The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has announced that it will loan the equivalent of USD 15 million to Eskhata Bank, a commercial bank in Tajikistan.
Category: Deals
MICROCAPITAL BRIEF: Hatton National Bank of Sri Lanka to Acquire Majority Stake in Prime Grameen Micro Finance
Hatton National Bank (HNB), a private commercial bank in Sri Lanka, reportedly has entered a shareholder agreement through which it will acquire a controlling 51-percent stake in Prime Grameen Micro Finance, a Sri Lankan microfinance institution (MFI).
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $2m to Al Majmoua of Lebanon for On-Lending to Small Businesses, Female Entrepreneurs
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has announced that it will loan USD 2 million to Al Majmoua, a Lebanese nongovernmental organization (NGO) that is also known as the Lebanese Association for Development.
MICROCAPITAL BRIEF: National Bank for Agriculture and Rural Development (NABARD) Launches $807m Long-Term Rural Credit Fund
The National Bank for Agriculture and Rural Development (NABARD), a development bank in India that formulates certain credit and banking policies, recently announced the launch of the long-term rural credit fund, which will provide INR 5,000 crores (USD 807 million) for refinancing agricultural loans disbursed by cooperative banks and regional rural banks (RRBs).
MICROCAPITAL BRIEF: Oxus Raises $4.2m in Equity from Investors including Agency for Technical Cooperation and Development (ACTED) for Expansion in Asia, Africa
The Oxus Group, a French microfinance organization with subsidiaries in the Democratic Republic of the Congo and three Asian countries, recently raised EUR 3.3 million (USD 4.2 million) in equity through its unit Oxus Holding by selling equity shares to the Agency for Technical Cooperation and Development (ACTED), which remains its majority shareholder, and three unnamed retail investors.
MICROCAPITAL BRIEF: SolarNow Raises $2.5m from Novastar Ventures, Acumen Fund
SolarNow, an Ugandan-based company selling solar electric home systems, recently raised EUR 2 million (USD 2.53 million) by selling equity shares to Novastar Ventures, a Mauritius-based fund investing in new businesses with ‘innovative’ business models in Africa, and Acumen Fund, a New-York based nonprofit venture fund.
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Loans $3m to Muganbank of Azerbaijan for On-Lending to Corporates, Individuals for Energy Efficiency, Renewable Energy Projects
The European Bank for Reconstruction and Development (EBRD), a multilateral institution headquartered in London, is loaning USD 3 million to Muganbank, a financial institution that offers retail and corporate banking services in Azerbaijan.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Syndicates Loans Totaling $60m to BBVA Paraguay to Fund Small, Medium-sized Enterprises
The International Finance Corporation (IFC), a member of the World Bank Group that offers financial services to businesses and governments in developing countries with the aim of increasing economic growth, has announced that it will loan a total of USD 60 million to Banco Bilbao Vizcaya Argentaria Paraguay (BBVA Paraguay), a subsidiary of the Spanish financial services group BBVA.
MICROCAPITAL BRIEF: Grameen Crédit Agricole Microfinance Foundation (GCAMF) to Loan $1.1m to FINCA Malawi, $580k to Réseau de Micro-institutions de Croissance de Revenus of Mali
The Grameen Crédit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based foundation providing financial services to microfinance institutions (MFIs) and other social businesses, recently informed to MicroCapital that it disbursed a three-year loan in local currency equivalent in value to EUR 882,000 (USD 1.1 million) to Foundation for International Community Assistance (FINCA) Malawi, a microfinance institution (MFI) member of the US-based, nonprofit FINCA International microfinance network.
MICROCAPITAL BRIEF: European Investment Fund Loans $2.53m to Vitas via European Progress Microfinance to Support Microenterprises in Romania
The European Investment Fund, a member of the European Investment Bank Group providing financing to small and medium-sized enterprises, recently loaned EUR 2 million (USD 2.53 million) to Vitas, a Romanian microfinance institution, through European Progress Microfinance, a microfinance investment vehicle supported by the EU’s European Commission and the European Investment Bank.
MICROCAPITAL BRIEF: Grameen Crédit Agricole Microfinance Foundation Invests $1.68m in Palestine’s Faten, in Azerbaijan’s Viator, in Bangladesh’s Grameen Danone
The Grameen Crédit Agricole Microfinance Foundation (GCAMF), a provider of financial services to microfinance institutions (MFIs) and other social businesses, recently informed MicroCapital that it has granted loans of EUR 739,000 (USD 937,000) to Faten, a microfinance institution based in the West Bank in Palestine; EUR 702,000 (USD 890,000) to Viator, an Azerbaijani microfinance organization; and a loan, which can be converted into equity, of EUR 240,000 (USD 304,000) to Grameen Danone Foods Limited, a social business in Bangladesh that sells food products containing nutrients that are generally lacking from the regional diet.
