by Iyanna Holmes -

MICROCAPITAL STORY: Unitus, Inc. and Whole Planet Foundation Announce Partnership With Jamii Bora Trust, a Kenyan MFI

Unitus, Inc. and Whole Planet Foundation (WPF), a Whole Foods Market foundation, announced plans to fuel the growth of microfinance in the coffee-growing regions of Kenya.  Specifically, the two will support Jamii Bora Trust, one of Kenya’s fastest growing microfinance institutions and a Unitus partner since 2003, expand into the rural coffee-growing regions of Central and Eastern provinces in Kenya.  This agreement, the amount of which was undisclosed, marks Whole Planet Foundation’s first entry into Africa.

by Iyanna Holmes -

MICROCAPITAL STORY: Norwegian Microfinance Inititiative (NMI), a JV Between the Norwegian Investment Fund for Developing Countries (Norfund) and the Norwegian Agency for Development Cooperation (Norad), Launches NMI Global Fund and NMI Frontier Fund With a $100m Investment

Norwegian Microfinance Initiative (NMI), a microfinance joint venture between two government agencies, the Norwegian Investment Fund for Developing Countries (Norfund) and the Norwegian Agency for Development Cooperation (Norad) and several private institutions, has established two investment funds: NMI Global Fund and NMI Frontier Fund.  A total of USD 100 million has been committed by NMI’s owners, half of which was committed by Norfund.  The funds are expected to make their initial investments during the first quarter of 2009.

by Iyanna Holmes -

MICROCAPITAL STORY: US Private Equity Group Emerging Capital Partners Invests $28m in Financial BC SA of Togo, Parent of FINADEV, a Microfinance Institution

Emerging Capital Partners (ECP), an international private equity firm focused on investing in Africa, purchased a USD 28 million stake in Financial BC SA (FBC), a privately held Lomé, Togo-based regional commercial bank.  The investment consists of common shares and convertible notes.  FBC will use the funds to expand its presence through central and western Africa.

by Iyanna Holmes -

MICROCAPITAL STORY: International Finance Corporation (IFC) Provides $2.1m to Corporacion Mundial de la Mujer de Medellin (WWB Medellin)

The International Finance Corporation (IFC), a member of the World Bank Group, will provide up to COP 4 billion, approximately USD 2.1 million, to Colombia’s Corporacion Mundial de la Mujer de Medellin (WWB-Medellin) in order to support the bank’s expansion.  This financing follows another loan of up to USD 2.1 million that IFC committed earlier this year to WWB Medellin.

by Scott Everett -

MICROCAPITAL STORY: MicroCred Receives Capital Increase from Developing World Markets and AXA Belgium

MicroCred, an investment company that creates companies and banks specialized in microfinance, approved a capital increase which includes investments from a new shareholder, Developing World Markets (DWM) and a founding shareholder, AXA Belgium. DWM will take a 22% stake in the company, while AXA Belgium will increase its shareholding to 25%. MicroCred’s total equity capital stood at USD 23.2 million at the end of November 2008.

by Iyanna Holmes -

MICROCAPITAL STORY: Another GrameenPhone? Telenor Pakistan, a Subsidiary of Telenor, the Majority Owner of GrameenPhone, Acquires 51% Stake in Tameer Microfinance Bank Limited for $12.5m

Telenor Pakistan, a subsidiary of Telenor, a Norwegian communications, IT, and media company, has acquired 51 percent of Tameer Microfinance Bank Limited (TMBL) for PKR 1 billion, approximately USD 12.5 million, sources say.  Established in 2001, Tameer Microfinance Bank is a USD 20.3 million commercial microfinance bank in Pakistan.  The transaction is subject to full regulatory approval including a no-objection certificate (NOC) issued by the State Bank of Pakistan.  This partnership with Telenor will extend the bank’s operation and network across the country, specifically in rural areas, to promote the microfinance business in the country.

by Lori Curtis -

MICROCAPITAL STORY: India’s Ujjivan Increases Equity With Investments By Unitus Equity Fund, Bellwether Microfinance Fund, Michael and Susan Dell Foundation, Sequoia Capital, Lok Capital, India Financial Inclusion Fund and SIDBI

Ujjivan Financial Services, a Bangalore-based microfinance institution (MFI), has completed the fourth round of equity infusion by raising Rs 940 million (USD 18.7 million) making it the fourth highest capitalised MFI in India with total paid up capital and reserves standing at over Rs 1.08 billion (USD 21.5 million) The increase in capital was largely invested by existing shareholders including Unitus Equity Fund (UEF) managed by Elevar Equity L.L.C., Bellwether Microfinance Fund, Michael & Susan Dell Foundation, A.W. Holdings and individual investors including promoter & CEO Samit Ghosh. The five new investors in this private placement transaction will include: Sequoia Capital, Lok Capital, Unitus Equity Fund II, India Financial Inclusion Fund and SIDBI.