ResponsAbility Social Investments, a Swiss investment company, recently informed MicroCapital that it has disbursed the local-currency equivalent of USD 1.3 million in debt to ProEmpresa, a Peruvian microfinance institution (MFI), through the responsAbility Global Microfinance Fund (rAGMF), one of the microfinance investment vehicles (MIVs) it manages. ProEmpresa also received the local-currency equivalent of USD 700,854 from another responsibility MIV, responsAbility SICAV Mikrofinanz-Fonds (rAMF). Cooperativa de Ahorro y Credito Esperanza y Progreso del Valle (COAC Progreso) of Ecuador received USD 500,000 and USD 1 million in debt from rAGMF and rAMF, respectively.
ProEmpresa, which aims at developing micro- and small enterprises in Peru, reports total assets of USD 89 million, a gross loan portfolio of USD 76 million and nearly 41,200 borrowers as of August 2012. Established in 2005, COAC Progreso is based in Pichincha, Ecuador, and reported total assets of USD 389,000 as of 2007, the latest year for which data is available. As of 2011, rAGMF reports fund assets of USD 532 million and rAMF reports fund assets of USD 141 million.
By Sarah Benali, Research Associate
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 enterprises. ProEmpresa has 13 offices in Lima and six in the provinces of Andahuaylas, Ayacucho, Arequipa, Trujillo and Huancayo. As of August 2012, Proempresa reports total assets of 89 million, a gross loan portfolio of 76 million and approximately 41,200 borrowers.
About COAC Progreso
Founded in 2005, Cooperativa de Ahorro y Credito Esperanza y Progreso del Valle (COAC Progreso) is a microfinance institution (MFI) based in Pichincha, Ecuador. As of 2007, the latest year for which data is available, COAC Progreso had USD 389,000 in total assets.
About ResponsAbility Social Investments
ResponsAbility Social Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.
About ResponsAbility SICAV Mikrofinanz-Fonds (rAMF)
Mikrofinanz-Fonds is a microfinance investment vehicle (MIV) that was launched in 2007, is managed by responsAbility Social Investments AG of Switzerland and is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf. It invests in short- to medium-term income-bearing debt securities of microfinance institutions (MFIs). As of 2012, the fund holds a label from the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. Mikrofinanz-Fonds reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 141 million in 2011.
About ResponsAbility Global Microfinance Fund (rAGMF)
ResponsAbility Global Microfinance Fund (rAGMF) is a microfinance investment vehicle (MIV) managed by responsAbility Social Investments AG of Switzerland that invests in microfinance institutions (MFIs) and other MIVs, mostly through short to medium-term debt securities. rAGMF also invests up to 10 percent of its assets in the equity of MFIs. As of 2012, the fund holds a label from the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 532 million in 2011.
Sources and Additional Resources
Information submitted by responsAbility to MicroCapital
MicroCapital.org Story: “MICROCAPITAL BRIEF: ResponsAbility Invests $1.9m in Advans of Cameroun, $1.2m in MicroCred of Senegal,” October 1, 2012, https://www.microcapital.org/microcapital-brief-responsability-invests-1-9m-in-advans-of-cameroun-1-2m-in-microcred-of-senegal/
MicroCapital.org Story: “MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund Lends $2.3m to Microfinance Insitutions (MFIs) Coopronaranjo of Costa Rica, Fundacion Amanecer of Colombia, COAC Esperanza y Progreso Del Valle of Ecuador,” October 17, 2011, https://www.microcapital.org/microcapital-brief-responsability-global-microfinance-fund-lends-2-3m-to-microfinance-institutions-mfis-coopronaranjo-of-costa-rica-fundacion-amanecer-of-colombia-coac-esperanza-y-progreso-del-v/
MicroCapital Universe Profile: ProEmpresa https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ProEmpresa
MicroCapital Universe Profile: COAC Progreso
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=COAC+Esperanza+y+Progreso+Del+Valle+%28COAC+Progreso%29
MicroCapital Universe Profile: ResponsAbility Social Investments https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital Universe Profile: ResponsAbility SICAV Mikrofinanz-Fonds (rAMF) https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds
MicroCapital Universe Profile: ResponsAbility Global Microfinance Fund (rAGMF)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29
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