Kafo Jiginew, a credit union in Mali, today agreed to accept a loan equivalent to EUR 10 million (USD 10.8 million) in local currency from the EU’s European Investment Bank (EIB). EIB will support the investment with technical assistance for Kafo Jiginew staff regarding risk management. The loan carries a term of 7 years, with a grace period of 18 months.
The funding is expected to enable 60,000
Accion Venture Lab, the seed-stage investment initiative of US-based NGO Accion, recently sold its stake in Aye Finance, an India-based lender, to A91 Partners, an Indian venture capital fund. Accion Venture Lab bought a 15-percent stake in Aye in 2015 and
The European Investment Bank, the EU’s long-term lending institution, recently lent ProCredit Bank Bulgaria, one of 13 members of Germany’s ProCredit Group, EUR 15 million (USD 16.3 million). ProCredit Bank Bulgaria will on-lend the funds to small and medium-sized enterprises (SMEs) in Bulgaria, with 40 percent of the total to be directed to
A group of investors recently committed to loan a total of USD 76 million to agRIF, the successor to the first and second Rural Investment Funds (RIF I and RIF II) of Belgium’s Incofin Investment Management. Launched in 2015, agRIF is intended to generate market-rate returns from investments in small and medium-sized agricultural enterprises as well as funders of small-scale farmers and rural micro- and small enterprises.
The first-time investors in agRIF include the Austrian government’s development bank Oesterreichische Entwicklungsbank (OeEB), which loaned the fund
The CDC Group, a development finance institution owned by the UK government’s Department for International Development, has committed to investing GBP 2 billion (USD 2.6 billion) in African businesses over the next two years. This follows its recent announcement
The World Bank Group’s International Finance Corporation (IFC) recently loaned Banco Davivienda of Colombia USD 335 million to increase its “financing of women-owned small and medium-sized enterprises (SMEs), social housing and sustainable
Mikrofinanzfonds, a fund managed by Germany’s Invest In Visions (IIV), recently loaned EUR 10 million (USD 11 million) to ASA International India, a microlending unit of ASA International. ASA India was founded in 2008 and serves
Bancoldex, an institution of the Colombian government “focused on promoting business growth and foreign trade,” recently received approval to access USD 60 million of a potential credit line of USD 600 million from the Inter-American Development Bank (IDB), a US-based multilateral institution, for on-lending to retail lenders serving micro-, small and medium-sized enterprises. In particular, the funding will be directed to efforts to improve production capacity and energy efficiency. Bancoldex also will seek to support investments in
The Netherlands Development Finance Company, which is also known by its Dutch acronym FMO, recently invested USD 7.5 million in the Acumen Resilient Agriculture Fund (ARAF), an entity
Patria Credit, a non-banking financial institution in Romania, recently borrowed RON 12 million (USD 2.7 million) from the European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle. Christoph Tiskens, the Board Chair of EFSE, said of
The European Investment Bank (EIB), the long-term lending institution of the EU, recently gave the Serbian unit of the French banking group Crédit Agricole access to EUR 30 million (USD 33 million) of a EUR 50 million (USD 55 million) line of credit. Crédit Agricole Srbija agreed to
The Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, recently issued the following loans: (1) MMK 3 billion (USD 2 million) to Proximity Designs, a US-registered NGO that operates exclusively in Myanmar; and (2) USD 1.8 million to Chamroeun of Cambodia to help
XacBank, a Mongolia-based institution offering traditional banking and insurance services as well as microfinance, recently secured a loan of USD 30 million from the Asian Development Bank (ADB), a multilateral institution seeking to promote social and economic development on the continent. The loan proceeds are
Swedfund International, a development finance institution owned by the Swedish government, recently issued a loan of USD 10 million to LOLC Finance PLC of Sri Lanka. LOLC Finance is a member of the LOLC Group, whose name derives
The European Investment Bank (EIB), the long-term lending institution of the EU, recently loaned EUR 15 million (USD 16.8 million) to Joint Stock Company Liberty Bank of Georgia. The loan is
France-based BNP Paribas informed MicroCapital that today it disbursed a loan of INR 350 million (USD 4.9 million) to Fusion Microfinance, which offers microloans in amounts from INR 3,000 (USD 42) to INR 60,000 (USD 840) with terms of five months to
The Inter-American Development Bank (IDB), a US-based multilateral finance institution that operates in Latin America and the Caribbean, recently committed USD 250 million in loan funding for rural Mexico. IDB is opening the credit line
The UK-based European Bank for Reconstruction and Development (EBRD) recently issued a loan of MAD 165 million (USD 16 million) to the local unit of Spain-based Banco Sabadell SA to increase the financing of small and medium-sized enterprises (SMEs) in Morocco. Founded in 2009, Banco Sabadell Casablanca is primarily involved in Morocco’s SME market. The entity earned a profit of EUR 1.2 million (USD 1.4 million) during 2018. As of June 2019, it held total assets of MAD 1.1 billion (USD 110 million).