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FROM THE FIELD

Microfinance in Balkans & Caucasus achieves big scores & outcomes for region’s poor
12 Jan 2009 04:29:44 GMT
 Source: World Vision Middle East/Eastern Europe office (MEERO)
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A loan recipient shows some of the cheese she's produced. Photo by Susan Cuthbert.
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A loan recipient shows some of the cheese she's produced. Photo by Susan Cuthbert.
World Vision MEERO, http://meero.worldvision.org

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Two World Vision Microfinance Institutions (MFIs) from the Balkans and Caucausus regions have been ranked among the top 100 MFIs globally by the Microfinance Information Exchange (MIX); the leading provider of business information and data services for the microfinance industry.

Credo, World Vision Georgia's MFI ranked 47th while EKI in Bosnia and Herzegovina (BiH) ranked 60th.

'Two MFIs from our Middle East/Eastern Europe region (MEER) among the top 100 global rankings is a good performance given the large number of institutions that are being compared', said Gerlof De Korte, VisionFund Regional Director.

Using 2007 data reported from MFIs throughout the developing world, MIX created a ranking and report to illustrate the successes and challenges that MFIs experience in providing financial services to those that can't access regular banking.

'MIX is the leading global publication on microfinance, comparing over 1,500 institutions worldwide on a wide range of criteria. We have two of our regions with four VisionFund MFIs in total in the global top 100 which is a strong indicator of the quality of our services', added De Korte.

In 2007 Credo reached 48% of growth in portfolio and 37% of growth in active borrowers. By September 2008 Credo served more than 20,000 clients with nearly US$28 milion portfolio, making it one of the leading MFIs in the Caucasus.

At the same time EKI is a leading MFI that serves more than 51,000 clients with US$148 million of portfolio.

World Vision's Eastern Europe microfinance network of seven MFIs had more than 135,000 active borrowers in September 2008 and is on track to increase this number in coming years. As the smallest region (geographically), compared to Asia, Africa and Latin America, the Eastern Europe region is home to 20% of total clients with 72% of global loan portfolio.

Microfinance lifts families and children out of poverty on a daily basis. More children go to school, eat healthy diets, have improved health and are better protected from abuse thanks to microfinance. In Azerbaijan 64% of clients spend more on food, clothes and health care; 67% of clients in Serbia and Montenegro improved their housing condition and 50% of clients in Bosnia and Herzegovina increased their income in the last 12 months.

At a time when the world's economies are in upheaval, the promising performance of MFIs like Credo and EKI is another indicator that microfinance in the Eastern Europe region is far from a risky investment.

What is MIX Global 100 Composite Ranking?

The MIX Global 100 Composite Ranking attempts to provide a composite picture of MFI performance using a series of attributes: outreach, efficiency, and transparency. It does not purport to be the definitive microfinance ranking, but does intend to offer a starting point for analysis of institutions operating in the sector. Read more at http://www.themix.org/


[ Any views expressed in this article are those of the writer and not of Reuters. ]

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[ Any views expressed in this article are those of the writer and not of Reuters. ]

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