FondiBESA, first beneficiary of the Banca Etica, EMN and CoopEst partnership
2017-07-13

Within the framework of an innovative Partnership between Banca Popolare Etica, European Microfinance Network (EMN) and CoopEst, CoopEst has just signed a EUR 1m senior loan agreement with FondiBESA, Albania. FondiBESA is EMN member since 2009.

Under this partnership agreement, CoopEst is targeting EMN members thanks to the funding provided by Banca Etica, with FondiBESA being the first beneficiary.

According to the terms of this partnership agreement, Banca Popolare Etica has invested EUR 2m in CoopEst. CoopEst, in turn, will commit to addressing the resources collected to enrich its investment portfolio in Eastern and Central Europe. EMN, representing the European microfinance sector, will act as facilitator and advisor, also providing – if requested - the necessary information and support to the MFIs given grants in order to facilitate their access to EaSI TA, the technical assistance program run by European Investment Fund.

The agreement aims to support microfinance projects both financially and operationally, with particular focus on Eastern and Central European countries, and to strengthen their own initiatives and capabilities, with the final objective being to increase the social impact of the Microfinance sector in Europe.

About FondiBESA

Established in 1994, Fondi Besa sh.a. is a leading non-bank microfinance institution in Albania. The mission of Fondi BESA is to help the economic growth and poverty reduction in urban and semi-urban areas of Albania by promoting micro, small and medium enterprise sector through the creation of a private micro-financial Albanian fund, which is self-sustainable.

About Banca Popolare Etica

Banca Popolare Etica is a cooperative bank, operating in Italy and Spain. It has as mission to encourage socio-economic initiatives in the field of sustainable human and social development. Banca Popolare Etica opened its first branch in Padua in 1999.

About European Microfinance Network (EMN)

EMN’s mission is to build up universal access to appropriate financial and complementary support services at affordable prices allowing people to deploy their talents in order to create wealth and value while having a positive social impact. EMN is empowering its members to become acknowledged actors and partners in the European Union and EFTA/EEA financial sector. In partnership with Frankfurt School of Finance & Management and the Microfinance Centre, EMN provides technical assistance to microcredit providers and disseminate best practices in the framework of EaSI TA.

About Coopest

Managed by Inpulse, CoopEst is an investment fund promoting social and economic development in Central and Eastern Europe and Caucasus since 2006. Provider of medium and long-term, and subordinated loans, qualifying as quasi-equity, CoopEst is a professional, innovative and committed long-term financial partner.

About EaSI TA

EaSI Technical Assistance (TA) is the primary source of capacity building support for microcredit providers (MCPs) operating in the EU and other eligible European countries. It offers a suite of professional services including institutional assessment or rating of the MCP, consulting services to strengthen institutional capacity and eliminate operational weaknesses, and support for the implementation of the EU Code of Good Conduct for Microcredit Provision. In addition, the programme organizes and implements tailored events designed to spread good practice in the wider European microcredit sector, as well as a dedicated Helpdesk.

 


For further information, please contact Bruno Cassola, EMN Partnerships Manager – b.cassola@european-microfinance.org