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%).

The total project cost and the proposed IFC investment is a $10 million credit line.

10.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.0
Equity

* These investment figures are indicative

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.

-Development Impact: Microenterprises and small businesses account for the majority of private sector and employment for low-income populations in Romania and other emerging markets. Yet, despite their importance, these businesses face serious obstacles to viability and growth because they have limited access to financial services such as credit, savings, payment and money transfers. The development of MIRO Bank has been strongly developmental -- in terms of its high economic impacts, stimulus for business growth, employment creation and promotion of commercially-oriented microfinance techniques. - IFC Role: IFC has a strong track record as risk-taking investor, strategic advisor and technical assistance provider to financial institutions, and has played a significant role in developing commercial microfinance globally. Experience shows that IFC’s investment in microfinance contributes to attracting other institutional and private sector investors to participate in the industry, thus laying a foundation for the growth of commercial microfinance.

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.
Location of environmental documents in locally affected community
Environmental documents are located in the Bank’s headquarters in Bucharest.