The multilateral Council of Europe Development Bank (CEB) and two EU institutions, the European Parliament and the European Commission, recently launched the Housing and Empowerment for Roma (HERO) program in Bulgaria. As part of the program, Tokuda Bank, which is based in the Bulgarian city of Sofia, will provide 200 members of the Roma community with microloans totaling EUR 490,000 (USD 550,000) as well as financial literacy training. The purpose of the loans is to
Tag: European Union
MICROCAPITAL BRIEF: Reefy Microfinance Borrows $6.5m from EBRD for Youth-led MSMEs in Egypt
Reefy Microfinance Enterprise Services, an Egypt-based microfinance institution (MFI), recently agreed to accept a loan of EGP 200 million (USD 6.5 million) from the UK-based European Bank for Reconstruction and Development (EBRD). The loan is part of EBRD’s
MICROCAPITAL BRIEF: Credit Bank, FSD Kenya Engaging SACCOs in Effort to Reduce Remittance Costs for Rural Kenyans
The UN’s International Fund for Agricultural Development (IFAD) recently announced a pair of programs that will operate in Kenya under the EU’s Platform for Remittances, Investments and Migrants’ Entrepreneurship in Africa (PRIME Africa). In particular, IFAD will fund
MICROCAPITAL BRIEF: Uzpromstroybank (UzPSB) Borrowing $15m from EBRD for SMEs in Uzbekistan
The multilateral European Bank for Reconstruction and Development (EBRD) recently agreed to provide a two-year loan in local currency equivalent to USD 15 million to the Uzbekistani bank Uzpromstroybank (UzPSB) for on-lending to small and medium-sized enterprises (SMEs) in the country. Contingent on the performance of the wholesale loan, EBRD is planning to
MICROCAPITAL BRIEF: EU Guaranteeing $113m to Support $490m in Lending by EBRD to MSMEs in Eastern Europe, North Africa, Western Asia
In partnership with the multilateral European Bank for Reconstruction and Development (EBRD), the EU recently agreed to guarantee up to EUR 115 million (USD 113 million) in loans distributed by retail financial services providers (FSPs) to micro-, small and medium-sized enterprises (MSMEs) in selected countries of
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: 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: DFC Boosts 2X Women’s Initiative Goal to $12b; Adds Climate, Technical Assistance Components; Announces Women’s World Banking (WWB) Fund Partnership
The government-backed US International Development Finance Corporation (DFC) recently announced a set of initiatives to boost its promotion of gender equity, including: (1) an increased goal of investing USD 12 billion in women over five years through its 2X Women’s Initiative, which supports “investment in projects that are owned by women, led by women, or provide a product or service that empowers women;” (2)
MICROCAPITAL BRIEF: EBRD Loans $2.4m to ProCredit Bank Bosnia and Herzegovina for Energy Efficiency, Homeowners Eligible for EU Grants
The UK-based European Bank for Reconstruction and Development (EBRD) recently announced it is lending EUR 2 million (USD 2.37 million) to ProCredit Bank Bosnia and Herzegovina (PCB BiH) to on-lend for residential “investments in insulation, windows, heat pumps, solar panels and other improvements” that reduce energy usage. PCB BiH is a member of Germany’s ProCredit Holding, whose members provide
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: Fintech Zeepay of Ghana, Dutch Government, SNV, UNCDF Partner on Financial Education, Remittances via EU-funded GrEEn Program
Zeepay, a financial technology (fintech) company with offices in Ghana and the UK, recently partnered with the embassy of the Netherlands in Ghana, the Dutch NGO Stichting Nederlandse Vrijwilligers (SNV) and the UN Capital Development Fund (UNCDF) as part of the EU-funded Boosting Green Employment and Enterprise Opportunities in Ghana (GrEEn) program. The goal is to serve “youth, women and
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,
MICROFINANCE PAPER WRAP UP: “Impact of COVID-19 Pandemic on the Microfinance Sector in Europe: Field Analysis and Policy Recommendations;” by Kinga Dabrowska, Pitor Korynski, Justyna Pytkowska
Based on data collected from 22 European microfinance institutions and industry associations, the authors describe the effects of the COVID-19 pandemic in terms of:
MICROCAPITAL BRIEF: EIB Lends $12m to Credo Bank for Microfinance in Rural Georgia to Offset Effects of COVID-19 on Food Production
Credo Bank, a microfinance institution in Georgia, recently accepted a local-currency loan in an amount approximately equivalent to USD 11.8 million from the EU’s European Investment Bank (EIB). Credo will use the funds to on-lend primarily as working capital for people living in rural areas,
MICROCAPITAL BRIEF: UNCDF, EU, Private Sector Foundation of Uganda, Uganda Development Bank Financing SMEs via “Support to Agricultural Revitalization and Transformation” (START) Program
The UN Capital Development Fund (UNCDF), the EU, the Private Sector Foundation of Uganda and the Uganda Development Bank recently launched the Support to Agricultural Revitalization and Transformation (START) program to finance small and medium-sized enterprises (SMEs) involved in agriculture in northern Uganda. The goals of the program include addressing the
MICROCAPITAL BRIEF: University Meets Microfinance (UMM) Offers Scholarship Opportunities for Microfinance Studies
The University Meets Microfinance (UMM) is offering scholarships for future and ongoing field research operated under the umbrella of a Bachelors, Masters or equivalent program by students in universities in the European Union.