The Board of Directors of the European Bank for Reconstruction and Development (EBRD), an international bank established in 1991 to support market economies and democracies in countries from central Europe to central Asia, will meet to discuss an increase in previously announced syndicated loan to Microfinance Bank of Azerbaijan (MFBA).
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MICROCAPITAL STORY: The European Bank for Reconstruction and Development (EBRD) Extends a $1m loan to Norwegian Microcredit (Normicro) of Azerbaijan
The European Bank for Reconstruction and Development (EBRD), a London-based international bank utilizing investment tools to encourage democracy and market economies from central Asia to central Europe since 1991, is financing a USD 1 million loan to Baku-based Norwegian Microcredit (Normicro), a limited liability company (LLC) reporting 2007 total assets of nearly USD 7 million and a loan portfolio approaching USD 6.9 million. As reported by The Financial, a daily newspaper operating out of Georgia and Ukraine, “the financing will be used for on-lending to micro and small enterprises (MSEs) especially in rural areas of Azerbaijan.”
MICROCAPITAL STORY: The European Bank for Reconstruction and Development (EBRD) will Extend a $30m Syndicated Loan to the Micro Finance Bank of Azerbaijan (MFBA) for On-lending to Micro Enterprises
The Board of Directors of the London-based European Bank for Reconstruction and Development (EBRD), an international bank utilizing investment tools to encourage democracy and market economies from central Asia to central Europe since 1991, will discuss an upcoming syndicated loan to the Micro Finance Bank of Azerbaijan (MFBA) on May 12th. The loan will be worth USD 30 million, as reported by the Azeri-Press Agency (APA). The EBRD will finance USD 10 million of the loan and the remaining USD 20 million will be offered to the syndication market on “B loan” terms.
MICROCAPITAL STORY: European Bank for Reconstruction and Development (EBRD) Doubles Support for Bosnian Microfinance Institution Mikrokreditna Organizacija EKI With Second $9m Loan
The European Bank for Reconstruction and Development (EBRD) is providing a new EUR 6 million (USD 9.1 million) loan to Mikrokreditna organizacija EKI (EKI), the third-largest microfinance institution in Bosnia and Herzegovina (BiH). The loan, which will be on-lent by EKI, is funded by the EUR 75 million (USD 114 million) EBRD Micro, Small and Medium Sized Enterprises Finance Framework for the Western Balkans and Croatia, which aims at facilitating access to finance for smaller business clients.
MICROCAPITAL STORY: European Bank for Reconstruction and Development (EBRD) Lends $1.5m to Microfinance Institution (MFI) Credo of Georgia
The European Bank for Reconstruction and Development (EBRD), a multilateral development bank serving European and Asian ex-Communist economies, will loan USD 1.5 million to Credo, Georgia’s second-largest microfinance institution (MFI) by loan portfolio size, according to the Financial.
MICROCAPITAL STORY: European Bank for Reconstruction and Development (EBRD) Lends $1m to Microfinance Institution (MFI) IMON of Tajikistan
The European Bank for Reconstruction and Development (EBRD), a multilateral development bank focused on European and Asian ex-Communist economies, will provide a USD 1 million loan to IMON, a Tajikistan-based microfinance institution (MFI) – its third such loan thus far.
MICROCAPITAL STORY: European Bank for Reconstruction and Development (EBRD) Announces Second Loan of EUR 4 Million to Local Microfinance Institution Kosovo Enterprise Programme (KEP)
The European Bank for Reconstruction and Development (EBRD) announced, in a press release, a second loan of EUR 4 million (USD 5.9 million) to Kosovo Enterprise Programme (KEP), a leading microfinance institution (MFI) in Kosovo. The loan will help KEP finance loans to local micro, small and medium-sized enterprises (MSMEs) for launching new operations or expanding existing ones. In February 2007, MicroCapital reported on EBRD’s first loan to KEP, valued at EUR 3 million (USD 3.9 million).
MICROCAPITAL STORY: European Bank for Reconstruction and Development (EBRD) and Developing World Markets (DWM) Provide Tajik Farmers with Microfinance via Loans, New Facility
In an effort to boost Tajikistan’s economy, the European Bank for Reconstruction and Development (EBRD) will facilitate lending USD 7.2 million to two Tajik banks in order to extend microfinance loans to the agricultural sector. These will be the first syndicated loans in Tajikistan. The financing, provided under the new Tajik Agricultural Finance Framework (TAFF), will allow small farmers, many of whom have never received a loan before, to purchase farming equipment and other supplies.
MICROCAPITAL STORY: European Bank for Reconstruction and Development (EBRD) Provides $2m Guarantee to Kyrgyz Microfinance Institution Bai Tushum
The European Bank for Reconstruction and Development (EBRD) is providing Bai Tushum Financial Foundation (BTFF), a leading microfinance institution (MFI) in the Kyrgyz Republic, with a USD 2 million guarantee for local currency loans from local banks. Bai Tushum will use the finances to on-lend to local micro and small enterprises.
