EFSE DF supports new Association of Professional Risk Managers in Bosnia and Herzegovina

The Development Facility of the European Fund for Southeast Europe (EFSE DF) supports the Association of Professional Risk Managers for the Banking Industry in Bosnia and Herzegovina.
The Association was set up in September 2013 by 17 founding members who represent all major banks in Bosnia and Herzegovina (BiH). Its goals are to increase risk management expertise through knowledge and training, to serve as a platform for dialogue with regulatory authorities, and to facilitate the exchange of knowledge, expertise and experiences with the international risk management community. Although strong risk management is already ingrained in the good practices of financial institutions in BiH, the Association will serve to further improve the penetration, consistency and quality of risk management in the country’s dynamic financial sector.
"Professional risk management is essential for a well-functioning financial system,” says Ulrike Lassmann, Chairperson to the EFSE Development Facility Committee. "We are therefore pleased to support this association in becoming a self-sustaining network of practitioners and the backbone for the development and improvement of risk management functions in the financial institutions of Bosnia and Herzegovina.”
"The Association of Professional Risk Managers in Bosnia and Herzegovina is very grateful to the EFSE for its recognition and active support,” says Denis Hasanic, President of the Association. ”We will strive and work together in enhancing the risk management functions throughout BiH and helping to create a more business friendly environment for both the financial institutions and their clients. Our goal is to achieve this through a synergy of our local Association’s expertise and the international expertise provided by the EFSE.”

About the EFSE DF

The Development Facility of the European Fund for Southeast Europe (EFSE DF) was created in 2006 to support the EFSE’s development finance mandate. Its mission is to deploy effective, targeted and innovative technical assistance to maximise the impact and outreach of the Fund’s development finance mandate in its target countries. The services of the EFSE DF encompass capacity building and training for individual financial institutions, sector support activities and applied research studies with the aim to strengthen the capacities and operations of the Fund’s partner lending institutions.
The EFSE DF operates independently from the Fund in a fiduciary arrangement under Luxembourg law. The DFC (Development Facility Committee) comprising members from KfW, SDC, OeEB, FMO is responsible for assessing and approving all project proposals and provides strategic guidance to the DF.

About the European Fund for Southeast Europe

The European Fund for Southeast Europe (EFSE) was initiated by KfW Development Bank (KfW) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. It aims to foster economic development and prosperity in Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, former Yugoslav Republic of Macedonia, Kosovo, Georgia, Moldova, Montenegro, Romania, Serbia, Ukraine and Turkey. As access to finance is a key success factor in developing the micro, small and medium enterprise segments, the EFSE focuses on assisting local financial sectors in strengthening their ability to ensure adequate and sustainable financing. The funding the EFSE provides as long-term finance primarily for micro and small enterprises (MSEs) – but also for private households in the form of home improvement loans – is channelled to these loan customers through local partner lending institutions. Supporting the EFSE’s investment activities is the EFSE Development Facility, which provides partner lending institutions with technical assistance, consulting and training services to build operational capacities and professional management.
Initiated by KfW Development Bank (KfW) on 15 December 2005 from four multi-donor programs under its management, the EFSE is the first public-private partnership of its kind and the first privately managed fund in development finance to leverage private funding for MSE finance in the target region. Capital is provided by donor agencies, international financial institutions and private institutional investors, including the German Federal Ministry for Economic Cooperation and Development (BMZ), the European Commission (EC), the Government of Albania, Small and Medium Business Credit Support CJSC (SMBCS), a subsidiary of the Central Bank of Armenia, the Development Bank of Austria (Oesterreichische Entwicklungsbank - OeEB), the Swiss Agency for Development and Cooperation (SDC), the Danish International Development Agency (Danida), KfW as Lead Investor, the International Finance Corporation (IFC), the Netherlands Finance Company (FMO), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), Sal. Oppenheim and Deutsche Bank.
Oppenheim Asset Management Services S.à r.l., Luxembourg, and Finance in Motion GmbH, Germany, are, respectively, the EFSE’s Fund Manager and Fund Advisor.

About Association of Professional Risk Managers in Bosnia and Herzegovina

The Association of Professional Risk Managers in Bosnia and Herzegovina (APRMIBIH) was formally established in September, 2013, with the mission to serve as the backbone for the development and improvement of risk functions in Bosnia and Herzegovina. APRMIBIH is an Association in the field of risk management, which plans to develop connections with similar associations in Europe and around the globe.
The Association is composed of key risk professionals from the banking sector in Bosnia and Herzegovina who have all recognised the need for a formal framework for risk management professionals in BiH. The goals of the Association are to establish a self-sustaining network for promoting and enhancing risk standards and good practices in the financial sector in BiH, and to spark development for other segments of the economy and society. To achieve these objectives, the Association will focus on:
  • Education, training and capacity building of professionals and institutions from all segments of risk management and financial sector in Bosnia and Herzegovina;
  • Certification of professionals in field of risk management in Bosnia and Herzegovina (with joint certification by the Global Association of Professional Risk Managers (GARP), the Professional Risk Managers International Association (PRMIA), and local business schools;
  • Development of new legislation and regulations in concert with the competent financial sector authorities as well as subsequent implementation;
  • Continuous interactive communication and collaboration with regulators and competent authorities;
  • Institutional advocacy and formulation of proposals to the competent authorities through Association’s committees and bodies;
  • Development of cooperation and partnerships with associations from Bosnia and Herzegovina, Europe and the world; and
  • Marketing and promotion of the Association’s activities, partners, and donors.

The Association, in line with the above listed activities, will work on creating a more business-friendly working environment for both the financial sector institutions and their clients. It is the Association’s goal to strengthen the backbone of future development and growth in Bosnia and Herzegovina and its financial sector.
Media contact EFSE     
Media Relations
Merle Römer
Manager Communications and Events
Tel: +49 (0)69 9778 7650-171

Media contact Association of Professional Risk Managers in Bosnia and Herzegovina
Marketing and Communications
Emir Jildizlar
Manager Marketing and Communications
Tel: +387 (0) 33 294 - 735

Get in touch

Interested in learning more about how the fund works, or seeking partnership opportunities? Contact an EFSE representative today.


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