Atlantic Business International (ABI), a holding company owned by the Morocco-based Banque Centrale Populaire (BCP) Group, recently entered an agreement with the EU’s European Investment Bank (EIB) whereby EIB will fund half of EUR 130 million (USD 138 million) in funding to be distributed via ABI’s Banque Atlantique institutions in Burkina Faso, Côte d’Ivoire and Senegal. The funds are to be directed to small and medium-sized enterprises (SMEs) and mid-caps with the goal of
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MICROCAPITAL BRIEF: EIB Lending $22m to Sahanala to Boost Sustainable Fisheries, Agricultural Value Chains, Mechanization of Farms in Madagascar
The EU’s European Investment Bank (EIB) recently agreed to loan EUR 20 million (USD 21.9 million) to Sahanala, a farmer-owned social enterprise in Madagascar, for a project to: (1) mechanise farms to increase agricultural yields; (2) develop enterprises that process grains, oils and animal feed for domestic sales; and
MICROCAPITAL BRIEF: EIB Loans $214m to Sicredi for Solar Panels for Households, SMEs in Brazil
Banco Cooperativo Sicredi, a Brazil-based financial cooperative owned by its 6.5 million members, recently agreed to borrow EUR 200 million (USD 214 million) from the EU’s European Investment Bank (EIB). Sicredi plans to use the capital to equip houses and
MICROCAPITAL BRIEF: WeLight Madagascar Raises $20m from EDFI ElectriFI, EIB, Triodos for Off-Grid Solar Development
WeLight, which operates in Madagascar and Mali, recently raised EUR 19 million (USD 20 million) from the Electrification Financing Initiative (ElectriFI) of Belgium-based European Development Finance Institutions (EDFI), the EU’s European Investment Bank (EIB) and three funds managed by Netherlands-based Triodos Investment Management to build solar mini-grids in Madagascar. These commitments complete the fundraising phase of a EUR 28 million (USD 30 million) project to
MICROCAPITAL BRIEF: EIB Lends Credo Bank $10m for MSMEs in Georgia
The EU’s European Investment Bank (EIB) recently agreed to loan Credo Bank, a commercial bank in Georgia, GEL 28.8 million (USD 10 million) to expand its financing of micro-, small and medium-sized enterprises (MSMEs). The floating-rate loan is synthetic, meaning it is denominated in euros but
MICROCAPITAL BRIEF: EIB Supporting Technical Assistance for Banque Misr on Financial Inclusion for SMEs, Post-COVID Growth in Egypt
Banque Misr, a financial institution owned by the government of Egypt, recently agreed to work with the EU’s European Investment Bank (EIB) on technical assistance efforts to: (1) enhance Banque Misr’s risk management and company-wide best practices regarding lending to small and medium-sized enterprises (SMEs); and (2) create new financial services through which Banque Misr can support
MICROCAPITAL BRIEF: Palestinian Monetary Authority, European Investment Bank (EIB) Announce $63m Package for MSMEs in Gaza Adjusting to COVID-19 Pandemic, with Focus on Companies Run by Women, Youth
The EU’s European Investment Bank (EIB) recently announced it will disburse EUR 60 million (USD 63 million) to the Palestinian Monetary Authority (PMA), with USD 50 million of the total to be on-lent by retail lenders in Gaza to micro-, small and medium-sized enterprises (MSMEs). The remainder of the funding will
MICROCAPITAL BRIEF: European Investment Bank Launches EIB Global to Expand in Africa, Asia, Latin America
The EU’s European Investment Bank (EIB) recently launched a new unit, EIB Global, to expand its operations in Africa, Asia and Latin America with support from Team Europe, an initiative launched by the EU to help countries worldwide adjust to the COVID-19 pandemic. To support its expanded geographic scope,
MICROCAPITAL BRIEF: EIB Lends Ecobank Group $113m for SMEs in Africa, with Emphases on Women, Adjusting to COVID-19
The Togo-based Ecobank Group recently received a 9-year credit facility of EUR 100 million (USD 113 million) from the EU’s European Investment Bank (EIB). The purpose is to help develop the small and medium-sized enterprise (SME) sector, with a particular emphasis on the
