In January 2011, the Inter-American Development Bank (IDB) provided MicroCapital with data pertaining to debt and equity investments made during 2010 via the Multilateral Investment Fund (MIF) and the Social Entrepreneurship Program (SEP). The investments are covered by MicroCapital in three separate briefs. Links to the other two briefs are provided at the end of this brief.
The Inter-American Development Bank (IDB), a multilateral, development finance organization based in the United States that operates in Latin America and the Caribbean, reported that in April 2010 the Multilateral Investment Fund (MIF), an investment fund managed by IDB, and the Social Entrepreneurship Program (SEP), an IDB program that provides loans to underserved groups and individuals through partner organizations, loaned USD 800,000 to Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL), a Honduran cooperative that was established in 1968 that provides microfinance services and business development programs to its members. As of December 31, 2009, COMIXMUL reported total assets of HNL 357 million (USD 19 million). COMIXMUL does not report financial information to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse.
In August 2010, MIF and SEP loaned USD 1 million to Fondo de Desarrollo Comunal (FONDECO), a nongovernmental organization (NGO) that was established in Bolivia in 1995. As of 2009, FONDECO reported to MIX a gross loan portfolio (GLP) of USD 10 million, total assets of USD 12.5 million, return on assets (ROA) of 2.31 percent and return on equity (ROE) of 8.31 percent. At this time FONDECO also reported having 11,545 active borrowers with an average loan balance per borrower of USD 869.
MIF and SEP also reported to MicroCapital that in October 2010 they loaned USD 800,000 to Fundacion de Apoyo Comunitario y Social del Ecuador (FACES), an Ecuadorian NGO that was established in 1991. Additionally, in November 2010, Alternativa Solidaria Chiapas (ALSOL), a Mexican microfinance institution (MFI) that was established in 1999, received a local-currency loan equivalent to USD 1 million. FACES reported to MIX in 2009 a GLP of USD 2.9 million, total assets of USD 3 million, ROA of 7.20 percent, ROE of 11.03 percent, 3,950 active borrowers and an average loan balance per borrower of USD 721. In the same year, ALSOL reported to MIX a GLP of USD 4.4 million, total assets of USD 5.5 million, ROA of 19.1 percent and ROE of 33.9 percent. ALSOL also reported having 19,700 active borrowers with an average loan balance per borrower of USD 225.
By Julie Moksim, Research Associate
About Inter-American Development Bank (IDB): The Inter-American Development Bank (IDB) is a US-based multilateral finance institution established in 1959 that operates in Latin America and the Caribbean. IDB works with governments, companies and non-governmental organizations (NGOs) to provide both loans and grants to support small and medium-sized enterprises (SMEs), health and education, among other sectors. IDB also provides technical assistance and research in these areas. Its Board of Executives is elected by 48 member countries, 26 of which are located in Latin America and the Caribbean. IDB reported total assets of USD 84 billion as of December 31, 2009.
About the Multilateral Investment Fund (MIF): MIF is an autonomous fund administered by the Inter-American Development Bank (IDB), a multilateral, development finance organization based in the United States that operates in Latin America and the Caribbean. The fund has recently started decentralizing its operations, giving IDB country offices more autonomy to distribute “mini-loans,” with the idea that a greater amount of smaller projects will reach more people. MIF has 38 donating member countries from Latin America, the Caribbean, North America, Europe and Asia. The United States and Japan play leading roles in the organization.
About the Social Entrepreneurship Program (SEP): SEP provides loans to underserved groups and individuals through partner organizations in Latin America and the Caribbean. Loans and grants are given to private, nonprofit and local governmental organizations that engage in community development services. SEP finances projects that target the development of micro- and small-scale enterprises and those that help poor communities gain access to basic services such as education, health and potable water. SEP provides approximately USD 26 million in financing per year.
About Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL): COMIXMUL was established in 1968 in Honduras. It is a cooperative that provides microfinance services and business development programs to its members. COMIXMUL works primarily with underserved women. As of December 31, 2009, COMIXMUL reported total assets of HNL 357 million (USD 19 million). COMIXMUL does not report financial information to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse.
About Fondo de Desarrollo Comunal (FONDECO): FONDECO is a nongovernmental organization that was established in 1995 in Bolivia. FONDECO provides individual and group loans to rural communities in Bolivia. Its clients consist primarily of small producers, micro-entrepreneurs and rural traders. Loan durations are typically between two and five years. As of 2009, FONDECO reported to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, a gross loan portfolio of USD 10 million, total assets of USD 12.5 million, return on assets of 2.31 percent and return on equity of 8.31 percent. At that time, FONDECO also reported having 11,545 active borrowers with an average loan balance per borrower of USD 869.
About Fundacion de Apoyo Comunitario y Social del Ecuador (FACES): FACES is a nongovernmental organization that was established in 1991 in Ecuador. The organization’s mission is to combat poverty and unemployment in rural and urban communities by promoting the development of micro-enterprises through the provision of customized financial services. FACES reported to the Microfinance Information Exchange (MIX) in 2009 a gross loan portfolio of USD 2.9 million, total assets of USD 3 million, return on assets of 7.20 percent and return on equity of 11.03 percent. In the same year, FACES reported having 3,950 active borrowers with an average loan balance per borrower of USD 721.
About Alternativa Solidaria Chiapas (ALSOL): ALSOL is a Mexican microfinance institution (MFI) that was established in 1999. The MFI’s mission is to reduce poverty in rural and semi-urban communities by providing financial services to women. In 2009, ALSOL reported to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, a gross loan portfolio of USD 4.4 million, total assets of USD 5.5 million, return on assets of 19.1 percent and return on equity of 33.9 percent. ALSOL also reported having 19,700 active borrowers with an average loan balance per borrower of USD 225.
[1] Data provided by Inter-American Development Bank to MicroCapital, January 2011
MicroCapital.org Brief: Inter-American Development Bank (IDB) Makes $4m in Equity Investments in Solutiones de MicroFinanzas SA (Microserfin) of Panama, Banco ProCredit Honduras, enConfianza Microfinanciera of Mexico and $3.5m in Loans to Fondo de Desarrollo Regional (Fondesurco) of Peru, IFD Sembrar Sartawi of Bolivia, https://www.microcapital.org/microcapital-brief-inter-american-development-bank-idb-makes-4m-in-equity-investments-in-solutiones-de-microfinanzas-sa-microserfin-of-panama-banco-procredit-honduras-enconfianza-microfinancie-2/
MicroCapital.org Brief, January 12, 2011: Inter-American Development Bank’s Multilateral Investment Fund Makes Local-Currency Debt Investment Worth $1.6m to Fondo Esperanza of Chile and Haitian Credit Unions Caisse Populaire Marigot, Caisse Populaire Kotelam, Caisse Populaire Fraternite, https://www.microcapital.org/microcapital-brief-inter-american-development-banks-multilateral-investment-fund-makes-local-currency-debt-investment-worth-1-6m-to-fondo-esperanza-of-chile-and-haitian-credit-unions-caisse-popula/
MicroCapital’s Microfinance Universe Profile: Inter-American Development Bank (IDB)
MicroCapital’s Microfinance Universe Profile: Multilateral Investment Fund (MIF)
MicroCapital’s Microfinance Universe Profile: Social Entrepreneurship Program (SEP)
MicroCapital’s Microfinance Universe Profile: Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL)
MicroCapital’s Microfinance Universe Profile: Fondo de Desarrollo Comunal (FONDECO)
MicroCapital’s Microfinance Universe Profile: Fundacion de Apoyo Comunitario y Social del Ecuador (FACES)
MicroCapital’s Microfinance Universe Profile: Alternativa Solidaria Chiapas (ALSOL)
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