MICROCAPITAL STORY: European Bank for Reconstruction and Development (EBRD) and Citigroup Loan USD 16.4 Million to ACBA-Credit Agricole Bank in Armenia
This is another story coming courtesy from the latest issue of the Microfinance Capital Markets Newsletter of the Consultative Group to Assist the Poor (CGAP) and the MIX, the microfinance information clearinghouse. ACBA-Credit Agricole Bank (ACBA), an Armenian microfinance institution (MFI), has received two loan investments totaling over USD 16.4 million. The European Bank for Reconstruction and Development (EBRD), a UK-based international financial institution, provided half of the investment in a USD 8.2 million loan. Citigroup has matched EBRD’s USD 8.2 million loan, however lent ACBA the finances through EBRD’s A/B loan structure. According to the EBRD website, the A/B loan structure allows EBRD to sign off as the official lender of record, while Citigroup receives the lender’s benefits that would have otherwise gone to EBRD. The combined loans add to ACBA’s gross loan portfolio of 90.4 million, an increase of 18.1 percent. ACBA now has over USD 158.5 million in total assets (see “Financial Data”).
NEWS WIRE: EBRD Boosts Funding for Romanian Micro Businesses
MICROCAPITAL STORY: Micro Finance Bank of Azerbaijan (MFBA) Sells 4.3 million in Shares to EBRD, Black Sea Trade and Development Bank, IFC, KfW, LFS Financial Systems, and AccessHolding
This story comes to us here at MicroCapital.org courtesy of the May 2007 CGAP-MIX Capital Markets Update Newsletter. The Micro Finance Bank of Azerbaijan (MFBA) sells USD 4.3 mn of its shares to six investors: EBRD, Black Sea Trade and Development, IFC, KfW, LFS Financial Systems, and AccessHolding. The European Bank for Reconstruction and Development (EBRD) invested the equivalent of USD 1.1 mn in MFBA. The EBRD is a multilateral institution that was formed in 1991 to support market economies and democracies from Central Europe to Central Asia. The organization currently works with more than 70 commercial banks and non-banking financial institutions to support microbusiness and microfinance. To date it has lent more than USD 1bn to facilitate more than USD 15 bn of microloans in the region.
PRESS RELEASE: EBRD Provides First Rural Facility in Romania
MICROCAPITAL STORY: EBRD Loans USD 1mm to Frontiers LLC to Support Microfinance in Kyrgyzstan and Tajikistan
The European Bank for Reconstruction and Development (EBRD) has announced a USD 1mm loan it will provide to Frontiers LLC, the wholesale microlending company based in Bishek, Kyrgyzstan. The loan will be accompanied by USD 100,000 of technical cooperation intended to support the institutional development of Frontiers, which was established in 2003 by US non-profit organisation ACDI/VOCA with USD 3mm of start-up capital. At the year end 2006 Frontiers reported total fund assets of USD 4,424,952 to MIX Market, the microfinance information clearinghouse, and 30 active microfinance investments. Frontiers provides financing to non-banking financial institutions in Central Asia to lend to micro-entrepreneurs. Rob Fries, chairman of the board of directors for Frontiers, thinks the support from EBRD will help Frontiers in its role in the “development of the financial sector in Central Asia.”
EBRD supports microfinance in Tajikistan, by providing a $4 million loan to the First MicroFinanceBank
The European Bank for Reconstruction and Development (EBRD) is extending support to micro and small enterprises in Tajikistan, by providing a USD 4 mm loan to The First MicroFinanceBank (FMFB)-Tajikistan. The loan comes under the Tajikistan Micro and Small Enterprise Finance Facility (TMSEFF), established in 2003 by EBRD to provide loans to micro, small and medium-sized enterprises. The objective of the Tajik MSE Finance Facility is to develop the necessary skills and capacity in the Tajik financial system/banking sector to provide access to finance to creditworthy Micro and Small Enterprises (MSEs) nationwide. According to the press release, since the establishment of the facility more than 18,000 loans with an average value of USD 3,000 have been provided as of 2006 and loans to female entrepreneurs constitute 41 per cent of the portfolio.
The European Bank for Reconstruction and Development (EBRD) Loans USD 3.9 million to Kosovo Enterprise Programme (KEP)
EBRD Loans Armenian Inecobank USD 5 Million in Microfinance Investment to Be Used for Small Business Lending
The European Bank for Reconstruction and Development (EBRD) recently announced that it will be lending USD 5 million to Armenia’s CJSC Inecobank, which will be used for “on-lending to local micro and small enterprises.” EBRD, with support from United States Agency for International Development (USAID) will also contribute technical training to improve the bank’s lending operations. In 2005, the EBRD lent Inecobank USD 1 million to start up its microlending branch. The head of the EBRD’s Armenia office, Michael Weinstein, mentioned that the loan will “facilitate growth in the banking sector and support mico and small enterprises’ access to finance.”
EBRD Invests $1 Million in Azeri MFI CredAgro
The European Bank for Reconstruction and Development (EBRD) recently announced that will be loaning $1 million to the Azeri MFI, CredAgro. $250,000 of the loan will be financed by Taiwan International Cooperation and Development Fund (TaiwanICDF), a government run technical cooperation agency. The investment is part of the EBRD’s Non-bank Microfinance Institutions Framework for Early Transition Countries project.
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