan-3-2m-to-procredit-bank-bosnia-and-herzegovina/
MicroCapital Universe Profile: Mikrokreditna Fondacija Mi-Bospo
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mikrokreditna+Fondacija+Mi-Bospo
MicroCapital Universe Profile: The 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: Microfinance Centre (MFC) for Central and Eastern Europe and the New Independent States https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microfinance+Centre+for+Central+and+Eastern+Europe+and+the+New+Independent+States
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