responsAbility Global Microfinance Fund loaned $2,902,000 to microfinance institutions in Eastern Europe and Central Asia. responsAbility, established in 2003 under Luxembourg law, is classified as a private investor and open-ended investment fund. In July 2006, it reported a total fund volume of $70.2 million as well as microfinance and free trade investments of $65.5 million. MicroCapital recently reported on responsAbility’s $800,000 investment in BlueOrchard Loans for Development.
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Triodos-Doen Foundation and Triodos Fair Share Fund Invest Over $3 Million: Loans to XacBank of Mongolia, Mikrofin of Bosnia & Herzegovina, and MicroInvest of Moldova
The Triodos-Doen Foundation and Triodos Fair Share Fund invested over $3 million in microfinance institutions in Eastern Europe and Central Asia. Both are under management of Triodos International Fund Management, part of the Triodos Bank Group of the Netherlands. Triodos-Doen is 1994 joint initiative of DOEN Foundation and Triodos Bank, which reported fund assets of $38.5 million at the end of 2005. Closed mutual fund Triodos Fair Share Fund was launched in 2002 and reported fund assets of $18.6 million last year.
The European Bank for Reconstruction & Development Supports Microfinance in Moldova with 2.4 million euro Credit Line Extension to Mobiasbanca
Mobiasbanca, the fifth largest private bank in Moldova, was extended a credit line of 2.4 million euros (USD $3.07 million) by the European Bank for Reconstruction & Development (EBRD) as part of its Moldovan Microfinance Framework (MMF). MMF is a $25 million facility providing funds for local banks to lend to micro and small enterprises.
European Bank for Reconstruction & Development Backs Alter Modus of Montenegro, Kazakhstan Loan Fund, and Moldovan Rural Finance Corporation with New Microcredit Investments
The European Bank for Reconstruction & Development was established in 1991 to enable growth of the private sector in Eastern Europe after the fall of Communism. The Bank uses tools of investment to help build market economies and democracies in twenty-seven countries. The Bank is owned by member / shareholder countries with over å¥20 billion in subscribed capital and maintains a AAA credit rating.
The European Bank for Reconstruction & Development made its first-ever local currency loan to the Kazakhstan Loan Fund. The KZT 267.14 million loan (approximately US$2 million) will develop on-lending across the fund’s product base that includes Business Loan Group solidarity loans, individual loans, and group consumer lending. The Kazakhstan Loan Fund has been a presence in European microfinance for 9 years now. With a gross loan portfolio of US$6,154,594 and total assets of US$7,231,359, the fund created a return on assets of 7.20% over 2004. By January of 2006, that loan portfolio had grown to US$11.6 million.
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MICROCAPITAL BRIEF: Arnur Credit of Kazakhstan Borrows $3.3m from Grameen Crédit Agricole to Expand Access to Microfinance
The Luxembourg-based Grameen Crédit Agricole (GCA) Foundation recently loaned EUR 3 million (USD 3.3 million) to Arnur Credit, a microfinance institution (MFI) that operates in southern Kazakhstan. Arnur provides
MICROCAPITAL BRIEF: KosInvest Borrows $650k from Grameen Crédit Agricole for Microfinance in Kosovo
The Grameen Crédit Agricole Foundation, a Luxembourg-based investor in social businesses, recently issued a two-year loan of EUR 600,000 (USD 660,000) to KosInvest, a Kosovo-based microfinance institution (MFI) affiliated with the US-based Christian NGO World Vision. KosInvest provides microinsurance as well as loans designed for purposes such as
MICROCAPITAL BRIEF: Grameen Crédit Agricole Foundation Loans $1.9m to Mikra for Microfinance in Bosnia and Herzegovina
The Grameen Crédit Agricole (GCA) Foundation, which is headquartered in Luxembourg, has reported issuing a loan of EUR 1.9 million (USD 1.9 million) to the microfinance institution (MFI) Mikra of Bosnia and Herzegovina. Mikra, whose head office is in the city of Sarajevo, seeks to
MICROCAPITAL BRIEF: ASN Bank Lends EFSE $50m for Micro-, Small Enterprises; Households in Europe, Western Asia
ASN Bank, a retail banking member of the Netherlands’ de Volksbank, recently agreed to purchase EUR 50 million (USD 50 million) in notes from the European Fund for Southeast Europe (EFSE), which provides investments and technical assistance to microfinance institutions and other lenders in Eastern and Southeastern Europe as well as Western Asia.
