responsAbility Social Investments AG, a Swiss investment company that manages four microfinance investment vehicles (MIVs), recently reported to MicroCapital that it has made debt investments totaling the equivalent of USD 2.5 million in microfinance institutions Asian Credit Fund LLP of Kazakhstan, Bank Eskhata (Eskhata) of Tajikistan and XacLeasing, a sister company of Mongolian microfinance institution XacBank [1]. The investments have been made through three MIVs: responsAbility Global Microfinance Fund (rAGMF), responsAbility Microfinance Leaders Fund (rAMLF) and responsAbility Mikrofinanz-Fonds.
In Kazakhstan, rAGMF made a local-currency debt investment equivalent to USD 501,000 in ACF, a micro- and small business development finance institution. As of 2010, ACF reported to MIX total assets of USD 4.8 million, a gross loan portfolio of USD 2.6 million, approximately 4,539 borrowers, ROA of -1.75 percent and ROE of -16.4 percent.
In Tajikistan, rAGMF and Mikrofinanz-Fonds made a combined debt investment of USD 1 million in Eskhata, a commercial bank that lends to micro- and small businesses. As of 2010, Eskhata reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 78.3 million, a gross loan portfolio of USD 47.4 million, approximately 9,500 borrowers, return on assets (ROA) of 2.62 percent and return on equity (ROE) of 22.5 percent.
In Mongolia, XacLeasing, which provides equipment leasing services to micro-, small and medium-sized enterprises, borrowed USD 1 million from rAGMF. As of 2010, XacLeasing reported a paid-in capital of MNT 2 billion (USD 1.6 million). TenGer Financial Group is the parent organization of both XacLeasing and XacBank.
As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion.
By Nisha Koul, Research Associate
About Asian Credit Fund LLP (ACF): Established in 1997 as a micro- and small business lending program, ACF also provides mortgage and home improvement loans to encourage home ownership. As of 2010, ACF reported to MIX total assets of USD 4.8 million, a gross loan portfolio of USD 2.6 million, approximately 4,539 borrowers, ROA of -1.75 percent and ROE of -16.4 percent.
About Bank Eskhata (Eskhata): Established in 1993 in Tajikistan, Eskhata is a commercial bank that provides loans, savings and fund transfer services. As of 2010, Eskhata reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 78.3 million, a gross loan portfolio of USD 47.4 million, approximately 9,500 borrowers, return on assets (ROA) of 2.62 percent and return on equity (ROE) of 22.5 percent.
About responsAbility Social Investments AG: Founded in 2003, responsAbility Social Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.
About responsAbility Mikrofinanz-Fonds: Mikrofinanz-Fonds is a microfinance investment vehicle (MIV) that was launched in 2007, is managed by responsAbility Social Investments AG of Switzerland and is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf. It invests in short to medium-term income-bearing debt securities of microfinance institutions (MFIs). In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. Mikrofinanz-Fonds reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 141 million in 2011.
About responsAbility Global Microfinance Fund (rAGMF): The responsAbility Global Microfinance Fund (rAGMF) is a microfinance investment vehicle (MIV) managed by responsAbility that invests in microfinance institutions (MFIs) and other MIVs, mostly through short- to medium-term debt securities. rAGMF also invests up to 10 percent of its assets in the equity of MFIs. In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 532 million in 2011.
About responsAbility Microfinance Leaders Fund (rAMLF): The responsAbility Microfinance Leaders Fund (rAMLF) invests in large microfinance institutions (MFIs) through debt securities and equity investments. In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAMLF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 155 million in 2011.
Sources and Additional Resources:
[1] Data submitted by responsAbility Social Investments AG to MicroCapital, September 2011
MicroCapital.org, July 15, 2011, “MICROCAPITAL BRIEF: responsAbility Loans $8m to Kompanion of Kyrgyz Republic, Eskhata of Tajikistan, XacBank of Mongolia,” https://www.microcapital.org/microcapital-brief-responsability-loans-8m-to-kompanion-of-kyrgyz-republic-eskhata-of-tajikistan-xacbank-of-mongolia/
MicroCapital.org, February 11, 2011, “MICROCAPITAL BRIEF: Belgian Incofin Loans $1.5m to TenGer Financial Group of Mongolia,” https://www.microcapital.org/microcapital-brief-belgian-incofin-loans-1-5m-to-tenger-financial-group-of-mongolia-2/
MicroCapital.org story, August 13, 2011, “MICROCAPITAL BRIEF: responsAbility Disburses $4m in Loans and Equity to Bai Tushum of Kyrgyz Republic; Arnur Credit, Bereke of Kazakhstan,” https://www.microcapital.org/microcapital-brief-responsability-disburses-4m-in-loans-and-equity-to-bai-tushum-of-kyrgyz-republic-arnur-credit-bereke-of-kazakhstan/
MicroCapital Universe Profile: Asian Credit Fund LLP (ACF LLP), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Asian+Credit+Fund+LLP
MicroCapital Universe Profile: Bank Eskhata, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=the+eskhata+bank
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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