Global Partnerships (GP), a US-based nonprofit organization that supports microfinance institutions (MFIs) in Latin America, recently reported to MicroCapital that it disbursed loans from its Social Investment Fund 2010 (SIF 2010) totaling USD 1.5 million to two MFIs in Latin America. GP provided a loan of USD 500,000 to Fondo Desarrollo Comunal (FONDECO), a Bolivian MFI, and a loan of USD 1 million to Cooperativa Mixta Mujeres Unidas Limitadas (COMIXMUL), a Honduran cooperative [1].
SIF 2010 is a five-year debt fund that uses social criteria for investment selection, requiring that MFIs prioritize sustainability, financial access for the rural poor and “microfinance plus” programs such as “preventative health services, business education, and assistance related to rural economic development” [2]. As of June 30, 2010, GP had USD 37.7 million invested in 27 microfinance institutions that serve 845,000 borrowers in seven Latin American countries.
For 2009, FONDECO reported to the Microfinance Information Exchange (MIX), the microfinance clearinghouse, total assets of USD 12.5 million, a gross loan portfolio of USD 10 million, approximately 11,500 borrowers with an average loan balance of USD 870 per borrower, return on assets of 2.31 percent and return on equity of 8.31 percent. According to a report by MicroFinanza Rating, a microfinance rating agency headquartered in Italy, as of December 2008, COMIXMUL held total assets of HNL 300 million (USD 15.9 million), a gross loan portfolio of HNL 236 million (USD 12.5 million), return on equity of 4.7 percent, and approximately 11,000 borrowers with an average loan balance of HNL 21,400 (USD 1,130) per borrower [3].
By: Jacqueline Foelster, Research Associate
About Global Partnerships: Global Partnerships (GP), established in 1994, is a US-based nonprofit organization that supports microfinance institutions in Latin America via a microfinance investment fund strategy. The company has staff based in Seattle, Washington, and Managua, Nicaragua. As of June 30, 2010, GP had USD 37.7 million invested in 27 microfinance institutions that serve 845,000 borrowers in seven Latin American countries.
About Fondo de Desarrollo Comunal (FONDECO): FONDECO is a nongovernmental organization that was established in 1995 in Bolivia. FONDECO provides individual and group loans, with a typical duration of two to five years, in rural communities in Bolivia. Its clients consist primarily of small producers, microentrepreneurs and rural traders. For 2009, FONDECO reported to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, total assets of USD 12.5 million, gross loan portfolio of USD 10 million, return on assets of 2.31 percent, return on equity of 8.31 percent, and approximately 11,500 borrowers with an average loan balance of USD 870 per borrower.
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, who are primarily underserved women. According to a report by MicroFinanza Rating, a microfinance rating agency headquartered in Italy, as of December 2008, COMIXMUL held total assets of HNL 300 million (USD 15.9 million), a gross loan portfolio of HNL 236 million (USD 12.5 million), return on equity of 4.7 percent and approximately 11,000 borrowers. COMIXMUL does not report financial information to the Microfinance Information Exchange (MIX).
Sources and Additional Resources:
[1] Data reported by Global Partnerships to MicroCapital January 2011
[2] Global Partnerships, “Global Partnerships Closes $20 Million Fund Aimed at ‘Microfinance Plus’”, September 30, 2010, http://www.globalpartnerships.org/sections/newsinfo/newsinfo_nr_GP_sif_2010.htm
[3] MicroFinanza Rating, “Informe de MicroFinanza Rating Financiero”, April 2009, http://www.comixmul.hn/index_007.htm
MicroCapital’s Microfinance Universe Profile: Global Partnerships (GP)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Global+Partnerships
MicroCapital’s Microfinance Universe Profile: Fondo de Desarrollo Comunal (FONDECO)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Fondo+de+Desarrollo+Comunal+%28FONDECO%29
MicroCapital’s Microfinance Universe Profile: Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Cooperativa+Mixta+Mujeres+Unidas+Limitada+%28COMIXMUL%29
MicroCapital.org Article, October 18, 2010: “United States Nonprofit Global Partnerships Closes Social Investment Fund 2010, Will Invest $20m in Latin American Microfinance Institutions Over Five Years”, https://www.microcapital.org/microcapital-brief-united-states-nonprofit-global-partnerships-closes-social-investment-fund-2010-will-invest-20m-in-latin-american-microfinance-institutions-over-five-years/
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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