Michael Wancata, Member of the Board of OeEB, announced at yesterday’s meeting of the world’s largest International Finance Institutions (IFIs) and Development Finance Institutions (DFIs) in Vienna that OeEB will commit € 20 million to the Microfinance Enhancement Facility, founded by KfW and IFC.
The $500 million fund will boost the available pool of refinancing available to the microfinance industry.
The attending institutions discussed closer cooperation in responding to the global financial and economic crisis.
The meeting, hosted by the Development Bank of Austria, OeEB, and IFC, a member of the World Bank Group, brought together 14 institutions including the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), other World Bank Group members IBRD and MIGA, the African Development Bank, the Black Sea Trade and Development Bank, the OPEC Fund for International Development (OFID), the UK’s CDC, Germany’s KfW and DEG, the Japan Bank for International Cooperation (JBIC), the Netherlands’ FMO, Norway’s Norfund, and Spain’s Cofides.