The director of ASN’s sustainable finance team, Yvonne van Hoof, explained, “Via this investment, we are ultimately able to improve the quality of
MICROCAPITAL BRIEF: EBRD, EFSE, GGF Lending $9m to Bank Lviv to Support SMEs in Ukraine in Adjusting to War
The European Bank for Reconstruction and Development (EBRD), a multilateral institution, is arranging a loan package of up to EUR 10 million (USD 10 million) for Ukraine’s Bank Lviv to support small and medium-sized enterprises (SMEs). The loan fulfills part of a pledge by EBRD to invest EUR 1 billion (USD 1 billion) this year into the Ukrainian economy to
MICROCAPITAL BRIEF: AEB Onlending $5.7m from EBRD, EU to SMEs in Armenia, Mostly for “Green” Investments
The European Bank for Reconstruction and Development (EBRD), a UK-based development finance institution, recently agreed to lend EUR 5 million (USD 5.7 million) to Armeconombank (AEB), an Armenian bank. The purpose is to finance small and medium-sized enterprises (SMEs) in acquiring technology that will upgrade employees’ working conditions, boost competitiveness and increase exports – including by reaching EU standards. AEB has agreed to direct at least 70 percent of the loan proceeds to
MICROCAPITAL BRIEF: EBRD, EU Lending $30m for MSMEs via ProCredit Bank Ukraine, Primarily for Green Technology
ProCredit Bank Ukraine recently agreed to borrow the approximate equivalent of USD 30 million from the UK-based European Bank for Reconstruction and Development (EBRD) and the EU. The funds, which are denominated in a mix of euros and Ukrainian hryvnia, are to be used for on-lending to micro-, small and medium-sized enterprises (MSMEs). The wholesale loan is part of the EU4Business-EBRD Credit Line,
MICROCAPITAL BRIEF: EBRD Loans $2.4m to ProCredit Bank Bosnia and Herzegovina for Energy Efficiency, Homeowners Eligible for EU Grants
The UK-based European Bank for Reconstruction and Development (EBRD) recently announced it is lending EUR 2 million (USD 2.37 million) to ProCredit Bank Bosnia and Herzegovina (PCB BiH) to on-lend for residential “investments in insulation, windows, heat pumps, solar panels and other improvements” that reduce energy usage. PCB BiH is a member of Germany’s ProCredit Holding, whose members provide
MICROCAPITAL BRIEF: EFSE Loans $6m to Agroprosperis Bank to Support Farmers in Ukraine
The European Fund for Southeast Europe (EFSE), a microfinance investment vehicle domiciled in Luxembourg, recently loaned EUR 5 million (USD 6.1 million) to Agroprosperis Bank to support agricultural micro- and small enterprises (MSEs) in Ukraine. In particular,
MICROCAPITAL BRIEF: Financial Literacy Centre of Kosovo Provides Curriculum, Textbooks for Primary Schools
The Financial Literacy Centre (FLC), which was established in Kosovo in 2017 by the Central Bank of Kosovo and the Development Facility of the European Fund for Southeast Europe (EFSE), recently helped build financial literacy into the curriculum of Kosovo’s Ministry of Education. The programming includes “an inclusive approach featuring characters of various physical abilities and gender presentation” introducing “learners to
MICROCAPITAL BRIEF: IFC Lends $100m to ProCredit Holding to Finance Small, Medium-Sized Enterprises (SMEs) in Eastern, Southeastern Europe; Ecuador
To support small and medium-sized enterprises (SMEs) during the COVID-19 pandemic, the International Finance Corporation (IFC), the private-investment arm of the World Bank Group, recently issued a senior loan of USD 100 million to Germany-based ProCredit Holding. The financing will benefit ProCredit entities in Ecuador and eight countries in Europe: Albania, Bosnia and Herzegovina, Kosovo, Moldova, North Macedonia, Romania, Serbia, and Ukraine. IFC is funding the loan through Working Capital Solutions, a program that provides one-year, renewable loans to
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Lending $8.1m to Bank Lviv for SMEs in Ukraine
The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral investor, recently agreed to provide a four-year loan in local currency equivalent to USD 8.1 million to Bank Lviv, a commercial bank in Ukraine, for on-lending to small and medium-sized enterprises (SMEs). Ashot Abrahamyan, the CEO of Bank Lviv, explains that his institution is
MICROCAPITAL BRIEF: IFC Lends $16m to BT Mic for MSEs in Romania, With a Focus on Female-owned Enterprises
The World Bank Group’s International Finance Corporation (IFC) recently loaned USD 16 million to BT Mic, a lender to small businesses that is controlled by Romania’s Transilvania Bank Group. The funding is intended to
MICROCAPITAL BRIEF: Patria Credit Borrows $2.7m from EFSE to Increase Local-currency Financing in Rural Romania
Patria Credit, a non-banking financial institution in Romania, recently borrowed RON 12 million (USD 2.7 million) from the European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle. Christoph Tiskens, the Board Chair of EFSE, said of