Page 48 - Annual Report 2010

ANNUAL REPORT 2010

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non-bank MFIs. The objective is to act as a catalyst to help them improve their access to institutional and commercial funding in order to expand and become sustainable.

In 2009, 15 non-bank MFIs were selected from Bul-garia (3), France (1), Hungary (3), Poland (1), Italy (1), Romania (4), UK (1) and Spain (1) and were receiv-ing assessments and tailor-made trainings throughout 2010. These beneficiaries were identified based on a call for expression of interest launched by EIF in September 2009 to non-bank micro-credit providers in the EU 27. Moreover, a growing number of the JASMINE TA beneficiaries have received or are in the process of receiving funding from EIF-managed microfinance mandates.

The JASMINE TA implementation will continue until its expiration at the end of 2011. Discussions on a possible successor TA programme will take place throughout 2011, based on an evaluation of the pilot programme.

EIF signed its first direct equity transaction under EPPA with PerMicro, an Italian non-bank MFI that mainly provides micro-credit to groups which do not have access to the traditional banking system, including the immigrant population of northern Italy.

A loan transaction was also signed with Qredits, a Dutch private foundation founded/started in 2008 by a group of public (e.g. Ministry of Social Affairs and Employment and Ministry of Economic Affairs) and private partners (ABN AMRO, Fortis Bank, ING and Rabobank).

Two additional operations under EPPA were also ap-proved by the EIF Board of Directors in 2010 and will be implemented in 2011.

JASMINE Technical Assistance (JASMINE TA)

Under the JASMINE TA, funded by the European Commission, EIF is providing non-financial products to EU microfinance practitioners. It is focused on assess-ments/ratings as well as training services to selected