The International Finance Corporation (IFC), a member of the World Bank Group, and European Fund for Southeast Europe (EFSE), a microfinance investment vehicle (MIV) based in Luxembourg, have agreed to disburse loans totaling the equivalence USD 48.9 million to Fibabanka AS, a Turkish investment bank. IFC has agreed to loan the firm USD 30 million, while EFSE has agreed to disburse the local currency equivalent of USD 18.9 million. The loans are intended to help Fibabanka improve access to finance for small businesses, specifically those owned by women.
Founded in 2010, Fibabanka is a private bank with 20 locations in Turkey and a focus on supporting small and medium-sized enterprises. As of 2011, Fibabanka had total assets of USD 897 million.
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. As of June 30, 2011, EFSE has an outstanding investment portfolio of EUR 676 million (USD 982 million). As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and USD 12.2 billion mobilized to 518 projects.
By Brett Cohen, Research Associate
About Fibabanka
Founded in 2010, Fibabanka is a private bank with 20 locations throughout Turkey. Fibabanka aims to foster growth by supporting small and medium-enterprises. As of 2011, Fibabanka had total assets of USD 897 million.
About European Fund for Southeast Europe
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 June 30, 2011, EFSE has an outstanding investment portfolio of EUR 676 million (USD 982 million). As of 2012, EFSE holds a label from LuxFLAG, an organization that certifies that microfinance investment vehicles actually invest in the microfinance sector.
About International Finance Corporation
A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and USD 12.2 billion mobilized to 518 projects.
Sources and Additional Resources
Turkeydaily.com press release: “IFC, EFSE Support Fibabanka to Help Finance Women-owned Businesses in Turkey”
http://www.bne.eu/dispatch21414/Turkey_daily_Thu_28_Jun#318764
MicroCapital.org story, June 21, 2012: “MICROCAPITAL BRIEF: European Fund for Southeast Europe, Azerbaijan Micro-Finance Association to Publish Financial Literacy Booklet”
https://www.microcapital.org/microcapital-brief-european-fund-for-southea…
MicroCapital.org story, March 3, 2012, “MICROCAPITAL BRIEF: Partner Microcredit Foundation, European Fund for Southeast Europe Publish 100k Financial Literacy Guides for Microfinance Clients in Bosnia and Herzegovina”
https://www.microcapital.org/microcapital-brief-partner-microcredit-found…
MicroCapital Universe Profile: European Fund for Southeast Europe
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Eur…
MicroCapital Universe Profile: International Finance Comission
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Int…
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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