MICROCAPITAL BRIEF: Terabank Georgia Borrowing $7m from EIB to Aid MSMEs in Adjusting to COVID-19 Pandemic
The EU’s European Investment Bank (EIB) recently opened a credit line of EUR 6 million (USD 6.8 million) – usable in synthetic Georgian lari – for Terabank Georgia, which is owned by the UAE-based Abu Dhabi Group. Terabank, which focuses on retail customers as well as small and medium-sized enterprises (SMEs), seeks to use the credit line to help
MICROCAPITAL BRIEF: Agricover Credit IFN Borrows $18m from EIB to Expand Financial Access for Small, Medium-sized Farms in Romania
Recently, Agricover Credit IFN, a non-banking financial institution that specializes in financing agribusinesses in Romania, received a loan of EUR 7.5 million (USD 8.9 million) from the European Investment Bank (EIB), an entity of the EU. The agreement is designed to
MICROCAPITAL BRIEF: EIB Lending Banca Intesa Beograd of Serbia $47m for SMEs, Mid-Caps Adjusting to COVID-19 Pandemic
Recently, the European Investment Bank (EIB), an entity of the EU, extended a credit line of EUR 40 million (USD 47 million) to Banca Intesa Beograd (BIB) in an effort to boost the Serbian economy in response to the downturn caused by the COVID-19 pandemic. The funds are for on-lending to small and medium-sized enterprises (SMEs) and mid-caps to support operations, job retention and
MICROCAPITAL BRIEF: EIB Lending Jordan Kuwait Bank $119m for SMEs Adjusting to COVID-19 Pandemic
Recently, the European Investment Bank (EIB), an entity of the EU, extended a credit line of EUR 100 million (USD 119 million) to Jordan Kuwait Bank in an effort to boost the Jordanian economy in response to the downturn caused by the COVID-19 pandemic. The funds are to be used for
MICROCAPITAL BRIEF: EIB Lending CIH Bank of Morocco $73m to Support SMEs, Mid-caps in Adjusting to COVID-19 Pandemic
The European Investment Bank (EIB), an entity of the EU, recently agreed to loan EUR 60 million (USD 73 million) to Crédit Immobilier et Hôtelier (CIH) Bank, which is controlled by the
MICROCAPITAL BRIEF: Finnvera to Issue $780m in Pandemic-relief Loans in Finland with 75% Guarantee from EIB
Finnvera, a financier owned by the government of Finland, recently joined the Pan-European Guarantee Fund (EGF), an investment vehicle with EUR 25 billion (USD 29 billion) intended to catalyze an additional EUR 200 billion (USD 241 billion) in liquidity for firms adjusting to the COVID-19 pandemic. Under the program, Finnvera plans to lend EUR 650 million (USD 780 million) by December to firms in Finland that have more than
MICROCAPITAL BRIEF: Vital Finance Borrows $5m from EIB for Microfinance in Benin, Mostly for Women
The EU’s European Investment Bank (EIB) recently agreed to a partnership with Vital Finance, a microlender in Benin, to support smaller businesses via a loan of EUR 4 million (USD 4.8 million). The wholesale loan, which is the first Vital Finance has taken from EIB, is to fund an estimated 77,000 retail loans, 70 percent of which are to go to female entrepreneurs. Vital Finance CEO Wakil Adjibi stated that the partnership with EIB
MICROCAPITAL BRIEF: EIB to Loan $8.3m to Banco ADOPEM, Targeting Women Microentrepreneurs in Dominican Republic
The EU’s European Investment Bank (EIB) recently agreed to loan approximately DOP 480 million (USD 8.33 million) to Banco de Ahorro y Crédito ADOPEM, a microfinance institution (MFI) in the Dominican Republic, targeting microentrepreneurs as they adjust to the COVID-19 pandemic. The wholesale loan will allow ADOPEM to provide approximately 27,000 re
MICROCAPITAL BRIEF: Equity Bank Secures $144m from EIB, EU to Support Agriculture, SMEs in Kenya in Responding to COVID-19 Pandemic
Equity Bank (Kenya) Limited, a member of the Equity Bank Group, recently secured EUR 100 million (USD 120 million) from the EU’s European Investment Bank (EIB) for on-lending to small and medium-sized enterprises (SMEs). The EU Ambassador to Kenya, Simon Mordue, said,