The First MicroFinanceBank was a semi-finalist for The European Microfinance Award 2017. The goal of the Award was to highlight the role of microfinance in supporting access to better quality residential housing for low income, vulnerable or otherwise financially excluded groups with no or limited access to housing finance in the mainstream sector.
The Award aimed to recognize institutions that respond to complex housing needs of their target clients by providing them with a variety of financial and non-financial services. This response significantly contributes to improving housing conditions, including:
– Home purchase or expansion of existing living space to meet the needs of growing families,
– Providing access to clean water, sanitation, electricity, and other core housing needs,
– Raising overall house quality by providing access to better quality materials and construction techniques, as well as securing tenure and protection against eviction,
– Mitigate against natural disasters by using resilient construction design and materials and locating housing outside flood zones and other vulnerable sites.
The First MicroFinanceBank was appreciated for demonstrating outstanding work in enabling access to better quality residential housing for low income groups and was the only bank from Central Asia receiving this honour.
The European Microfinance Award is a prestigious €100,000 award which attracts applications from financial institutions around the world that are innovating in a particular area of financial inclusion. Presented annually, it serves two parallel goals: rewarding excellence, and collecting and disseminating the most relevant practices for replication by others. The Award is granted by the Luxembourg Ministry of Foreign and European Affairs – Directorate for Development Cooperation and Humanitarian Affairs and is jointly organized by the Ministry, the European Microfinance Platform (e-MFP) and the Inclusive Finance Network Luxembourg (InFiNe.lu).
