Europe & Eurasia.

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  • Migrant workers sending money home has become the biggest source of foreign income in some poor European countries, the World Bank has said. In a report on European and Central Asian (ECA) nations, the bank said that remittances sometimes beat foreign investment aid and exports in size. Officially recorded payments in the region - which includes former Soviet states - were over $19bn (?9.67bn). The largest amount of remittances, as a share of GDP, were sent to...

    Source
    BBC (link opens in a new window)
    Region
    Europe & Eurasia
  • EBRD signs first Mongolia project, microfinance loan

    The European Bank for Reconstruction and Development (EBRD) signed its first project in Mongolia on Wednesday, a $5 million loan to XacBank, which specialises in microfinance. The funds will be lent on to small and micro-businesses throughout the country. XacBank, licensed four and a half years ago, offers loans ranging in size from $27 to $150,000, according to its Web site (www.xacbank.org). Continue reading ...

    Source
    Yahoo! Asia News (link opens in a new window)
    Region
    Europe & Eurasia
  • IFC to Help Kyrgyz Not-for-Profit Group Reach More Microentrepreneurs

    The International Finance Corporation, the private sector arm of the World Bank Group, today signed an agreement to provide a $2.2 million financing package to Micro Credit Agency Bai Tushum Financial Foundation, one of Kyrgyzstan?s leading micro lending institutions. Through the package, IFC will support the transformation of Bai Tushum from its present not-for-profit status to a more sustainable, commercially-oriented, deposit-taking financial institution that can serve as a...

    Source
    ifc.org (link opens in a new window)
    Region
    Europe & Eurasia
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