FINCA Azerbaijan, the Azerbaijan-based subsidiary of the US-based nonprofit microfinance network Foundation for International Community Assistance (FINCA) recently received a multi-currency, syndicated loan worth USD 30 million from the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch public-private partnership that aims to promote growth in developing economies, with the participation of Oesterreichische Entwicklungsbank AG (OeEB), the development bank of the Austrian government. Each institution will invest the equivalent of USD 15 million, and additional commitments totalling USD 10 million are expected from various international commercial investors and asset managers. The loan facility has a term of five years and the equivalent of USD 15 million of the principal is denominated in local currency [1].
Search Results for: "FINCA Azerbaijan"
MICROCAPITAL BRIEF: EBRD, EFSE to Loan $16m to FINCA Azerbaijan to Support Micro-, Small, Medium-sized Enterprises (MSMEs), Agricultural Lending
Through two unrelated transactions, the Azerbaijan-based subsidiary of the Foundation for International Community Assistance (FINCA), a US-based microfinance network, received local-currency loans totaling USD 16 million from the European Bank for Reconstruction and Development (EBRD), a UK-based multilateral development bank, and the European Fund for Southeast Europe (EFSE), a government-backed microfinance investment vehicle based in Luxembourg.
MICROCAPITAL BRIEF: Pasha Bank Underwrites Inaugural Bond Issue of $12.7m to FINCA Azerbaijan to Support Micro and Small Businesses, Entrepreneurs
Pasha Bank, an Azerbaijan-based financial services provider, recently underwrote a three-year inaugural bond issue of AZN 10 million (USD 12.7 million) to the Azerbaijan-based subsidiary of the Foundation for International Community Assistance (FINCA), a US-based microfinance network.
MICROCAPITAL BRIEF: ResponsAbility Loans $6.4m to Microfinance Institutions KMF of Kazakhstan, FINCA Jordan, FINCA Azerbaijan
ResponsAbility Social Investments, a Swiss microfinance investment manager, has reached four investment deals with three microfinance institutions (MFIs) in central Asia and Jordan.
MICROCAPITAL BRIEF: Incofin Loans $10.5m to Microfinance Institutions (MFIs) FINCA Guatemala, FINCA Azerbaijan, LAPO of Nigeria; Makes Equity Investment of $350k in ACME of Haiti
Incofin Investment Management, a private Belgian company that invests in microfinance institutions (MFIs) through six investment funds, recently made debt and equity investments in four MFIs: FINCA Guatemala and FINCA Azerbaijan, both members of US-based FINCA International’s network of MFIs; Lift Above Poverty Organisation (LAPO) of Nigeria; and Association pour la Cooperation avec la Micro Enterprise (ACME) of Haiti.
MICROCAPITAL BRIEF: IFC to Provide Local Currency Loans Worth Total of $13m to FINCA Azerbaijan, FINCA Kyrgyzstan to Expand Access to Microfinance
International Finance Corporation (IFC), the private-investment arm of the World Bank Group, reportedly will provide local-currency loans of USD 7 million to FINCA Azerbaijan and USD 6 million to FINCA Kyrgyzstan, two microfinance institutions (MFIs) that are members of US-based FINCA International’s global microfinance network.
MICROCAPITAL BRIEF: Triple Jump Disperses Total of $6.5m to Microfinance Banks Procredit Bank of Macedonia, FINCA Azerbaijan, Crezcamos of Colombia and Fundacion Campo of El Salvador
Triple Jump, a microfinance fund manager based in the Netherlands and established in 1998, recently reported to MicroCapital that one of the five funds it manages, ASN-Novib Fund, has executed debt investments totaling USD 6.5 million in four microfinance banks [1]. The largest amount, USD 2.5 million, went to Procredit Bank of Macedonia, a Macedonian bank founded in 2003 with a gross loan portfolio of USD 185 million [2].
MICROCAPITAL.ORG STORY: responsAbility Global Microfinance Fund Makes Debt Investment of $2.5m in FINCA Azerbaijan
According to the CGAP Microfinance Dealbook, responsAbility Global Microfinance Fund recently made a debt investment of $2.5m in FINCA Azerbaijan. [1]
MICROCAPITAL STORY: FINCA Azerbaijan to Increase Microlending to Farmers
FINCA Azerbaijan has announced plans to increase microlending to farmers in an effort to support food security in the face of an emerging world food shortage. Currently, 30 percent of the nonprofit’s loan portfolio represent agricultural microenterprises, about USD 17 million. In his statement announcing the plan, FINCA Azerbaijan Director Jeff Flowers indicated that the increase in farm crediting is intended to ensure food security, but he did not offer any projections on the size of the increase.
