The European Fund for Southeast Europe (EFSE) has reported to MicroCapital that it has made of the following amounts in support of microfinance during April 2012: USD 10 million to Inecobank of Armenia, USD 7 million to Megabank of Ukraine and approximately USD 6.66 million to Partner MikroKreditna Fondacija Tuzla of Bosnia and Herzegovina.
For the year 2011, Inecobank reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 230 million, a gross loan portfolio of USD 164 million, total deposits of USD 72.2 million, a return on assets (ROA) of 4.81 percent and a return on equity (ROE) of 26.3 percent. For the year 2011, Megabank reported total assets of UAH 4.67 billion (USD 581 million), a gross loan portfolio of UAH 3.79 billion (USD 472 million) and approximately 450,000 customers. For the year 2011, Partner reported to MIX a gross loan portfolio of USD 56.4 million with approximately 34,700 active borrowers, a return on assets (ROA) of .63 percent and return on equity (ROE) of 1.6 percent. As of June 30, 2011, EFSE has an outstanding investment portfolio of EUR 676 million (USD 982 million).
By Brendan Millan, Research Associate
About Inecobank: Founded in 1996, Inecobank is an Armenia-based closed joint stock company focusing on micro-, small and medium-sized enterprises (MSMEs). For the year 2011, Inecobank reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 230 million, a gross loan portfolio of USD 164 million, total deposits of USD 72.2 million, a return on assets (ROA) of 4.81 percent and a return on equity (ROE) of 26.3 percent.
About Megabank: Founded in 1990, Megabank is a Ukraine-based joint stock company. For the year 2011, Megabank reported total assets of UAH 4.67 billion (USD 581 million), a gross loan portfolio of UAH 3.79 billion (USD 472 million) and approximately 450,000 customers.
About Partner MikroKreditna Fondacija Tuzla: Founded in 1997, Partner is a microfinance institution (MFI) based inBosnia and Herzegovina providing financial services in rural areas. For the year 2011, Partner reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 71.6 million, a gross loan portfolio of USD 56.4 million, approximately 34,700 active borrowers, a return on assets (ROA) of 0.63 percent and return on equity (ROE) of 1.6 percent.
About European Fund for Southeast Europe (EFSE): Established in 2005, the European Fund for Southeast Europe aims to foster economic development in southeastern Europe and parts of Central Asiaby supporting the provision of financial services to low-income households and micro- and small enterprises via local financial institutions. EFSE was initiated by KfW Entwicklungsbank, a German development bank, with support from the German Federal Ministry for Economic Cooperation and Development (BMZ in German) and the European Commission. 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 30, 2011, EFSE has an outstanding investment portfolio of EUR 676 million (USD 982 million). LuxFLAG, an organization that certifies that microfinance investment vehicles actually invest in the microfinance sector, renewed EFSE’s label as of 2011.
Sources and Resources:
[1] Correspondence between EFSE and MicroCapital.
MicroCapital.org story, January 10, 2012, “MICROCAPITAL BRIEF: European Fund for Southeast Europe Lends $24m to AccessBank of Azerbaijan, Kreditimi Rural I Kosoves of Kosovo, Byblos Bank Armenia, Alter Modus of Montenegro”, https://www.microcapital.org/microcapital-brief-european-fund-for-southeast-europe-lends-24m-to-accessbank-of-azerbaijan-kreditimi-rural-i-kosoves-of-kosovo-byblos-bank-armenia-alter-modus-of-montenegro/
MicroCapital.org story, November 24, 2011, “MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $34m to Banca Intesa Beograd of Serbia for Micro-and Small Enterprises,” https://www.microcapital.org/microcapital-brief-european-fund-for-southea…
MicroCapital.org story, November 16, 2011, “MICROCAPITAL BRIEF: European Fund for Southeast Europe Lends $20m to ProCredit Bank Georgia for Microfinance, SMEs https://www.microcapital.org/microcapital-brief-european-fund-for-southea…
MicroCapital.org story, July 7, 2011, “MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $29m to Raiffeisen Bank Bosnia and Herzegovina”, https://www.microcapital.org/microcapital-brief-european-fund-for-southea…
MicroCapital Universe Profile: CGAP (Consultative Group to Assist the Poor), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=CGAP+%28Consultative+Group+to+Assist+the+Poor%29
MicroCapital Universe Profile: Inecobank CJSC, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=INECO+Bank+CJSC
MicroCapital Universe Profile: Megabank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Megabank
MicroCapital Universe Profile: Partner MikroKreditna Fondacija Tuzla, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Partner+Microcredit+Foundation
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
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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