ResponsAbility Social Investments, a Swiss investment company, recently disbursed USD 14 million in return for a promissory note from LOLC Microcredit Limited (LOMC), a Sri Lankan microfinance institution (MFI) that provides individual and group loans to microentrepreneurs in Sri Lanka’s agricultural districts.
Category: Deals
MICROCAPITAL BRIEF: ACLEDA Bank of Cambodia to Launch Microfinance Operations in Myanmar in January 2013
In Myanmar, which recently lifted restrictions barring wholly foreign-owned direct investments, ACLEDA Bank Public Limited Company (PLC), a Cambodian commercial bank specializing in microfinance, plans to launch microfinance operations by January 2013.
MICROCAPITAL BRIEF: Renaissance Credit (RenCredit) Launches in Nigeria; Will Offer Deposits, Point-of-Sale Consumer Loans Using T24 Banking Software from Temenos of Switzerland
Renaissance Credit (RenCredit), a new microfinance institution (MFI) offering deposit services and consumer loans in Nigeria, recently began operations using T24, a “cloud-hosted core banking system” offered by Temenos, a Geneva-based banking software provider.
MICROCAPITAL BRIEF: Credinka of Peru, Ugafode of Uganda, FACES of Ecuador, Agora Microfinance Zambia, ASDIR of Guatemala Borrow $4m From Triodos Investment Management
Triodos Investment Management, a subsidiary of Dutch Triodos Bank, recently disbursed loans to the following five microfinance institutions: Caja Rural de Ahorra y Credito Quillabamba (Credinka) of Peru, Ugafode Microfinance Limited of Uganda, Fundación de Apoyo Comunitario y Social del Ecuador (FACES) of Ecuador, Agora Microfinance Zambia and Asociación de Desarrollo Integral Rural (ASDIR) of Guatemala.
MICROCAPITAL BRIEF: Access Bank of Azerbaijan Raises $10m from Symbiotics ‘MSME’ Bonds Impact Investing Platform
Symbiotics Investment Group, a Swiss for-profit microfinance investment intermediary, recently raised USD 10 million in loan funds for Access Bank, a microfinance bank in Azerbaijan, through Micro, Small & Medium Enterprise Bonds SA (MSME Bonds), an investing issuance platform founded by Symbiotics.
MICROCAPITAL BRIEF: MasterCard Foundation, CGAP Announce $11.4m Partnership for Branchless Banking, Client Research
The MasterCard Foundation, a Canada-based nongovernmental organization (NGO) supporting microfinance and education, and CGAP (Consultative Group to Assist the Poor), a US-based nonprofit policy and research center, recently announced a USD 11.4 million partnership to develop low-cost financial products to assist people living in poverty.
MICROCAPITAL BRIEF: Fundacion Microfinanzas BBVA of Spain Takes 31% Stake in Asociación Dominicana para el Desarrollo de la Mujer (ADOPEM) of the Dominican Republic
Fundacion Microfinanzas Banco Bilbao Vizcaya Argentaria (BBVA), a nonprofit affiliate of Spanish banking heavyweight BBVA Group, recently has taken a 31-percent stake in microfinance institution (MFI) Asociación Dominicana para el Desarrollo de la Mujer (ADOPEM) of the Dominican Republic for an undisclosed sum.
MICROCAPITAL BRIEF: Grameen Credit Agricole Microfinance Foundation (GCAMF) Loans $989k to WAGES of Togo, $445k to Azeri Star of Azerbaijan, $153k to Berendina Microfinance of Sri Lanka
Grameen Credit Agricole Microfinance Foundation (GCAMF), an organization that provides funding and financial services to microfinance institutions (MFIs) and social business projects, recently issued an AZN 350,000 (USD 445,000) loan to Azeri Star, an Azerbaijani MFI.