MICROCAPITAL STORY: responsAbility Microfinance Leaders Fund (rAMLF) of Luxembourg Lends $500k to Thaneakea Phum (Cambodia) (TPC), $303k to Catalyst Microfinance Investors (CMI), $929k to ASP Financiera (ASP), and $750k to the Foundation for International Community Assistance Azerbaijan (FINCA Azerbaijan)
The Consultative Group to Assist the Poor (CGAP) reports in its list of recent transactions that the responsAbility Microfinance Leaders Fund (rAMLF) financed USD 500,000 in loans to Thaneakea Phum (Cambodia) (TPC) on February 6, 2008, USD 303,092 to Catalyst Microfinance Investors (CMI) on February 7, 2008, USD 929,000 to ASP Financiera (ASP) on February 20, 2008, and USD 750,000 to the Foundation for International Community Assistance Azerbaijan (FINCA Azerbaijan) on February 27, 2008.
British Petroleum and the European Bank for Reconstruction and Development Provide $6 Million in Loans to Azeri Microfinance Providers Rabitabank and FINCA Azerbaijan
British Petroleum (BP), the international petroleum corporation, on behalf of its Azeri subsidiaries, and the European Bank for Reconstruction and Development (ERBD) recently signed an agreement to support “private sector development” in Azerbaijan. BP will contribute USD 5.25 million to a three-year program while the EBRD will co-finance operations with an amount at least matching BP’s contribution. The money will come in the form of low interest loans and will support two local microfinance institutions (MFIs), Rabitabank and FINCA Azerbaijan. Each institution will initially receive a loan of USD 3 million which it will on-lend to local micro-enterprises. The program will be implemented through the EBRD’s Azerbaijan Micro-Small and Medium Enterprise Facility, and BP’s Regional Development Initiative (RDI, page 42), which has the goal of creating effective access to commercial finance in the countries in which it operates.
responsAbility Global Microfinance Fund Makes Nearly $3 Million Microfinance Investment: Loans to FINCA Azerbaijan, Credo Foundation of Georgia, Constanta Foundation of Georgia, MicroInvest of Moldova
responsAbility Global Microfinance Fund loaned $2,902,000 to microfinance institutions in Eastern Europe and Central Asia. responsAbility, established in 2003 under Luxembourg law, is classified as a private investor and open-ended investment fund. In July 2006, it reported a total fund volume of $70.2 million as well as microfinance and free trade investments of $65.5 million. MicroCapital recently reported on responsAbility’s $800,000 investment in BlueOrchard Loans for Development.
responsAbility Global Microfinance Fund Makes Debt Investment Totaling USD $900,000 in FINCA Azerbaijan
The Foundation for International Community Assistance (FINCA) Azerbajian received 2 separate loans for $500,000 and $400,000 from the responsAbility Global Microfinance Fund. FINCA Azerbaijan is part of the FINCA International network, which developed the village banking method of microfinance which emphasizes the formation of community-based credit and savings associations. FINCA was incorporated in 1985 and expanded its activities beyond Latin America to Central Asia with the establishment of FINCA Kyrgyzstan in 1995. FINCA Azerbaijan was established in 1998.
MICROCAPITAL BRIEF: FINCA Expands Microfinance Fintech in Uganda, Azerbaijan, Kyrgyzstan
FINCA Impact Finance, a US-based network of financial institutions, recently carried out several campaigns catering to low-income people through its affiliates in Africa and Asia.
FINCA Uganda launched a “Digital is Here” campaign in partnership with Centenary Bank, a commercial institution serving 1.8 million customers
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $7m to TuranBank of Azerbaijan to Fund Micro-, Small, Medium-sized Rural Enterprises
The International Finance Corporation (IFC), a member of the US-based World Bank Group that offers financial services to businesses and governments in developing countries with the aim of increasing economic growth, recently announced that it will loan USD 7 million to TuranBank Open Joint Stock Company (TuranBank), a retail and corporate bank in Azerbaijan.
MICROCAPITAL BRIEF: Foundation for International Community Assistance (FINCA) Launches Microfinance Operations in Owerri, Nigeria
The Foundation for International Community Assistance (FINCA), a US-based nonprofit microfinance network, has formally launched the operations of FINCA Microfinance Bank (FINCA MfB) in Owerri, Imo, Nigeria, following the issuance of its license by the Central Bank of Nigeria (CBN) on October 30, 2014.
MICROCAPITAL BRIEF: FINCA International Raises $30m in Debt in Nine Local Currencies to Support Financial Inclusion of Microentrepreneuers
The Foundation for International Community Assistance (FINCA International), a US-based nonprofit microfinance network, has announced that it has raised debt funding equivalent to USD 30 million in nine local currencies to support the financial inclusion of low-income microentrepreneurs through its Local Currency Microfinance Note III [1].
MICROFINANCE PUBLICATION ROUND-UP: Islamic Social Finance, Transforming Client Complaints into Loyalty, Microinsurance Profitability
“Islamic Social Finance Report 2014,” by Thomson Reuters and the Islamic Research and Training Institute, published by Zawya, 2014, 64 pages, available at: http://www.zawya.com/islamic-finance/isfr/
This report examines opportunities and challenges for Islamic social finance in Bangladesh, Brunei Darussalam, India, Indonesia, Malaysia, Pakistan and Singapore.