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EIF and Zagrebačka banka sign first Progress Microfinance agreement for micro-enterprises in Croatia

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    Date: 05 September 2014

The European Investment Fund (EIF) and Zagrebačka banka (Zaba) have signed a guarantee agreement aimed at supporting micro-enterprises in Croatia.

This agreement will allow Zagrebačka banka to provide enhanced access to finance to entrepreneurs in Croatia, especially those who face difficulties in accessing credit from traditional banking sources.

Progress Microfinance is funded by the European Commission and managed by the European Investment Fund.

Commenting on the agreement, Head of Microfinance Per-Erik Eriksson said: “We are happy to sign a progress microfinance agreement with Zagrebačka banka and are convinced that this finance will help to benefit micro-enterprises, in particular at-risk groups and thereby contribute to social inclusion and job-creation in Croatia”.

The transaction will allow Zagrebačka banka, to continue further developing its current lending activity to start-ups, small and micro-enterprises, handicraft businesses, and self-employed in Croatia.

Member of Zagrebačka banka’s Management Board Milivoj Goldštajn commented on the signing of the contract: “We are pleased to enter this microfinance facility, which will provide additional support to micro-enterprises, who, although small, are the backbone of Croatian economy. This extension of our successful cooperation with EIF allows our clients to rely on us as a partner when planning their development, and provides them with easier access to funds they need to expand their business.”

Micro-enterprises wishing to apply for a micro-loan under Progress Microfinance can directly contact Zagrebačka banka’s branches.                    

 

About the European Progress Microfinance Facility

The European Progress Microfinance Facility (Progress Microfinance) provides guarantees and funded instruments to microfinance intermediaries. The initiative is established with EUR 205 million of funding from the European Commission and the European Investment Bank. Progress Microfinance aims to increase access to finance for micro-entrepreneurs, including the self-employed. It has a particular focus on, but is not restricted to, groups with limited access to the conventional credit market. Examples include female entrepreneurs, young entrepreneurs, entrepreneurs belonging to a minority group, entrepreneurs with a disability, sole traders etc. Loans less than EUR 25,000 are made available through selected intermediaries participating in the facility. Progress Microfinance does not provide direct financing to micro-entrepreneurs or individuals.

Zagrebačka banka marks the 62nd transaction signed under Progress Microfinance since its inception in 2010. To date, commitments of over EUR 130 million under Progress Microfinance have been signed to benefit EU micro-borrowers. Countries where agreements have been signed to date include Austria, Belgium, Bulgaria, Cyprus, Denmark, France, Greece, Ireland, Italy, Lithuania, Poland, Portugal, Romania, Slovenia, Slovakia, Spain, Sweden, The Netherlands and the UK.

For further information about this initiative please visit: www.ec.europa.eu/epmf

 

 About EIF

The European Investment Fund's (EIF) central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. EIF’s total net commitments to private equity funds amounted to over EUR 7.9bn at end 2013. With investments in over 435 funds, EIF is a leading player in European venture due to the scale and the scope of its investments, especially in high-tech and early-stage segments. EIF’s guarantees loan portfolio totalled over EUR 5.6bn in over 300 operations at end 2013, positioning it as a major European SME guarantees actor and a leading micro-finance guarantor.

 

About Zagrebačka banka

Zagrebačka banka has been the leading bank in Croatia in terms of the quality of products and services, technical innovations, number of customers etc. for years and excellent business results. In Croatia, the Bank operates with more than 60.000 corporate customers and over 1.1 million private customers, which means that every fourth citizen is a customer of Zagrebačka banka. The Bank accounts for 26% of total assets of the Croatian banking sector and, as a co-owner of the UniCredit Bank Mostar, 17% of the total assets of the banking sector in Bosnia and Herzegovina. As a member of the UniCredit Italiano Group since March 2002, one of the most successful banking groups in Europe, Zagrebačka banka has also been one of the leading banks in CEE despite the fact that Croatia is not among the largest CEE countries.

The main branches of Zagrebačka banka are: ZB Invest, the Zagrebačka banka investment fund company that holds 31% of market share. AZ Fund, an obligatory pension fund of Zagrebačka banka and Allianz, holds around 40% of the market share, and the deposits of the First Housing and Savings Bank (Prva stambena štedionica) holds around 31%of the housing savings on the market.

More information about Zagrebačka banka is available on www.zaba.hr

 

Press information - EIF, please contact:

David Yormesor, d.yormesor@eif.org, or visit EIF’s website www.eif.org  

Zagrebačka banka, please contact:

Media Relations, PR@unicreditgroup.zaba.hr, or visit www.zaba.hr

 

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