Annual Report 2005

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Download Consolidated Financial Statements 2005 (1.5Mb)

Dear Partners, Clients, and Friends!
2005 certainly has been a year of expanding opportunities for FORA and FORUS Bank!

FORA Fund exceeded projected growth, almost doubled its credit portfolio and demonstrated that microfinance is both commercially viable and socially valuable in Russia. In order to build on this growth FORUS Bank was created. The license granted by the Central Bank of Russia to FORUS Bank was one of only six new licenses granted in 2005 and the first to a microfinance bank in Russia.

We decided this year to publish a joint FORA/FORUS annual report emphasizing the new opportunities which the growth of FORA and the creation of FORUS represent. Our commitment to find new and better ways to support microbusinesses continues to drive our business.

Many have asked us if FORUS Bank will continue the mission of FORA Fund. The answer to this is “yes!” FORUS Bank will continue to finance the smallest businesses in Russia. However, FORUS will also have the capacity to provide new products and services and grow with our successful clients, providing larger loans.

We believe in the economic and social value of microbusinesses in Russia. We want to expand the financial services available for microbusinesses, in turn supporting the creation of small business jobs in Russia and, ultimately, improving the lives of clients and others in the communities where we work.

The continuing mission is also ensured through the governance structure of FORUS Bank. Opportunity International, the global microfinance network, continues to be the founder of FORA. In turn, FORA is the sole shareholder of FORUS Bank. The Board of Directors of FORUS Bank is composed of four Opportunity representatives and three independent members. The Board of Directors of FORUS is topnotch, drawing upon banking, entrepreneurial and investment skills and expertise.

We could not open as many new possibilities for our clients if it wasn’t for the outstanding cooperation of our partners such as HSBC, Society General, Sberbank, Blue Orchard, Oikocredit, MicroVest, ResponsАbility and Symbiotics. We look forward to expanding these and new partnerships with IFC, EBRD, ING and others as well.

I want to thank Board members, staff, investors and clients who made 2005 an amazing year. We look forward to achieving new opportunities together in 2006.

Stacie D. Schrader
Chair of the Board of Directors, FORUS Bank