MICROCAPITAL BRIEF: Bamboo Finance of Luxembourg Acquires Accion Investment Fund for $105m
Bamboo Finance, a commercial investment firm based in Luxembourg, recently acquired Accion Investment Fund, a for-profit equity fund affiliated with the US-based nonprofit organization Accion, for USD 105 million.
MICROCAPITAL BRIEF: Microfinance Fund Manager Incofin Receives $1.3m Equity Investment from Gimv of Belgium
Incofin Investment Management (Incofin IM), a Belgian company that manages six microfinance funds, recently received a EUR 1 million (USD 1.29 million) equity investment from Gimv, a Belgium-based investment company.
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Lends $70m to Garanti Bank of Turkey, Hipotekarna Banka of Montenegro, Bai Tushum of Kyrgyz Republic
The European Bank for Reconstruction and Development (EBRD), a development finance institution based in London, recently extended a USD 60 million credit line to Garanti Bank, a Turkish private bank, to develop small and medium-sized enterprises (SMEs) owned by women.
MICROCAPITAL BRIEF: International Finance Corporation (IFC), Daiwa Securities of Asia to Issue Microfinance Bond in South Africa, Turkey
The International Finance Corporation (IFC), a member of the US-based World Bank Group, will issue a microfinance bond to Japanese retail and institutional investors in an effort to expand financial access for poor people in South Africa and Turkey.
MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $453k to Opportunity Microcredit Romania
The European Fund for Southeast Europe (EFSE), a Luxembourg-based investment fund that mobilizes capital for microfinance institutions (MFIs), recently informed MicroCapital that it has loaned the local-currency equivalent of USD 453,000 to Opportunity Microcredit Romania (OMRO), a Romanian MFI that is a member of the US-based Opportunity International network.
MICROCAPITAL BRIEF: ResponsAbility loans $1.2m to Caja Municipal de Ahorro y Credito de Maynas of Peru, Disburses First Tranche of $15m Loan to Vision Fund International
ResponsAbility Social Investments, a for-profit Swiss fund manager, recently informed MicroCapital that it has loaned the local-currency equivalent of USD 1.2 million as subordinated debt to Caja Municipal de Ahorro y Crédito de Maynas, a Peruvian microfinance institution (MFI).
MICROCAPITAL BRIEF: Microfinance Institutions (MFIs) Share, Asmitha of India, Again Looking to Merge
Share Microfin Limited and Asmitha Microfin Limited, two microfinance institutions (MFIs) based in Hyderabad, India, reportedly have rekindled efforts to execute a merger.
MICROCAPITAL BRIEF: Absolute Dual Return-Vision Microfinance Fund Invests $3.2m in FINCA Russia, AzerCredit of Azerbaijan, Bank Constanta of Georgia, Mikrofin of Bosnia and Herzegovina
Absolute Portfolio Management GmbH (APM), an Austrian investment company that specializes in microfinance and asset management, recently disbursed USD 3.2 million in loans to microfinance institutions (MFIs) in Russia, Azerbaijan, Georgia, and Bosnia and Herzegovina through a microfinance investment vehicle that it manages, the Dual Return-Vision Microfinance Fund.
MICROCAPITAL BRIEF: Equitas of India Receives $9.3m from MicroVentures, India Financial Inclusion Funds
Equitas Holdings, a microfinance institution (MFI) based in Chennai, India, raised INR 500 million (USD 9.26 million) from MicroVentures India and India Financial Inclusion Fund, two funds dedicated to supporting the Indian microfinance industry.
MICROCAPITAL BRIEF: Multilateral Investment Fund (MIF) to Make $4m Equity Investment in Vox Capital Impact Investing Fund of Brazil for Social Businesses, SMEs
The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank Group, recently announced that it will make a USD 4 million equity investment in Vox Capital Impact Investing Fund, a Brazilian venture capital fund targeting small and medium-sized enterprises (SMEs) and start-ups that serve the low-income population, also referred to as the base of the pyramid (BoP).