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| Project sponsor and major shareholders of project company |
| MIRO Bank’s sponsor is Internationale Micro Investitionen AG (IMI), a Frankfurt-based investment company specializing in commercial microfinance. MIRO Bank’s shareholders are: Commerzbank (20.83%); DEG (20.83%); EBRD (20.83%); IFC (19.02%); IMI (11.94%); and FMO (6.57%). |
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| Total project cost and proposed IFC investment |
| The total project cost and the proposed IFC investment is a $10 million credit line. |
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| Location of project and description of site |
| MIRO Bank is headquartered in Bucharest and has seven branches (Bucharest, Cluj, Brasov, Timisoara, Constanta, Craiova and Lasi) and two agencies in Bucharest (Militari and Pantelimon). Through its branch network, MIRO Bank serves micro and small businesses across Romania. |
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| Description of company and purpose of project |
Microfinance Bank Romania S.A. (MIRO Bank) is a licensed commercial bank, regulated and supervised by the National Bank of Romania. MIRO Bank, which began operations on July 1, 2002, is a specialized provider of financial services to micro and small businesses as well as low-income individuals in Romania.
The purpose of the IFC investment is to assist MIRO Bank to achieve outreach on a scale that will ensure the availability of financial services to the vast numbers of the population who are currently marginalized by the formal financial sector, and to facilitate the organization’s permanent self-sufficiency and sustainability. |
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| Environmental and social issues - Category FI-1 |
This is an FI Type 1 project. MIRO Bank must require that investments under relevant operations including sub-borrowers and sub-projects financed with the proceeds of the IFC loan meet host country environmental, health and safety requirements and be consistent with IFC’s microfinance exclusion list. IFC will assess MIRO Bank’s capacity for environmental review and its environmental management system.
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| To contact the project company, please write to: |
Mr. Axel Hummel, General Manager
Str. Faharas 6, Bucharest, Sector 1
Romania.
Fax: +40-21-422-8383 |