The European Fund for Southeast Europe (EFSE) a microfinance investment vehicle (MIV) advised by Finance in Motion and managed by Oppenheim Asset Management Services, has provided a loan of EUR 20 million (approximately USD 26.2 million) to Banka Kombëtare Tregtare (BKT), a commercial bank in Albania.
The loan will help the bank expand lending to micro- and small enterprises (MSEs) in Albania. As of year-end 2009, BKT had 12 branches, total assets of USD 1.34 billion and a gross loan portfolio of USD 539 million, return on equity (ROE) of 27.7 percent and return on average assets (ROAA) of 1.93 percent.
By Witt Gatchell, Research Associate
About European Fund for Southeast Europe (EFSE):
Established in 2005, the European Fund for Southeastern Europe aims to foster economic development in southeastern Europe and parts of Central Asia by providing financial services to low-income households and micro- and small enterprises via local financial institutions. EFSE is privately managed with Oppenheim Asset Management Services as the fund manager and Finance in Motion GmbH as the fund advisor. As of December 31, 2009, EFSE has an outstanding investment portfolio of EUR 578 million (USD 775 million). LuxFLAG, an independent organization that certifies that microfinance vehicles actually invest in the microfinance sector, renewed EFSE’s label as of April 2010.
About Banka Kombëtare Tregtare (BKT):
Banka Kombëtare Tregtare (BKT) is a commercial bank in Armenia founded in 1993. As of year-end 2009, BKT had 12 branches, total assets of USD 1.34 billion and gross loan portfolio of USD 539 million.
Sources and Additional Resources:
[1] EFSE Press Release: “BKT borrows EUR 20 million from EFSE to boost small business finance in Albania” http://www.efse.lu/news-events/press-releases/archive/press-releases-201…
MicroCapital Universe: European Fund for Southeast Europe (EFSE)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Eur…
MicroCapital Universe: Banka Kombëtare Tregtare (BKT)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ban…
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