BlueOrchard Finance SA, a subsidiary of Switzerland-based commercial microfinance intermediary BlueOrchard, recently reported to MicroCapital the details of three debt investments made during the month of September 2010 to financial institutions Inecobank of Armenia, Limited Liability Company (LLC) Microfiance Organization (MFO) Credo of Georgia and Pag-Asa of the Philippines.
BlueOrchard loaned USD 5 million to Inecobank, a microfinance bank based in Armenia. Inecobank has nine branches in Armenia serving 40,773 borrowers as of December 2009. As of year-end 2009, the bank had total assets of USD 129 million, a gross loan portfolio of USD 72.5 million, return on assets of 2.15 percent and return on equity of 10.16 percent.
A loan of USD 1 million was made to Credo, a non-bank financial institution based in Georgia. As of year-end 2009 Credo had a gross loan portfolio of USD 20.5 million, total assets of USD 25.4 million, return on assets of 3.16 percent, return on equity of 21.91 percent and 22,892 borrowers.
Pag-Asa of the Philippines received a local-currency loan equivalent to USD 920,000. Further details on Pag-Asa are unavailable.
By Witt Gatchell, Research Associate
About BlueOrchard:
BlueOrchard is a Switzerland-based, commercial microfinance intermediary that provides loans to microfinance institutions through its subsidiary BlueOrchard Finance S.A. and invests in the equity of microfinance institutions and microfinance network funds through its subsidiary BlueOrchard Investments S.A. BlueOrchard had approximately USD 980 million under management as of June 2009.
About Inecobank:
Inecobank, a microfinance bank based in Armenia, was registered in 1996 with the Central Bank of Armenia. Inecobank provides comprehensive banking services with the aim of fostering the growth of micro-, small and medium-sized enterprises. The International Finance Corporation (IFC) holds 10 percent of Inecobank’s shares. Inecobank reports total assets of USD 129 million, a gross loan portfolio of USD 72.5 million, a return on assets of 2.15 percent and a return on equity of 10.16 percent as of December 2009.
About Limited Liability Company (LLC) Microfinance Organization (MFO) Credo:
In 1997, the Georgia’s Entrepreneurs’ Fund (GEF) was founded to provide sustainable financial services to Georgian micro- and small businesses by Vision Fund International, a California-based microfinance corporation managing a USD 70 million portfolio invested in 45 microfinance institutions (MFIs). GEF, upon local registration in Georgia, continued operations under the name VisionFund Credo Foundation, also known as CREDO. Vision Fund is owned by World Vision International a US-based, private Christian relief, development, and advocacy organization.
Sources and Additional Information:
[1] Data submitted by BlueOrchard to MicroCapital October 2010
MicroCapital’s Microfinance Universe profile: Blue Orchard
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Blu…
MicroCapital’s Microfinance Universe profile: Inecobank
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ine…
MicroCapital’s Microfinance Universe profile: Credo
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=LLC…
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/.
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