by the MicroCapital Team -

Mali Microfinance Institution Soro Yiriwaso Loaned $581,400 from Oikocredit

News coming to us courtesy of the CGAP-MIX MCM October Newsletter, Mali’s Soro Yiriwaso was extended a three-year, $580,000 loan from Oikocredit. Soro Yiriwaso was established in 2000 as a microfinance institution to provide women in Sikasso province with credit. According to year end 2005 Microfinance Information eXchange (MIX) data, its 18,574 borrowers make up a total loan portfolio of $1.3 million. In addition, it has assets worth $1.6 million, return on assets of -17.5% and debt to equity ratio of 54.5%. Soro Yiriwaso’s primary funders are Save the Children (a charity with $396 million 2005 revenue) and APIM-Mali (Association Professionnelle des Institutions de la Microfinance au Mali), a Mali nongovernmental organization.

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Sudan and World Bank Establish $50 Million Microfinance Fund

The Central Bank of Sudan (CBS) and World Bank launched a $50 million microfinance fund. The money will be used to grow local microfinance institutions and establish a microfinance department within CBS. A particular focus will be put on areas that have been hit hard by civil war and famine, such as the Darfur region.

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UK Government to Provide Bangladesh with Aid for Microfinance Expansion

The British government announced recently that it will be providing approximately $75 million to the Bangladesh Central Bank in order to set up a program for expanding the country’s microfinance sector. The program, entitled PROSPER, will primarily be a partnership between two Bangladeshi actors: the microfinance-funding organization, Palli Karma-Sahayak Foundation (PKSF), and the Bangladeshi government’s newly established Microcredit Regulatory Authority (MRA).

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by the MicroCapital Team -

ACODEP Receives $1.5 Million in Microfinance Loans from BANPRO, Facilitated by Grameen Foundation Guarantee

Nicaragua-based ACODEP received a $1.5 million loan from BANPRO. The Grameen Foundation is providing a $500,000 guarantee for the loan, and Global Partnerships conducted a due diligence assessment. ACODEP stated it will use the funds to build its client base from the current 51,444 to 118,000 by 2009.

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by the MicroCapital Team -

Microfinance Investment Support Facility for Afghanistan Receives $12 Million Loan From Canadian International Development Agency

The Canadian International Development Agency (CIDA) made a $12 million loan to Microfinance Investment Support Facility for Afghanistan (MISFA). The funds will be disbursed by MISFA to its 12 partner microfinance institutions in the country.

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by the MicroCapital Team -

Mexican Microfinance Bank Receives $10 Million Loan Pledge from International Finance Corporation

Mexico-based Banco Compartamos will receive loans worth $10 million from the International Finance Corporation (IFC). The funds are to be disbursed over a seven year period. This is the first of three loan pledges to Banco Compartamos; IFC has not yet announced the next two.

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by the MicroCapital Team -

The Microcredit Summit Campaign and Microfinance Opportunities Make Commitments at the Clinton Global Initiative

Microfinance Opportunities and Freedom from Hunger officially announced (pg 43) at the Clinton Global Initiative that they will invest over $3 million over the next 3 years in developing a financial education curriculum for the poor in developing countries. The project will be partially financed by Citigroup, the American bank which has invested heavily in microfinance in the past. The curriculum will be developed specifically for low income populations in Latin America, Asia, and Africa, and will focus especially on electronic banking. To enhance learning, several alternative channels will be used, including classroom learning and public billboards.

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EBRD Invests $1 Million in Azeri MFI CredAgro

The European Bank for Reconstruction and Development (EBRD) recently announced that will be loaning $1 million to the Azeri MFI, CredAgro. $250,000 of the loan will be financed by Taiwan International Cooperation and Development Fund (TaiwanICDF), a government run technical cooperation agency. The investment is part of the EBRD’s Non-bank Microfinance Institutions Framework for Early Transition Countries project.
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MicroCredit Enterprises Issues Loans Totaling $1.9 Million to IMON, LAPO, Associacion Benefica PRISMA, and EDPYME CONFIANZA

MicroCredit Enterprises loaned $800,000 to the Lift Above Poverty Organisation (LAPO), $500,000 to International Micro-Loan Fund (IMON), and $300,000 each to Associacion Benefica PRISMA and EDPYME Confianza.

Established in 1991, LAPO is a Nigerian non-profit organization whose clients are 98% women. According to its MIX Market profile, it had 54,460 clients, assets worth $5.3 million, and a total loan portfolio of $3.4 million at year end 2005. As well, its debt to equity ratio stood at 138% and return on assets was 12%.

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American International Group (AIG) and ACCION International Announce $5.25 million, Three-year Partnership

American International Group, Inc. (AIG) and ACCION International announced a $5.25 million, three-year partnership at the Clinton Global Initiative. AIG will work with ACCION to develop products that serve the financial needs of poor entrepreneurs. Examples include remittances and savings products, micro-insurance, and housing loans.

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Citigroup to Invest $100 million in Global Microfinance

Citigroup announced at the Clinton Global Initiative (CGI) that it will lend $100 million to several MFIs. $70 million of the loans will be guaranteed by the US government’s Overseas Private Investment Corporation (OPIC). Citigroup has compiled an initial list of 132 microfinance institutions in 39 countries to which it will loan up to USD5 million. It will make loans in the local currency of the MFIs and focus its attention on smaller institutions which previously had not received much funding.

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responsAbility Global Microfinance Fund Makes Nearly $3 Million Microfinance Investment: Loans to FINCA Azerbaijan, Credo Foundation of Georgia, Constanta Foundation of Georgia, MicroInvest of Moldova

responsAbility Global Microfinance Fund loaned $2,902,000 to microfinance institutions in Eastern Europe and Central Asia. responsAbility, established in 2003 under Luxembourg law, is classified as a private investor and open-ended investment fund. In July 2006, it reported a total fund volume of $70.2 million as well as microfinance and free trade investments of $65.5 million. MicroCapital recently reported on responsAbility’s $800,000 investment in BlueOrchard Loans for Development.

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by the MicroCapital Team -

Incofin Purchases Shares worth ARS 1 million from FIE Grand Poder of Argentina in Microfinance Investment Deal

Incofin is a Belgian co-operative founded in 1992. As of year end 2005, Incofin reported fund assets of $5.6 million with $4.5 million allocated to microfinance investments. Incofin’s recent purchase of shares worth 1 million Argentine Pesos (equivalent to US$325,400) from FIE Grand Poder follows another recent purchase from Peru’s Edpyme Confianza (see Microcapital Blog August 24, 2006).
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by the MicroCapital Team -

The European Bank for Reconstruction and Development Lends $10.2 Million to Expand MIKROFIN’s Microcredit Activities

MIKROFIN received a $10.2 million convertible loan from the European Bank for Reconstruction and Development (EBRD). The funds are being used to expand MIKROFIN’s lending activities, and to help structure it into a shareholding company. The EBRD has the right to an equity stake in MIKROFIN if it exercises the loan convertibility feature in the future.

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