C-Quadrat Asset Management loaned a total equivalent to USD 35 million to 16 microfinance institutions (MFIs) in 11 countries from its Dual Return Vision Microfinance Funds during August and September. C-Quadrat, a member of Austria-based CQ Investment Group, tells MicroCapital that the MFIs have “a strong focus on their social mission, customer protection, transparency and
Category: Deals
MICROCAPITAL BRIEF: EBRD, EU Commit $132m to EU4Business Initiative for Financing SMEs via OTP Bank Ukraine, ProCredit Bank Ukraine, Raiffeisen Bank Aval
The UK-based European Bank for Reconstruction and Development (EBRD) and the EU recently committed EUR 120 million (USD 132 million) to implement the EU4Business Initiative in Ukraine. Through the program, EBRD will provide local banks with
MICROCAPITAL BRIEF: Maj Places $10.6 in Equity in BASIX Group’s Sub-K, Business Correspondent Providing Microfinance on Behalf of Banks in India
Sub-K, a unit of India’s BASIX Social Enterprise Group, recently secured an equity investment of INR 750 million (USD 10.6 million) from Maj Invest, an asset manager based in Denmark. Sub-K is a financial technology (fintech) company that acts as an intermediary between financial institutions and their individual and microenterprise customers. It delivers lending, saving and payment services by “recruiting, training and equipping local entrepreneurs as Business Correspondent agents who serve as human
MICROCAPITAL BRIEF: Mastercard Foundation Commits $200m to “Young Africa Works,” a 10-year, 10-country Effort Launching in Senegal
The Canada-based Mastercard Foundation recently announced that Senegal is among the first countries in which it will roll out Young Africa Works, an initiative intended to create job opportunities for 30 million young Africans, 70 percent of whom are women, in 10 countries by 2030. The foundation has made a
MICROCAPITAL BRIEF: Grameen Credit Agricole Foundation Loans $1.5m to ACEP Niger, VisionFund Rwanda, LAPO of Sierra Leone
The Luxembourg-based Grameen Credit Agricole (GCA) Foundation has issued local-currency loans to three microfinance institutions (MFIs), approximately equivalent to the following amounts: USD 550,000 to ACEP Niger, an affiliate of the Agency for Private Enterprise Credit (ACEP) International; USD 540,000 to
MICROCAPITAL BRIEF: IsDB Funds WPDI Youth Peacemaker Network to Empower Youth, Promote Peace, Boost Sustainable Development in Northern Uganda
The Saudi Arabia-based Islamic Development Bank (IsDB) recently donated USD 1.9 million in to the Whitaker Peace & Development Initiative’s (WPDI’s) Youth Peacemaker Network to support the creation of a “community learning center” in Karamoja, a region of Uganda that has experienced “decades of conflict, instability, poverty, and inconsistent climatology.” At the center, WPDI plans to
MICROCAPITAL BRIEF: Grameen Credit Agricole Foundation Lends $770k to Microfinance Institution Oxus Kyrgyzstan
The Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, has issued a loan in the local currency equivalent of USD 770,000 to Oxus Kyrgyzstan, a member of the France-based Oxus Group. Oxus Kyrgyzstan
MICROCAPITAL BRIEF: Grameen Credit Agricole Foundation Lends $970k to Microfinance Institution Salym Finance of Kyrgyzstan
The Grameen Credit Agricole (GCA) Foundation, whose head office is in Luxembourg, has issued a loan in local currency approximately equivalent to USD 970,000 to Salym Finance, a microfinance institution in Kyrgyzstan. Founded in 2007 with the brand name Credit Systems,
MICROCAPITAL BRIEF: EBRD Expands “Women in Business” Programme to Montenegro, Microfinance Institution Alter Modus is First Lender to Participate
The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral institution, is expanding its Women in Business (WiB) programme to Montenegro. The WiB Montenegro programme, which is supported by