MICROCAPITAL BRIEF: Grameen Credit Agricole Microfinance Foundation Lending $1.5m to Chamroeun Microfinance of Cambodia, Koperasi Mitra Dhuafa (Komida) of Indonesia, Tuba Rai Metin (TRM) of Timor-Leste
The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based investor in microfinance institutions (MFIs) and other social businesses, recently notified MicroCapital that it is disbursing local-currency loans totalling the equivalent of EUR 1.2 million (USD 1.5 million) to three MFIs in South-East Asia: Chamroeun Microfinance, a Cambodian MFI that offers savings, loans and microinsurance, will receive EUR 507,000 (USD 634,000) over a three-year period; Koperasi Mitra Dhuafa (Komida), an Indonesian MFI, will receive EUR 370,000 (USD 463,000) over a four-year period; and Tuba Rai Metin (TRM), a nonprofit MFI that serves women and small businesses in Timor-Leste, will receive EUR 299,000 (USD 374,000) over three years [1].
MICROCAPITAL BRIEF: Incofin’s Rural Impulse Fund Loans $750k to Bimputh Finance of Sri Lanka for Microfinance
Belgium-based Incofin Investment Management (Incofin IM), a private company that manages funds investing in microfinance institutions (MFIs) and directly invests in companies in developing countries, recently disbursed a loan of USD 750,000, via its Rural Impulse Fund (RIF I), to Bimputh Finance, a Sri Lankan non-banking finance company.
MICROCAPITAL BRIEF: India’s PNB Housing Finance Borrows $50m from International Finance Corporation (IFC) for Mortgages for Low-Income Families
PNB Housing Finance Limited (“PNB Housing”), a subsidiary of the India-based, government-controlled Punjab National Bank (PNB), recently accepted a loan of USD 50 million from the International Finance Corporation (IFC), the private-investment arm of the US-based World Bank Group.
MICROCAPITAL BRIEF: Symbiotics Issues $8.7m in Bonds to India’s Satin, $6.8m to Cambodia’s Prasac, $2.7m to MicroCred China
Symbiotics Group, a Swiss for-profit provider of microfinance-related and other investment services, recently issued impact bonds in the amount of USD 8.75 million to Satin, a microfinance institution based in Delhi, India; USD 6.78 million to Prasac, a microfinance institution offering financial services to people with low incomes in Cambodia; and USD 2.75 million to MicroCred China, a unit of France-based MicroCred Group.
MICROCAPITAL BRIEF: BIO, Cordaid, Incofin, KfW Commit $25m to Launch Wholesale Fund for DRC Under Nonprofit Fonds pour l’inclusion financière en République Démocratique Congo (FPM)
The Belgian Investment Company for Developing Countries (BIO), which is owned by the government of Belgium and seeks to support the sustainable development of the private sector; the Catholic Organisation for Relief and Development Aid (Cordaid), a Netherlands-based NGO; Incofin Investment Management (Incofin), a private Belgian company that manages funds investing in microfinance institutions (MFIs) in developing countries; and Kreditanstalt für Wiederaufbau Entwicklungsbank (KfW), a state-owned development bank in Germany, jointly have offered a “capital contribution” of USD 25.1 million for Fonds pour l’inclusion financière en République Démocratique Congo (FPM), a nonprofit in the Democratic Republic of the Congo (DRC).
MICROCAPITAL BRIEF: Accion Acquires 10% Stake in Peruvian Microfinance Institution (MFI) Credinka from Diviso Grupo Financiero
Accion, a US-based nonprofit organization, recently announced the acquisition of a 10-percent stake in Credinka, a microfinance institution (MFI) based in the Peruvian city of Cusco, from Diviso Grupo Financiero, a financial group that has been listed on the Lima Stock Exchange since 2007.
MICROCAPITAL BRIEF: African Development Bank Group (AfDB) Approves $5m Line Of Credit for AB Microfinance Bank Nigeria
AB Microfinance Bank Nigeria (ABN), a microfinance institution (MFI) offering financial services to micro-, small and medium-sized enterprises (MSMEs), recently acquired access to a Line of Credit (LOC) in the amount of USD 5 million, equivalent in NGN, from the African Development Bank (AfDB), a multilateral institution providing loans and grants to governments and private companies.