Grameen Foundation, a US-based nonprofit organization that aims to help microfinance institutions (MFIs) replicate Grameen Bank’s joint-liability lending model, and the United States Agency for International Development (USAID), a government agency that provides economic and humanitarian assistance, have issued a USD 1 million joint guarantee to support Proempresa, a Peru-based MFI. The deal partially guarantees a local-currency loan equivalent to USD 2 million provided to Proempresa byAbaco, a Peruvian nonprofit savings and credit cooperative.
As of 2011 Proempresa held total assets of USD 79 million, a gross loan portfolio of USD 57.4 million and 39,622 borrowers. It also reported return on assets of 1.25 percent and return on equity of 7.39 percent. ABACO most recently reported financial information in 2008, in which it claimed total assets of USD 172 million.
USAID offers a suite of resources aimed at improving the outcomes of microenterprise development research and practice at http://microlinks.kdid.org/.
By Charlotte Newman, Research Associate
About Grameen Foundation
The Grameen Foundation, a nonprofit based in Washington, DC, aims to help microfinance institutions throughout the world replicate the joint-liability model of the Grameen Bank of Bangladesh. The Grameen Foundation provides financial, technological and managerial support to provide new business opportunities and telecommunication services for poor people in rural areas. Though it is independent of the Grameen Bank, Dr. Muhammad Yunus, the founder of the Grameen Bank, serves on the foundation’s Board of Directors. Grameen Foundation reported total assets of USD 33.1 million as of March 31, 2010.
About United States Agency for International Development
The United States Agency for International Development (USAID) is a government agency that provides international economic and humanitarian assistance. It focuses on areas such as economic growth, agriculture, trade, health, democracy, conflict prevention and humanitarian assistance. Under the Development Credit Authority (DCA), it provides credit guarantees that cover up to 50 percent of defaults on wholesale loans made by private financial institutions to institutions that lend on a retail basis to underserved borrowers. USAID had a total of USD 23.8 billion in budgetary resources in 2011.
About Proempresa
Proempresa, established in 1997, is a microfinance institution based in Lima, Peru. Its mission is to offer financial services that aid the development of micro and small-sized enterprises. Proempresa has 26 offices throughout the country. As of 2011 Proempresa held total assets of USD 79 million, a gross loan portfolio of USD 57.4 million and 39,622 borrowers. It also reported return on assets of 1.25 percent and return on equity of 7.39 percent.
Sources and Additional Resources:
Information sent by AccessBank to MicroCapital: “Deal News from Grameen Foundation.”
MicroCapital.org story, March 5, 2012, “MICROCAPITAL BRIEF: Grameen Foundation Spins Off Mifos Microfinance Institution Software to Open Source Community,” https://www.microcapital.org/microcapital-brief-grameen-foundation-spins-off-mifos-microfinance-institution-software-to-open-source-community/
MicroCapital.org story, February 1, 2012, “MICROCAPITAL BRIEF: United States Agency for International Development (USAID) Provides $2.71m Loan Guarantee to Cambodian Microfinance Institution Thaneakea Phum to Support Agriculture,” https://www.microcapital.org/microcapital-brief-united-states-agency-for-international-development-usaid-provides-2-71m-loan-guarantee-to-cambodian-microfinance-institution-thaneakea-phum-to-support-agriculture/
MicroCapital Universe Profile: Grameen Foundation
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Foundation
MicroCapital Universe Profile: United States Agency for International Development (USAID)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=United+States+Agency+for+International+Development+%28USAID%29
MicroCapital Universe Profile: ProEmpresa
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ProEmpresa
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