Rural Impulse Fund II, which is managed by Belgium’s Incofin Investment Management, and Triple Jump’s ASN-Novib Microkredietfonds, have acquired equity stakes in AzerCredit, an Azerbaijani microfinance institution (MFI) with a rural focus. While the amounts paid and the sizes taken have not been made public, Incofin IM and Triple Jump will have seats in AzerCredit’s board of directors.
AzerCredit was initially created in 1996 as a program of World Vision, a US-based worldwide relief and development organization. As of June 30, 2010, AzerCredit reports to the US-based NGO Microfinance Information Exchange (MIX) total assets of USD 24.7 million, a gross loan portfolio of USD 22.6 million and 32,827 active borrowers.
As of July 31, 2011, Rural Impulse Fund I has outstanding investments of EUR 22.8 million (USD 32.7 million), while Rural Impulse Fund II has outstanding investments of EUR 26.5 million (USD 37.7 million).
Triple Jump manages five microfinance investment funds, with total assets approximately equivalent to USD 300 million as of March 31, 2011. Its investments span 132 MFIs in 52 emerging markets in Latin America, Eastern Europe, Africa and Asia.
About VisionFund International
VisionFund International was created in the UK in 2003 as a wholly owned subsidiary of US-based World Vision. VisionFund is tasked with managing World Vision’s microfinance institutions (MFIs). As of 2010, VisionFund supported 40 affiliate MFIs, which together held assets of USD 418 million and an aggregate gross loan portfolio of USD 341 million and served approximately 638,000 active borrowers. Based in the US, VisionFund fully owns four MFIs: VisionFund CREDO of Georgia, AgroInvest of Serbia, AgroInvest of Montenegro, and VisionFund Cambodia.
About World Vision
World Vision is a US-based, Christian organization dedicating to reducing poverty through activity providing immediate disaster relief; developing long-term, sustainable development programs; and sponsoring children in need. According to 2008 data from World Vision, the organization served 100 million people across 98 countries. Total operating expenses during 2011 amounted to USD 1.13 billion. In 2003, World Vision created VisionFund International, a wholly owned subsidiary of World Vision with the responsibility for managing its microfinance institutions (MFIs).
About AzerCredit
AzerCredit LLC (AzerCredit), initially created in 1996 as a program of World Vision, is a non-bank financial institution that operates in Azerbaijan. AzerCredit provides individual and group loans and grants to poor people in Azerbaijan. As of June 30, 2010, AzerCredit reports to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 24.7 million, a gross loan portfolio of USD 22.6 million and 32,827 active borrowers.
About The Incofin Rural Impulse Funds (RIF)
The Incofin Rural Impulse Funds (RIF) were launched by Incofin Investment Management to invest in rural microfinance institutions (MFIs) that are deemed commercially viable. The two funds include Rural Impulse Fund I and Rural Impulse Fund II. They target both farm and non-farm populations in small towns and villages in developing countries. The funds invest primarily through loans, though they make equity investments and guarantees as well. As of July 31, 2011, Rural Impulse Fund I has outstanding investments of EUR 22.8 million (USD 32.7 million), while Rural Impulse Fund II has outstanding investments of EUR 26.5 million (USD 37.7 million).
About Incofin Investment Management
Incofin Investment Management is a private Belgian company that develops and manages funds investing in microfinance institutions (MFIs) in developing countries. As of June 2011, Incofin manages six facilities with total outstanding investments of USD 425 million in 39 countries. The six facilities include Rural Impulse Fund I, Rural Impulse Fund II, Impulse Microfinance Investment Fund, VDK Loan Portfolio, and Volksvermogen.
About Triple Jump
Triple Jump was founded in 2006 to support the expansion of microfinance institutions (MFIs) through the provision of capital and advisory services. Triple Jump was established by the NOTS Foundation, a Dutch development organization; Oxfam Novib, a Dutch organization for international cooperation and development; and ASN Bank, a “sustainability-driven” Dutch bank. Its shares are divided among these organizations and Triple Jump’s management team. Triple Jump is comprised of Triple Jump Fund Management (TJFM) and Triple Jump Advisory Services (TJAS). TJFM provides its clients with four investment options: hard and local currency loans, equity, guarantees and subordinated loans. TJAS is an independent foundation that provides consulting services and technical assistance to tier-3 and tier-4 MFIs. Triple Jump manages five microfinance investment funds, with total assets approximately equivalent to USD 300 million as of March 31, 2011. Its investments span 132 MFIs in 52 emerging markets in Latin America, Eastern Europe, Africa and Asia.
By Ariana Malushi, Research Associate
Sources and Additional Resources
Data Submitted to MicroCapital by Incofin, January 2012
MicroCapital.org Story, October 12, 2011, “MICROCAPITAL BRIEF: Incofin Lends $3.6m to Microfinance Institutions Finance for Development of Azerbaijan, Asian Credit Fund of Kazakhstan, Kompanion of Kyrgyzstan”
https://www.microcapital.org/microcapital-brief-incofin-lends-3-6m-to-microfinance-institutions-finance-for-development-of-azerbaijan-asian-credit-fund-of-kazakhstan-kompanion-of-kyrgyzstan/
MicroCapital.org Story, November 17, 2011, “MICROCAPITAL BRIEF: Triple Jump Makes Equity Investments For ASN-Novib Microkreditfonds in Microfinance Institutions (MFIs) in Tanzania, Zambia, Panama”
https://www.microcapital.org/microcapital-brief-triple-jump-makes-equity-investments-for-asn-novib-microkreditfonds-in-microfinance-institutions-mfis-in-tanzania-zambia-panama/
MicroCapital Universe Profile: Incofin Rural Impulse Funds (RIFs I and II)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Incofin+Rural+Impulse+Funds+%28RIFs%29
MicroCapital Universe Profile: Incofin IM
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Incofin+Investment+Management+%28Incofin+IM%29
MicroCapital Universe Profile: Triple Jump
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Triple+Jump
MicroCapital Universe Profile: AzerCredit
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=VF+AzerCredit+LLC
MicroCapital Universe Profile: VisionFund International https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=VisionFund+International
MicroCapital Universe Profile: World Vision https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=World+Vision
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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