€33M
Wallet
18 991
Number of beneficiaries
61,6 %
Women beneficiaries
62,3 %
Rural beneficiaries
Bosnia and Herzegovina
Financial services
Funding granted
Active loan of €800,000*
(local currency equivalent)
Partner of the Foundation
since 2019
(1 loan granted)
*Outstanding at grant value
Context :
Bosnia and Herzegovina is a fragile, relatively small, open, and dependent transition economy, particularly on the European Union. The agricultural sector accounts for 5.61 billion pounds of GDP and nearly 18.61 billion pounds of total employment.
The company:
Mikra is a Tier 2 microfinance institution that began operations in 1993. Its mission is to responsibly provide access to financial services to the poorest but economically active population, primarily women.
Impact :
Mikra provides the poorest working population (primarily women) with access to affordable, high-quality financial and support services to reduce poverty and encourage entrepreneurship. The institution promotes equality and freedom for Bosnian women, which are necessary prerequisites for their entrepreneurial success and social empowerment.
The Foundation continues its investments in Eastern Europe and Central Asia
© Didier Gentilhomme
In 2018, the Foundation continued its investments in the Eastern European and Central Asian regions with the granting of a total of seven loans from six partners for a cumulative amount of 7.6 million euros, representing 19% of the new investments made during the past year.
The Foundation thus invested for the first time in Bosnia and Herzegovina with the granting of a loan of 2 million euros to the microfinance institution Mi-Bospo, which offers access to credit and non-financial services to individuals, and in particular to women entrepreneurs. The institution also provides responsible financing by applying the principles of consumer protection, which play an important role in the development of women's entrepreneurship. To date, Mi-Bospo has more than 22,500 clients, including 64% women. The Foundation also granted an initial loan of 1 million euros to Mikra, a microfinance institution founded by CRS (Catholic Relief Services) and which offers the poorest working populations (and mainly women, representing 70.2% of its 13,400 clients) access to affordable and quality financial and support services.
In Kazakhstan, the Foundation granted a second loan in local currency equivalent to €608,000 to the microfinance institution Bereke, which it has been financing since 2017. Bereke, which has 5,200 clients, including 76% women, aims to contribute to improving citizens' living standards through economic support provided through loans to small and microenterprises as well as agricultural, consumer, and housing loans.
The Foundation also granted a new loan, its third since 2016, to the microfinance institution OXUS Kyrgyzstan, amounting to €687,000 over a three-year period. The institution offers individual financing and group loans, with OXUS's nearly 7,000 clients working primarily in the agriculture and livestock sectors.
In Kosovo, the Foundation also funded a new partner, AFK (Agency for Microfinance in Kosovo), with a €1.4 million loan over a three-year period. AFK is a microfinance institution that aims to improve living conditions in the country by providing micro and small businesses with access to sustainable financial services. The institution has 17,500 clients, 781 of whom are located in rural areas.
Finally, in Tajikistan, the Foundation granted two loans totaling €1.9 million to the microfinance institution Humo, a partner since 2017. The Foundation thus granted a total of three loans to this institution, whose main activity is to offer quality and affordable financial services to rural populations, as well as to promote the development of small and medium-sized enterprises in poor regions of the country. To date, Humo has nearly 50,000 clients, 81.5% in rural areas and 44.4% women.