Goodwell West Africa, a branch of Goodwell Investments, a business development company based in the Netherlands, has received commitments of EUR 8 million (USD 9.7 million) from KfW Entwicklungsbank (KfW), a German development bank, and EUR 1.6 million (USD 1.9 million) from Norwegian Microfinance Initiative (NMI), a strategic partnership between the Norwegian public and private sectors that invests in and provides support for microfinance institutions (MFIs) in developing countries. The funds will be invested in established MFIs as well as emerging MFIs in Ghana and Nigeria. Goodwell West Africa’s strategy is to provide a combination of growth capital, on the ground support and access to the expertise of experience microfinance practitioners. As of 2009, Goodwell Investments had USD 25 million in fund assets all of which was allocated to microfinance funds.
By Conner Brannen, Research Assistant
About KfW Entwicklungsbank (KfW):
KfW Entwicklungsbank (KfW) is a state-owned development bank in Germany. KfW has three goals: to reduce poverty, to make globalization fair and to conserve natural resources. KfW Entwicklungsbank collaborates with a variety of local financial institutions in approximately 60 countries, including microbanks, commercial banks, village savings banks, non-governmental organizations and regional microfinance funds. KfW Entwicklungsbank has a portfolio of around EUR 2.15 billion (USD 2.57 billion), around three fourths of which is made up of its own funds.
About Norwegian Microfinance Initiative (NMI):
The Norwegian Microfinance Initiative (NMI) is a strategic partnership between the Norwegian public and private sectors that invests in and provides support for microfinance institutions (MFIs) in developing countries. The mission of NMI is “to contribute to the empowerment of poor people and to the creation of jobs, wealth, and economic and social sustainability in developing countries by investing in and supporting MFIs.” NMI will make its investments through two investment funds: NMI Global Fund, which supports the expansion of MFIs that already have large and sustainable operations, and NMI Frontier Fund, which supports emerging MFIs. NMI’s investors have committed NOK 600 million (USD 100 million) to the NMI Global Fund and the NMI Frontier Fund.
About Goodwell Investments BV:
Goodwell Investments, based in the Netherlands, is a for-profit business development company that started operations in 2006. It invests in entrepreneurial microfinance organizations on a socially and commercially sustainable basis. Goodwell Investments is the lead investor in Aavishkaar Goodwell, a business development company for the microfinance sector in India. As of 2009, Goodwell Investments had USD 25 million in fund assets all of which was allocated to microfinance funds.
Sources and Additional Resources:
Goodwell Press Release: “KfW and NMI Invest in Goodwell West Africa to Support Growth of Microfinance in Ghana and Nigeria,” June 11, 2010, not yet available online
MICROCAPITAL BRIEF: The European Investment Bank, The International Finance Corporation (IFC), KfW Entwicklungsbank, The Belgian Investment Company for Developing Countries (BIO), The Netherlands Development Finance Company (FMO) and Incofin Investment Management Launch Rural Impulse II, a Rural Microfinance Fund, June 8, 2010: https://www.microcapital.org/microcapital-brief-the-european-investment-bank-the-international-finance-corporation-ifc-kfw-entwicklungsbank-the-belgian-investment-company-for-developing-countries-bio-the-netherlands-deve/
MICROCAPITAL BRIEF: German Federal Ministry of Economic Cooperation and Development (BMZ) and German Development Bank KfW Launch $150m Fund for Micro, Small and Medium-Sized Enterprises (MSMEs) in Sub-Saharan Africa, May 11, 2010: https://www.microcapital.org/microcapital-brief-german-federal-ministry-of-economic-cooperation-and-development-bmz-and-german-development-bank-kfw-launch-150m-fund-for-micro-small-and-medium-sized-enterprises-msmes-in-sub/
MICROCAPITAL STORY: Alitheia Capital, Goodwell Investments and JCS Investments Limited Open West African Microfinance Fund Targeted at $50m, May 12, 2009: https://www.microcapital.org/microcapital-story-alitheia-capital-goodwell-investments-and-jcs-investments-limited-invest-496m-in-west-african-microfinance-equity-fund/
MEET THE BOSS: Interview with Richard Weingarten, Managing Director of the Norwegian Microfinance Initiative (NMI), October 22, 2009: https://www.microcapital.org/meet-the-boss-interview-with-richard-weingarten-managing-director-of-the-norwegian-microfinance-initiative-nmi/
MicroCapital Universe Profile: KfW Entwicklungsbank (KfW): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=KfW+Entwicklungsbank+%28KfW%29
MicroCapital Universe Profile: Norwegian Microfinance Initiative (NMI): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Norwegian+Microfinance+Initiative+%28NMI%29
MicroCapital Universe Profile: Goodwell Investments BV: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Goodwell+Investments+BV
Browse the MicroCapital Universe and add your entry to the wiki https://www.microcapital.org/microfinanceuniverse/
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