Switzerland’s responsAbility Social Investments AG (responsAbility) recently reported to MicroCapital that it has made loans totaling the equivalent of USD 1.85 million to financial institutions AgroInvest Holding of Montenegro and Forus Bank of Russia. AgroInvest Holding received the local-currency equivalent of USD 650,000 from the responsAbility Global Microfinance Fund (rAGMF). Forus Bank received the local-currency equivalent of USD 1.2 million disbursed through two microfinance investment vehicles (MIVs) managed by responsAbility: the equivalent of USD 725,000 from responsAbility Mikrofinanz-Fonds and the equivalent of USD 483,000 from rAGMF.
In 2009, AgroInvest-Montenegro, a subsidiary of Montenegro-based AgroInvest Holding, reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 74.6 million, a gross loan portfolio of USD 67.5 million, return on assets (ROA) of 0.12 percent, return on equity (ROE) of 0.51 percent and 25,200 active borrowers. AgroInvest Holding is a subsidiary of VisionFund International, which in turn is a subsidiary of the US-based nonprofit World Vision. Vision Fund supports 40 microfinance institutions worldwide.
As of December 31, 2010, Forus Bank reported to MIX total assets of USD 47.9 million, a gross loan portfolio of USD 40.6 million, ROA of 0.98 percent, ROE of 14.7 percent and approximately 9,600 active borrowers.
In 2011, rAGMF reported to MIX assets of USD 532 million and Mikrofinanz-Fonds reported assets of USD 141 million.
About Forus Bank
Forus Bank is a banking microfinance institution (MFI) that was founded in 2005 in Nizhniy Novgorod, Russia, by the Fora Fund, a local nonprofit microfinance organization. Forus Bank offers a range of financial services for micro- and small businesses, covering 11,000 customers through a 42-branch network. As of December 31, 2010, Forus Bank reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 47.9 million, a gross loan portfolio of USD 40.6 million, return on assets (ROA) of 0.98 percent, return on equity (ROE) of 14.7 percent and approximately 9,600 active borrowers.
About AgroInvest-Montenegro
AgroInvest-Montenegro is a microfinance institution that serves the financial needs of rural individuals and microenterprises in Montenegro. It was established in 1999 as a subsidiary of AgroInvest Holding, an affiliate of VisionFund International. In 2009, AgroInvest-Montenegro reported to US-based nonprofit Microfinance Information Exchange total assets of USD 74.6 million, a gross loan portfolio of USD 67.5 million, return on assets (ROA) of 0.12 percent, return on equity (ROE) of 0.51 percent and 25,200 active borrowers. VisionFund is affiliated with microfinance institutions (MFIs) in 42 countries.
About VisionFund International
VisionFund International was created in 2003 as a wholly owned subsidiary of World Vision with the purpose of managing its microfinance institutions (MFIs). As of 2010, VisionFund supported 40 affiliate MFIs, which together assets of USD 418 million, an aggregate gross loan portfolio of USD 341 million and approximately 638,000 active borrowers. Based in the US, VisionFund fully owns five MFIs: VisionFund CREDO of Georgia, AgroInvest of Serbia, AgroInvest of Montenegro, Azercredit of Azerbaijan and VisionFund Cambodia.
About World Vision
World Vision is a US-based Christian relief, development and advocacy organization dedicated to alleviating poverty. It is active in three areas: providing immediate disaster relief; developing long-term, sustainable development programs; and sponsoring children in need. According to 2008 data from World Vision, the organization served 100 million people across 98 countries. Total operating expenses during 2011 amounted to USD 1.13 billion. In 2003, World Vision created VisionFund International, a wholly owned subsidiary of World Vision with the mission of managing its microfinance institutions (MFIs).
About responsAbility
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 Global Microfinance Fund (rAGMF)
The responsAbility Global Microfinance Fund (rAGMF) is a microfinance investment vehicle (MIV) managed by responsAbility Social Investments 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 Mikrofinanz-Fonds (rAMF)
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.
By Ariana Malushi, Research Associate
Sources and Additional Resources
Information submitted by responsAbility Social Investments AG to MicroCapital
MicroCapital.org article, November 14, 2011, “MICROCAPITAL BRIEF: responsAbility Lends $4.3m to Microfinance Institutions (MFIs) Banco Solidario of Ecuador, Interactuar of Colombia”, https://www.microcapital.org/microcapital-brief-responsability-global-mic…
MicroCapital.org article, November 15, 2011, “MICROCAPITAL BRIEF: responsAbility Lends $8.2m to Microfinance Institutions (MFIs) FINCA DRC, Bandhan of India, Opportunity Microcredit Romania,” https://www.microcapital.org/microcapital-brief-responsability-lends-8-2m…
MicroCapital.org article, October 17, 2011, “MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund Lends $2.3m to Microfinance Institutions (MFIs) Coopronaranjo of Costa Rica, Fundación Amanecer of Colombia, COAC Esperanza y Progreso Del Valle of Ecuador”, https://www.microcapital.org/microcapital-brief-responsability-global-microfinance-fund-lends-2-3m-to-microfinance-institutions-mfis-coopronaranjo-of-costa-rica-fundacion-amanecer-of-colombia-coac-esperanza-y-progreso-del-v/
MicroCapital Universe Profile: responsAbility Social Investments AG, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility…
MicroCapital Universe Profile: responsAbility Global Microfinance Fund (rAGMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29…
MicroCapital Universe Profile: responsAbility Mikrofinanz-Fonds, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds…
MicroCapital Universe Profile: Forus Bank https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Forus+Bank
MicroCapital Universe Profile: AgroInvest – Montenegro https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=AgroInvest+-+Montenegro
MicroCapital Universe Profile: VisionFund International https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=VisionFund+International
MicroCapital Universe Profile: World Vision https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=World+Vision
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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