The European Investment Bank (EIB), the long-term lending institution of the EU, recently loaned EUR 15 million (USD 16.8 million) to Joint Stock Company Liberty Bank of Georgia. The loan is
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MICROCAPITAL BRIEF: EFSE Launches “Power of Local Currency” Campaign in Eastern Europe with Investments in TBC Bank, BasisBank of Georgia; Belarusky Narodny Bank of Belarus; Araratbank of Armenia
The European Fund for Southeast Europe (EFSE), a microfinance investment vehicle domiciled in Luxembourg, recently launched a campaign promoting local-currency funding in Eastern Europe, with the financial support of the EU’s “EU4Business” initiative. Among the first borrowers under this “Power of Local Currency” campaign was
MICROCAPITAL BRIEF: EBRD, EU Commit $132m to EU4Business Initiative for Financing SMEs via OTP Bank Ukraine, ProCredit Bank Ukraine, Raiffeisen Bank Aval
The UK-based European Bank for Reconstruction and Development (EBRD) and the EU recently committed EUR 120 million (USD 132 million) to implement the EU4Business Initiative in Ukraine. Through the program, EBRD will provide local banks with
MICROCAPITAL BRIEF: EFSE Loans $33m to Erste Bank Montenegro for Housing Microfinance
The European Fund for Southeast Europe (EFSE), a microfinance investment vehicle domiciled in Luxembourg, recently announced it has lent EUR 30 million (USD 33 million) to Erste Bank Montenegro, a commercial banking member of the Austria-based Erste Group, to expand housing finance in Montenegro. Erste Bank Montenegro CEO Aleksa Lukic commented
MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $2.6m in Local Currency to VisionFund Microfinance Institution SEF International to Support Rural MSEs in Armenia
The European Fund for Southeast Europe (EFSE), a microfinance investment vehicle domiciled in Luxembourg, recently announced that it has lent local currency approximately equivalent to USD 2.58 million to SEF International, a microfinance institution (MFI) in Armenia, to finance micro- and small enterprises (MSEs) in rural areas. Commenting on the transaction, SEF CEO Garegin Gevorgyan said
MICROCAPITAL BRIEF: Erste Bank Serbia Opens $45m Credit Line from EBRD to Increase Financing to SMEs
The UK-headquartered European Bank for Reconstruction and Development (EBRD) recently issued a loan to the Serbian unit of Austria-based Erste Group Bank in the amount of EUR 40 million (USD 45 million) with the aim of supporting small and medium-sized enterprises (SMEs) in Serbia. As of year-end 2018
MICROCAPITAL BRIEF: EFSE Lends $10m to OTP Leasing for Rural MSEs in Ukraine
The European Fund for Southeast Europe (EFSE), a Luxembourg-domiciled microfinance investment vehicle, recently issued a loan of USD 10 million to OTP Leasing, which is a unit of OTP Bank JSC, a Ukraine-based member of the Hungary-based OTP Group. The loan is intended to
MICROCAPITAL BRIEF: ACBA-Credit Agricole Bank Borrows $10m in Local Currency from European Fund for Southeast Europe (EFSE) to Finance Micro-, Small Enterprises (MSEs) in Armenia
Agricultural Cooperative Bank of Armenia (ACBA)-Credit Agricole Bank, the Armenian subsidiary of France-based Groupe Credit Agricole, recently borrowed local currency equivalent to USD 10 million from the European Fund for Southeast Europe (EFSE), a Luxembourg-domiciled
MICROCAPITAL BRIEF: EFSE Invests $9m in Kredobank Bond Issue for Small, Medium-sized Enterprise (SME) Lending in Ukraine
The European Fund for Southeast Europe (EFSE), a Luxembourg-domiciled microfinance investment vehicle, recently invested UAH 312 million (USD 11 million) in Public Joint Stock Company (PJSC) Kredobank, a Ukrainian bank owned by the Polish financial services firm, Powszechna Kasa Oszczednosci (PKO) Bank Polski Spolka Akcyjna.
MICROCAPITAL BRIEF: EU Funding Expansion of EBRD Women in Business Programme to Morocco
The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral institution, is expanding its Women in Business Programme to Morocco, where it will offer training sessions, networking opportunities and internet-based mentoring for women entrepreneurs in the country.
MICROCAPITAL BRIEF: EBRD Loans $5.9m in Local Currency to Erste Bank ad Novi Sad to Support Household Energy Efficiency in Serbia
The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral institution, recently loaned RSD 600 million (USD 5.9 million) to Erste Bank ad Nova Sad (Erste Bank Serbia), a commercial banking subsidiary
MICROCAPITAL BRIEF: EFSE Lends $24m to BT Leasing for Micro-, Small Enterprises (MSEs) in Romania
The European Fund for Southeast Europe (EFSE), a Luxembourg-domiciled microfinance investment vehicle, recently lent EUR 20 million (USD 24 million) to BT Leasing, a member of Romania’s Grupul Financiar Banca Transilvania (BT). BT Leasing CEO Ionut Morar explained, “We are glad to receive this funding that allows us to support Romanian entrepreneurs, especially
MICROCAPITAL BRIEF: EFSE Loans $18m to Garanti Leasing of Romania to Finance MSMEs
The European Fund for Southeast Europe (EFSE), a Luxembourg-domiciled fund that promotes economic development primarily through financing micro- and small enterprises, recently extended a senior loan of
MICROCAPITAL BRIEF: Green for Growth Fund (GGF) Loans $6m to Halkbank to Finance Energy-efficient Housing in Serbia
The Green for Growth Fund (GGF), which was founded by Germany’s Kreditanstalt für Wiederaufbau (KfW) and the EU’s European Investment Bank (EIB), recently disbursed EUR 5 million (USD 5.9 million) to Halkbank AD Belgrade, a subsidiary of Turkey’s government-controlled Halk Bank Incorporated. The loan is slated to back mortgages on homes that consume
MICROCAPITAL BRIEF: Targeting Rural MSEs, EFSE Lends Local-currency Equivalent of $6m to Opportunity Bank Serbia
The European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle, recently announced it will loan RSD 615 million (USD 6 million) to Opportunity Bank Serbia (OBS), a branch of US-based microfinance network Opportunity International, “to support small businesses, especially in rural areas.”
MICROCAPITAL BRIEF: EFSE Funding $2.3m in Microenterprise Loans in Bosnia and Herzegovina via Mi-Bospo, Half in Rural Areas
The European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle, recently announced it will loan EUR 2 million (USD 2.3 million) to Microcredit Foundation Mi-Bospo, a non profit microfinance institution in Bosnia and Herzegovina.
MICROCAPITAL BRIEF: EFSE Lending $25m to Turkey’s Yapi Kredi Leasing for Micro-, Small Enterprises (MSEs)
The European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle, recently indicated that it intends to lend USD 25 million to Turkey’s Yapi Kredi Leasing, “the largest subsidiary of Yapi Kredi Bank.”
MICROCAPITAL BRIEF: EFSE Extends Credit of $20m QNB Finansbank of Turkey for On-lending to Agricultural Small, Medium-sized Enterprises (SMEs)
The European Fund for Southeast Europe (EFSE), a microfinance investment vehicle led by German development bank Kreditanstalt für Wiederaufbau (KfW), recently announced that it has provided an additional senior loan to QNB Finansbank, a Turkey-based commercial bank, in the amount of USD 20 million. QNB plans to use the funds to expand its agricultural lending in rural Turkey. In support of the transaction, EFSE is offering QNB