MICROCAPITAL BRIEF: Arohan Financial Services Borrows $9m from BNP Paribas for Microfinance in India
BNP Paribas, a France-based bank, recently informed MicroCapital that it has issued a two-year loan to Arohan Financial Services in the amount of INR 650 million (USD 9.1 million). The Kolkata-based microfinance institution (MFI), is to repay the loan in
MICROCAPITAL BRIEF: Sempli of Colombia Raises $8m in Equity Round Led by Incofin, Oikocredit
Sempli, a financial technology (fintech) company based in Colombia, recently secured Series A equity totaling USD 8 million via a funding round led by Incofin CVSO, a cooperative fund managed by Belgium-based Incofin Investment Management (IM), and Netherlands-based cooperative investor Oikocredit. Established in 2017, Sempli combines in-house with
MICROCAPITAL BRIEF: Development Bank of Jamaica Opens $50m Credit Line from IDB to Promote Sustainable Growth Among Startups, Existing MSMEs
The Inter-American Development Bank (IDB), a US-based multilateral finance institution that operates in Latin America and the Caribbean, recently committed USD 50 million in loan funds for Jamaica. The first disbursal of USD 25 million is meant to
MICROCAPITAL BRIEF: Grameen Crédit Agricole Foundation Loans $2.4m to Vision Fund Myanmar, Phare Performing Social Enterprise of Cambodia
The Luxembourg-based Grameen Crédit Agricole (GCA) Foundation recently issued loans of EUR 1.8 million (USD 2.0 million) to VisionFund Myanmar, a member of VisionFund International, and the equivalent of USD 367,000 to
MICROCAPITAL BRIEF: Cholamandalam of India to Borrow $185m from Citibank, Guaranteed by OPIC, for Vehicle Finance for SMEs
Cholamandalam Investment and Finance Company, a member of India’s Murugappa Group, recently agreed to borrow USD 185 million from US-based financial services firm Citibank. The Overseas Private Investment Corporation (OPIC), an agency of the US government that promotes economic partnerships in countries deemed important to US interests, is guaranteeing repayment of the loan. Chola plans to use the proceeds to extend
MICROCAPITAL BRIEF: Accion Venture Lab Adds $33m to Fintech Investment Pool
Accion Venture Lab, the “seed-stage investment arm” of US-based NGO Accion, recently raised USD 23 million from a co-investment vehicle of third-party funds and USD 10 million from Accion. Accion Venture Lab invests in
MICROCAPITAL BRIEF: Grameen Crédit Agricole Foundation, CA-CIB Loan $6.1m to Fusion Microfinance of India
The Grameen Crédit Agricole (GCA) Foundation and the Crédit Agricole Corporate and Investment Bank (CA-CIB) recently established a loan guarantee scheme in the amount of EUR 5.5 million (USD 6.1 million) on behalf of Fusion Microfinance Limited, a microfinance institution based in northern India. This agreement is part of a program to secure approximately
MICROCAPITAL BRIEF: FMO, PROPARCO Loan $80m to Banco Supervielle of Argentina for SMEs
The Dutch development bank, which is known by the acronym FMO, recently assembled a loan of USD 80 million for Banco Supervielle, a bank in Argentina, to finance small and medium-sized enterprises (SMEs) amid the recession in Argentina. The loan is funded in equal parts by
MICROCAPITAL BRIEF: Engie Acquires Mobisol, Provider of Pay-as-you-go Solar Systems in East Africa
Engie, a France-based, “low-carbon” energy firm, recently agreed to acquire Mobisol, a Germany-based provider of solar-powered products in Kenya, Rwanda and Tanzania, for an undisclosed price. Among the reasons Engie is pursuing the transaction is the opening for “extending its customer base from rural to urban areas.”
Mobisol provides solar-powered products such as lights and telephone chargers that customers pay for via mobile payments over as many as four years. When a buyer wishes to delay a payment, Mobisol can temporarily disable the device remotely.
Engie’s holdings include: (1) Fenix International, which has delivered solar home power systems to