The European Fund for Southeast Europe (EFSE), a microfinance investment fund incorporated in Luxembourg, has reported to MicroCapital that it has made loans to the following institutions: USD 15 million to AccessBank of Azerbaijan, the equivalent of USD 649,000 to Kreditimi Rural I Kosoves (KRK) of Kosovo, the equivalent of USD 5.27 million to Byblos Bank Armenia and approximately USD 3.89 million to Alter Modus of Montenegro. The loan to Byblos Bank was disbursed in two tranches: a local currency loan of AMD 875 million (USD 2.27 million) and an additional transaction of USD 3 million. The loan to Alter Modus was disbursed in tranches of USD 1.3 million and USD 2.6 million.
As of December 2010, AccessBank reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 457 million, a gross loan portfolio of USD 342 million, approximately 120,000 borrowers, return on assets (ROA) of 7.68 percent, return on equity (ROE) of 40.1 percent and a deposit portfolio of USD 158 million.
As of March 2011, KRK reported to MIX total assets of USD 13.9 million, a gross loan portfolio of USD 11.5 million, ROA of 0.25 percent and ROE of 0.83 percent.
Byblos Bank Armenia reported total assets of AMD 36 billion (USD 93.5 million) as of September 2011 and a net profit of AMD 330 million (USD 855,000) for the nine-month period ending September 2011.
Financial information on Alter Modus is not available.
By Kristha Abores, Research Associate
About AccessBank:
AccessBank was founded in 2002 as the Micro Finance Bank of Azerbaijan (MFBA) and was renamed AccessBank in 2008. AccessBank is owned by six organizations: the European Bank of Reconstruction and Development (20 percent), an institution owned by 61 countries and two intergovernmental institutions; the International Finance Corporation (20 percent), the investment arm of the World Bank Group; the Black Sea Trade and Development Bank (20 percent), a financial institution with eleven European member countries; Germany’s KfW Bankengruppe (20 percent); Access Microfinance Holding AG (16.53 percent), a commercial microfinance holding company based in Germany; and LFS Financial Systems GmbH (3.47 percent), a German consulting and management company that focuses on microfinance projects. As of December 2010, AccessBank reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 457 million, a gross loan portfolio of USD 342 million, approximately 120,000 borrowers, return on assets (ROA) of 7.68 percent, return on equity (ROE) of 40.1 percent and a deposit portfolio of USD 158 million.
About Access Microfinance Holding AG:
Access Microfinance Holding AG (AccessHolding) was established in 2006 in Germany by LFS Financial Systems GmbH (LFS). It invests in microfinance institutions (MFIs) and aims to develop its investments through equity finance, holding services and management services rendered by LFS, which acts as its technical partner. AccessHolding establishes new MFIs together with external partners and transforms existing non-bank microlending institutions into microfinance banks that offer a wider range of services such as deposits. AccessHolding is a joint-stock company with committed capital of EUR 26.4 million (USD 37 million). As of June 2011, AccessHolding has investments in AccesBanque Madagascar (39.2 percent share); AccessBank Azerbaijan (16.5 percent share); AccessBank Tanzania (42.9 percent share); AB Microfinance Bank Nigeria Limited (50.1 percent share); AccessBank Liberia (52 percent share); and AccessBank Tajikistan (52 percent share).
About Kreditimi Rural I Kosoves:
Kreditimi Rural I Kosoves (KRK) is a microfinance institution based in Kosovo. Formerly called the Rural Finance Project of Kosovo, KRK assists farmers and rural microentrepreneurs in restoring and developing agricultural production capacity and establishing a sustainable, community-based rural credit scheme. As of March 2011, KRK reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 13.9 million, a gross loan portfolio of USD 11.5 million, return on assets of 0.25 percent and return on equity of 0.83 percent.
About Byblos Bank Armenia:
Part of the Byblos Bank Group, Byblos Bank Armenia is a financial institution headquartered in Yerevan, Armenia. It offers loans, deposits and other financial services to commercial and retail banking clients. It reported total assets of AMD 36 billion (USD 93.5 million) as of September 2011 and a net profit of AMD 330 million (USD 855,000) for the nine-month period ending September 2011.
About Alter Modus:
Alter Modus is a microfinance institution based in Podgorica, Montenegro. Additional information on Alter Modus is not available.
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 Asia by 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 September 30, 2011, EFSE has an outstanding investment portfolio of EUR 679 million (USD 923 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 Additional Resources:
[1] Information submitted to Microcapital by European Fund for Southeast Europe (EFSE)
MicroCapital.org article, January 4, 2012, “MICROCAPITAL BRIEF: Microfinance Institution AccessBank of Azerbaijan Disburses 500,000th Loan,”https://www.microcapital.org/microcapital-brief-microfinance-institution-…
MicroCapital.org article, 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 article, 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 article, 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: European Fund for Southeast Europe (EFSE), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Eur…
MicroCapital Universe Profile: AccessBank of Azerbaijan, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Acc…
MicroCapital Universe Profile: Access Microfinance Holding AG, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Acc…
MicroCapital Universe Profile: Kreditimi Rural I Kosoves, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Kreditimi+Rural+I+Kosoves
MicroCapital Universe Profile: Byblos Bank Armenia, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Byblos+Bank+Armenia
MicroCapital Universe Profile: Alter Modus, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Alter+Modus
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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