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ARMENIA TO JOIN EUROPEAN FUND FOR SOUTHEAST EUROPE
ARKA
Feb 9, 2010
YEREVAN, February 9, /ARKA/. Karapet Gevorkian, a representative of
German KfW Bank in Armenia, said today Armenia will join the European
Fund for Southeast Europe (EFSE).
He said Armenia's membership with EFSE was discussed by Armenian
Central bank governor Arthur Javadian during a 2009 December visit
to Germany, when the shareholders of the European Fund for Southeast
Europe approved an expansion of the Fund's target region to include
four new countries of the European Eastern Neighbourhood region:
Armenia, Azerbaijan, Georgia and Belarus.
According to Karapet Gevorkian, this has paved the way for the EFSE
to provide financing for micro and small enterprises (MSEs) and home
improvement in these countries, in addition to Ukraine and Moldova,
two other European Eastern Neighbourhood countries.
The expansion will enhance the level of financial intermediation
in the new target countries and will bring much-needed financing,
especially to MSEs in rural areas and to the private small-scale
agriculture sector.
He said over the next five years, the EFSE is expected to provide
financing to banks and microfinance institutions in a total amount of
EUR 300 million in the new target countries in addition to up to EUR
1 billion envisaged for the region of Southeast Europe. In doing so,
the Fund will provide financing for approximately 70,000 loans to
MSEs in the new target countries.
With an investment portfolio of EUR 700 million, EFSE is the largest
microfinance investment funds worldwide. Aimed at fostering economic
development and prosperity in Southeast Europe, the Fund offers
long-term funding instruments to local financial institutions for
on-lending to micro and small enterprises as well as to low-income
private households.
The Fund is a public-private partnership. Its capital base is jointly
constituted by donors, development finance institutions and private
institutional investors. KfW is the Initiator and Promoter of the
Fund. The Fund Manager is Oppenheim Asset Management Services.
Frankfurt School of Finance & Management acts as Advisor and supports
the fund management. EFSE operates in Bosnia and Herzegovina, Romania,
Serbia, Kosovo, Montenegro, Moldova, FYR Macedonia, Albania, Bulgaria,
and in Ukraine.
ARKA
Feb 9, 2010
YEREVAN, February 9, /ARKA/. Karapet Gevorkian, a representative of
German KfW Bank in Armenia, said today Armenia will join the European
Fund for Southeast Europe (EFSE).
He said Armenia's membership with EFSE was discussed by Armenian
Central bank governor Arthur Javadian during a 2009 December visit
to Germany, when the shareholders of the European Fund for Southeast
Europe approved an expansion of the Fund's target region to include
four new countries of the European Eastern Neighbourhood region:
Armenia, Azerbaijan, Georgia and Belarus.
According to Karapet Gevorkian, this has paved the way for the EFSE
to provide financing for micro and small enterprises (MSEs) and home
improvement in these countries, in addition to Ukraine and Moldova,
two other European Eastern Neighbourhood countries.
The expansion will enhance the level of financial intermediation
in the new target countries and will bring much-needed financing,
especially to MSEs in rural areas and to the private small-scale
agriculture sector.
He said over the next five years, the EFSE is expected to provide
financing to banks and microfinance institutions in a total amount of
EUR 300 million in the new target countries in addition to up to EUR
1 billion envisaged for the region of Southeast Europe. In doing so,
the Fund will provide financing for approximately 70,000 loans to
MSEs in the new target countries.
With an investment portfolio of EUR 700 million, EFSE is the largest
microfinance investment funds worldwide. Aimed at fostering economic
development and prosperity in Southeast Europe, the Fund offers
long-term funding instruments to local financial institutions for
on-lending to micro and small enterprises as well as to low-income
private households.
The Fund is a public-private partnership. Its capital base is jointly
constituted by donors, development finance institutions and private
institutional investors. KfW is the Initiator and Promoter of the
Fund. The Fund Manager is Oppenheim Asset Management Services.
Frankfurt School of Finance & Management acts as Advisor and supports
the fund management. EFSE operates in Bosnia and Herzegovina, Romania,
Serbia, Kosovo, Montenegro, Moldova, FYR Macedonia, Albania, Bulgaria,
and in Ukraine.