EFSE, MI-BOSPO Expand Partnership
EFSE provides EUR 2.5 million loan and is to sponsor agricultural training in Bosnia and Herzegovina
The European Fund for Southeast Europe (EFSE) has broadened its partnership with MI-BOSPO by providing the non-profit financial institution with a EUR 2.5 million senior loan to support agricultural and rural development in Bosnia and Herzegovina.
MI-BOSPO has been strengthening its emphasis on agriculture, and has recently introduced a tailored loan product with a seasonal repayment schedule. The EFSE Development Facility will assist this added focus on the sector by sponsoring training on agriculture and agricultural lending for MI-BOSPO loan officers in the first half of 2016.
EFSE Board Chairperson Monika Beck said: “MI-BOSPO is one of EFSE’s oldest partners, and our ongoing cooperation underscores our mutual goals. The company’s plan to increase support in agricultural and rural areas dovetails with our mission to foster economic development and prosperity in the Southeast Europe region. ”
MI-BOSPO CEO Nejira Nalic said: “We are very proud of our continuous cooperation with the EFSE for so many years. This particular loan and technical assistance will deepen our outreach to rural areas, and we will be able to better serve our clients when equipped with additional agricultural knowledge. We remain committed and loyal to our mission and aim to serve even more women in rural areas.”
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.
Microcredit Foundation MI-BOSPO, based in Tuzla, Bosnia and Herzegovina, provides access to credit as well as non-financial services to the general population, but especially to women entrepreneurs with a low income to strengthen their economic and social status. MI-BOSPO promotes responsible financing through the application of the principles of consumer protection while striving to be a significant factor in the development of women's entrepreneurship. MI-BOSPO serves clients fairly and responsibly, building trust and long-term partnerships.
For more information about MCF MI-BOSPO, please visit: http://www.mi-bospo.org/
Media contact EFSE
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Media contact MI-BOSPO
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