The International Finance Corporation (IFC), the private-sector arm of the World Bank Group, recently announced it will loan the euro-equivalent of USD 4.5 million to Alter Modus, a microfinance institution (MFI) in Montenegro. The loan is intended to support Alter Modus’s efforts to increase the number of microenterprise clients throughout the next four years. Since Montenegro became a shareholder of IFC in 2008, IFC has invested USD 87 million in Montenegro.
As of 2016, Alter Modus operates 15 branches serving 19,000 clients. As of the same year, IFC has 184 member countries that drive its policies and approve disbursements, it and reported total assets of USD 90.4 billion, net income of USD 419 million and USD 19 billion in investments in developing countries.
By Petra Barbu, Research Associate
About Alter Modus
Alter Modus is a Montenegro-based microfinance institution (MFI) that specializes in issuing micro- and small loans. The MFI was founded in 1997 as a nongovernmental organization. As of 2016, Alter Modus operates 15 branches and serves 19,000 clients.
About International Finance Corporation (IFC)
The International Finance Corporation (IFC), a member of the US-based World Bank Group, offers loans, equity investments, technical assistance, and advisory and risk mitigation services to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2016, IFC has 184 member countries that drive its policies and approve disbursements, and it reported total assets of USD 90.4 billion.
Sources and Additional Resources:
[1] IFC Helps Alter Modus Boost Lending to Smaller Enterprises in Montenegro
[2] MicroCapital Universe Profile: International Finance Corporation
[3] MicroCapital Universe Profile: Alter Modus
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