ProCredit’s shareholders are the following: - IFC (19.7%); - the European Bank for Reconstruction and Development (EBRD) (20%); - Internationale Micro Investitionen AG (IMI) (20.83%); - Commerzbank AG (20%); and - Deutsche Investitions–und Entwicklungsgesellschaft mbH (DEG) (20%). ProCredit's professional management is provided under Management Services Agreement (MSA) with Internationale Projekt Consult GmbH (IPC), a German consulting/financial services company with over 15 years of experience in setting up and managing microfinance institutions in emerging markets. IPC has invested in ProCredit via Internationale Micro Investitionen (IMI). Founded in 1998 by IPC and its staff, -Internationale Micro Investitionen (IMI)- is the investment vehicle for IPC-managed micro finance ventures. IMI acquires equity participations exclusively in existing or greenfield MSE-focused financial intermediaries in developing countries. To date, IMI has invested in 18 MFIs – 10 in Europe, 5 in Latin America, 2 in Africa and 1 in Asia.

The project involves an IFC credit line of up to EUR 10.0 million to ProCredit Bank.

12.16 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	12.16
Equity

* These investment figures are indicative

ProCredit Bank’s headquarters are in Sofia. The bank has 18 branches and 8 lending outlets across Bulgaria.

IFC’s investment and role in assisting ProCredit Bank to develop into a strong commercial microfinance bank has resulted in positive developmental impacts. By providing financial services to micro and small businesses as well as low-income populations, ProCredit has contributed significantly to expanding the frontier of the financial sector in Bulgaria, drawing previously excluded groups of people into active participation in the financial system, increasing the economy’s financial depth, and generating more broad-based economic growth. As of end December 2003, the Bank reported 16,585 outstanding loans for a total of €80.2 million, which translates to an average loan size of €4,830. In addition to a variety of custom-tailored credit products, ProCredit is now offering a wide range of standard banking services such as - current accounts; - international and domestic payments; - cash withdrawals; - foreign exchange operations; - deposits and savings; - international business; - bank guarantees; and - debit cards, ATMs and internet banking In addition to the alleviation of unemployment and other indirect related impacts within the target group, IFC's involvement in ProCredit continues to yield a number of important demonstration effects on a global level. ProCredit provides a best-practice financial institution with sound operating policies, transparent financial reporting, environmental screening procedures and a clear governance structure.

This is an FI Type 1 project. ProCredit Bank must maintain an environmental management system to ensure that investments under relevant operations meet host country environmental, health and safety requirements and are consistent with IFC’s microfinance exclusion list.
Location of environmental documents in locally affected community