Opportunity International Completes Sale of Microfinance Operations in Albania, Poland and Russia
Proceeds will be redeployed to Opportunity International Locations in Africa, South America and other areas of critical need around the world.
Oak Brook, Ill., (Sept 22, 2010) – Opportunity International today announced it has finalized the sale of three microfinance operations located in Albania, Poland and Russia. Purchasing the three institutions is CEE Microfinance Holdings, N.V.
The sale is part of Opportunity’s effort to focus its capital resources toward microfinance operations in markets offering little or no access to financial services. The proceeds will enable greater capitalization and expansion of savings-based microfinance services in sub-Saharan Africa, Asia and South America. Additionally, proceeds from the sale will also be used to support the deployment of new technologies, improving operational efficiencies and lowering costs for clients.
“Our mission is to empower people to work their way out of chronic poverty and transform their communities. While much work remains throughout Central and Eastern Europe, we are encouraged by the growth of these institutions and the dramatic improvements in living standards in these areas,” said Peter Thorrington, board chair, Opportunity International. This agreement will enable CEE Microfinance Holdings to expand financial services and access in these communities and allow Opportunity to bolster new and expanding microfinance banks in some of the world’s neediest areas.”
About Opportunity International
Opportunity International provides access to savings, small business loans, insurance and training to over five million people working their way out of poverty in the developing world. Clients in over 20 countries use these financial services to start or expand a business, provide for their families, create jobs for their neighbors and build a safety net for the future. For more information, visit http://www.opportunity.org or join the conversation at http://facebook.com/opportunityintl and http://twitter.com/opportunityintl.
iD8 Marketing/Opportunity International