The International Finance Corporation (IFC), the investment arm of the World Bank, has announced that it will make an equity investment of XOF 574.6 million, the equivalent of over USD 1.2 million, in MicroCred Senegal, a microfinance institution (MFI) located in Senegal that was founded by the MicroCred Group, an investment company based in France that is part of the PlaNet Finance Group.
Category: Deals
MICROCAPITAL BRIEF: International Finance Corporation and KfW Entwicklungsbank to Establish Microfinance Institutions (MFIs) in Zambia and Senegal in 2010
The International Finance Corporation (IFC), the investment arm of the World Bank, and KfW Entwicklungsbank (KfW), a state-owned development bank based in Germany, have announced that they will establish microfinance institutions (MFIs) in Zambia and Senegal in 2010.
MICROCAPITAL BRIEF: Standard Chartered Bank Closes Its First Microfinance Deal in Philippines, $1.5m to CARD Bank
Standard Chartered has provided its first microfinance loan in the Philippines to CARD Bank, a microfinance institution (MFI) with over 205,097 active borrowers and a gross loan portfolio of USD 20.1 million as of year-end 2008.
MICROCAPITAL BRIEF: European Parliament Reaches Deal on Sources of Funding for $139m Microfinance Facility
Members of the European Parliament (MEPs) have reached an agreement on the sources of funding for the EUR 100 million (USD 139 million) ‘European Progress Microfinance Facility’.
MICROCAPITAL BRIEF: Global Partnerships, a Nonprofit Microfinance Investment Vehicle, Announces Expansion to Mexico Through $500,000 Loan to Fundación Realidad (FRAC), a Nonprofit Microfinance Institution (MFI), That Took Place in October of 2009
Global Partnerships, a non-governmental organization (NGO) that supports microfinance institutions (MFIs) in Latin America, has announced its expansion to Mexico through a USD 500,000 loan made to Fundación Realidad (FRAC), a nonprofit MFI located in Mexico.
MICROCAPITAL BRIEF: J.P. Morgan Chase Foundation Provides $3m Grant to Bankers Without Borders (BwB), a Grameen Foundation Volunteer Program, to Support Microfinance Initiatives
The J.P. Morgan Chase Foundation, the charitable arm of the U.S.-based financial services company, has provided a USD 3 million grant to Bankers Without Borders (BwB), a volunteer program of the Grameen Foundation based in the U.S. that supports microfinance and technology initiatives related to finance in low-income countries.
MICROCAPITAL BRIEF: Spandana Sphoorty Innovative Financial Services Limited, a Microfinance Institution (MFI) Based in Hyderabad, India, Issues $5.3m Worth of Commercial Paper
Spandana Sphoorty Innovative Financial Services Limited, a microfinance institution (MFI) based in Hyderabad, India, has raised funds by placing INR 25 crore, the equivalent of over USD 5.3 million, worth of commercial paper with an unnamed mutual fund.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Makes $100m Equity Investment in Byblos Bank of Lebanon to Provide Finance for Small and Medium-Sized Enterprises (SMEs) and Expand Operations in the Middle East and Africa
The International Finance Corporation (IFC), the investment arm of the World Bank, has made a USD 100 million equity investment in Byblos Bank, a commercial bank based in Lebanon, to provide finance for small and medium-sized enterprises (SMEs) and expand operations in the Middle East and Africa [1,2,3].
MICROCAPITAL BRIEF: Sequoia Capital Purchases 10% Equity Stake in Equitas, a Microfinance Institution (MFI) Based in India, From Kalpathi Investments for Over 12 Times the Original Price
Sequoia Capital, a venture capital fund that commits a portion of its portfolio on microfinance, has purchased a 10 percent stake in Equitas, a microfinance institution (MFI) based in India [1,2,3].
MICROCAPITAL BRIEF: US Government Facilitates $2m Cash Transfer to Haitian Microfinance Institution (MFI) Fonkoze
The US government has facilitated a USD 2 million transfer in reserves from City National Bank of New Jersey (CNB) to 34 branches of Fonkoze, a Haitian microfinance institution (MFI) that had been running low on cash since the January 12 earthquake.
MICROCAPITAL BRIEF: The International Finance Corporation (IFC) to Invest $7.5m in Fanisi Venture Capital Fund, A Luxembourg-Based Fund That Invests in Startups and Existing Small and Medium Enterprises (SMEs) in East Africa
The International Finance Corporation (IFC), the investment arm of the World Bank, will invest USD 7.5 million in the Fanisi Venture Capital Fund, a Luxembourg-based fund that invests in East Africa [1,2,3].
MICROCAPITAL BRIEF: The State-Owned Norwegian Investment Fund for Developing Countries (Norfund) Invests in Real People, a Company in South Africa that Provides Credit Management Services and Microcredit, Through an 8.9 Percent Equity Acquisition and a $13m Loan
The Norwegian Investment Fund for Developing Countries (Norfund), a state-owned development finance institution, has acquired an 8.9 percent equity stake in Real People, a company in South Africa that provides credit management services and microcredit to “middle and low income earners” [1,2,3].
MICROCAPITAL BRIEF: Indian Microfinance Institution Grameen Koota Raises $4.2m from MicroVest Purchase of Non-convertible Debentures (NCDs)
Grameen Financial Services Private Limited, an Indian microfinance institution also known as Grameen Koota, has raised INR 20 crore (USD 4.27 million) from a sale of secured, redeemable, non-convertible debentures (NCDs) to MicroVest I LP, a US-based private equity fund.
MICROCAPITAL BRIEF: Bill & Melinda Gates Foundation Awards $38m in Grants to Help Microfinance Institutions Expand Savings Initiatives for Poor
The Bill & Melinda Gates Foundation has awarded six grants worth a total of USD 38 million to help 18 microfinance institutions (MFIs) expand or launch savings initiatives.
MICROCAPITAL BRIEF: Bill & Melinda Gates Foundation Grants $3m to World Vision for ‘Access to Rural Savings in Ethiopia’ Project
World Vision has received a USD 3 million grant from the Bill & Melinda Gates Foundation to help launch its Access to Rural Savings in Ethiopia project.
MICROCAPITAL BRIEF: Standard Chartered Bank Pakistan Closes First Microfinance Deal, $4.2m to Kashf Foundation
Standard Chartered Bank Pakistan Ltd, a subsidiary of Standard Chartered PLC, has closed its first microfinance deal, a two-year term loan to Kashf Foundation worth PKR 350 million (USD 4.2 million).
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Extends $5m Long-term Loan to Kyrgyz Investment and Credit Bank (KICB) for On-Lending to Small and Medium Enterprises (SMEs)
The European Bank for Reconstruction and Development recently provided Kyrgyz Investment and Credit Bank (KICB) with a USD 5 million long-term loan for on-lending to small and medium enterprises (SMEs) in the Kyrgyz Republic.
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Extends First Loan in Georgian Currency Worth $1m to Crystal Microfinance Organization
The European Bank for Reconstruction and Development (EBRD) has extended its first loan in local Georgian currency, the Lari (GEL), worth about USD 1 million, to Crystal, a local microfinance institution (MFI).