The Development Facility of the European Fund for Southeast Europe (EFSE), a technical assistance facility of the Luxembourg-based microfinance investment vehicle (MIV) EFSE, has provided an undisclosed amount of funding to the Association of Professional Risk Managers in Bosnia and Herzegovina (APRMIBIH). Denis Hasanic, the President of APRMIBIH, stated that the relationship grew from a goal to create a climate that is more conducive to business in Bosnia and Herzegovina, which could be realized “through a synergy of our local Association’s expertise and the international expertise provided by the EFSE.”
APRMIBIH was founded in 2013 by 17 representatives of unnamed banks in Bosnia and Herzegovina to deliver risk management assistance to banks and provide a network for regulatory agencies and risk managers. The Development Facility of EFSE was founded in 2006 to support EFSE’s economic development objectives. As of June 2013, EFSE has an investment portfolio of EUR 774 million (USD 1 billion).
By Meraj Husain, Research Associate
About European Fund for Southeast Europe (EFSE)
The European Fund for Southeast Europe (EFSE) was established in 2005 by Kreditanstalt für Wiederaufbau (KfW), a German development bank; with financial support from the German Federal Ministry for Economic Cooperation and Development (known by its German acronym BMZ), which supports economic development both in Germany and abroad; and the European Commission, the executive body of the European Union. EFSE seeks to aid 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 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 June 2013, EFSE has an investment portfolio of EUR 774 million (USD 1 billion). As of 2013, EFSE holds a microfinance label from Luxembourg Fund Labeling Agency (LuxFLAG), an NGO that certifies that social investment vehicles actually invest as advertised.
Sources and Additional Resources
[1] European Fund for Southeast Europe: “EFSE DF Supports New Association of Professional Risk Managers in Bosnia and Herzegovina,” http://www.efse.lu/Details—2014-03-27-EFSE-DF-supports-new-Association-of-Professional-Risk-Managers-in-Bosnia-and-Herzegovina——_nav._siteid.134_entryid.528_dir._likecms.html
MicroCapital, October 31, 2013, “European Fund of Southeast Europe (EFSE) Loans $31m to Komercijalna Banka Beograd of Serbia, Microfinance Institution Patria Credit of Romania,” https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-loans-31m-to-komercijalna-banka-beograd-of-serbia-microfinance-institution-patria-credit-of-romania/
MicroCapital, January 7, 2013, “European Fund for Southeast Europe (EFSE) Loans $32m to Garanti Leasing to Boost Services to Micro-, Small, and Medium-sized Enterprises,” https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-efse-loans-32m-to-garanti-leasing-to-boost-services-to-microsmall-and-medium-sized-enterprises/
MicroCapital Universe Profile: European Fund for Southeast Europe (EFSE) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=European+Fund+for+Southeast+Europe+%28EFSE%29
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- SPECIAL REPORT: Investors, MFIs Continue to Wrestle with Sustainable Finance Disclosures Regulation (SFDR) #EMW2023
- MICROCAPITAL BRIEF: Mi-Bospo of Bosnia and Herzegovina Borrowing $2.2m from Grameen Credit Agricole Foundation for Microfinance Lending
- MICROCAPITAL BRIEF: EU Guaranteeing $113m to Support $490m in Lending by EBRD to MSMEs in Eastern Europe, North Africa, Western Asia
- SPECIAL REPORT: Yikri of Burkina Faso Wins $110k European Microfinance Award for Progress Toward Food Security #EMW2023
- MICROCAPITAL BRIEF: WeLight Madagascar Raises $20m from EDFI ElectriFI, EIB, Triodos for Off-Grid Solar Development
