ResponsAbility Social Investments, a Swiss investment company, has informed MicroCapital that it recently disbursed the local-currency equivalent of approximately USD 3.7 million in Latin America. ResponsAbility Global Microfinance Fund (rAGMF), a microfinance investment vehicle (MIV) that invests in MFIs and other MIVs, made a local-currency debt investment equivalent to USD 1.8 million in ProCredit Mexico, a financial institution that is a member of Germany’s ProCredit Holding. ResponsAbility SICAV Mikrofinanz-Fonds (rAMF), another MIV managed by responsAbility Social Investments, made an equal debt investment in the same institution. As of 2011, ProCredit Mexico reported to the US-based nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 72.4 million, a gross loan portfolio of USD 56.7 million, return on assets (ROA) of -1.24 and return on equity (ROE) of -6.23.
The two funds also made a debt investment totaling approximately USD 2 million in Cooperativo de Ahorro y Credito (COAC) Riobamba, a savings and loan cooperative in Ecuador. RAGMF made a USD 1.5 million investment, while rAMF made a USD 500,000 investment. Financial information on COAC Riobamba is unavailable.
As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. rAGMF reported to MIX assets of USD 532 million, and Mikrofinanz-Fonds reported assets of USD 141 million for the same year.
By Charlotte Newman, Research Associate
About ProCredit Mexico
ProCredit Mexico is a member of Germany’s ProCredit Holding group which consists of 21 banks in developing countries in Eastern Europe, Latin America, and Africa. ProCredit Mexico was established in 2006 and offers loan products to microentrepreneurs. It does not take deposits. As of 2011, ProCredit Mexico reported to the US-based nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 72.4 million, a gross loan portfolio of USD 56.7 million, return on assets (ROA) of -1.24 and return on equity (ROE) of -6.23.
About COAC Riobamba
COAC Riobamba is a savings and credit cooperative established in 1978 in Riobamba, Ecuador. Its services include loans, savings, money transfer, and payment services. Financial information on COAC Riobamba is unavailable.
About responsAbility Social Investments
Founded in 2003, 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 Global Microfinance Fund
The responsAbility Global Microfinance Fund (rAGMF) is a microfinance investment vehicle (MIV) managed by responsAbility Social Investments 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.
About responsAbility Mikrofinanz-Fonds
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.
Sources and Additional Resources:
Information submitted by responsAbility to MicroCapital.
MicroCapital.org story, August 27, 2012, “MICROCAPITAL BRIEF: ResponsAbility Loans $10m to Rafiki Deposit Taking Microfinance of Kenya, Mibanco of Peru,” https://www.microcapital.org/microcapital-brief-responsability-loans-10m-to-rafiki-deposit-taking-microfinance-of-kenya-mibanco-of-peru/
MicroCapital.org story, August 8, 2012, “MICROCAPITAL BRIEF: Hypo Alpe Adria Group, ResponsAbility Social Investments AG Approve Loans Totaling $7m to Microcredit Foundation Prizma of Bosmia and Herzegovina,” https://www.microcapital.org/microcapital-brief-hypo-alpe-adria-group-responsability-social-investments-ag-approve-loans-totaling-7m-to-microcredit-foundation-prizma-of-bosnia-and-herzegovina/
MicroCapital Universe Profile: ProCredit Mexico
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=ProCredit+Mexico
MicroCapital Universe Profile: COAC Riobamba
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Cooperativa+de+Ahorro+y+Credito+%28COAC%29+Riobamba
MicroCapital Universe Profile: responsAbility Social Investments
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital Universe Profile: responsAbility Global Microfinance Fund
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29
MicroCapital Universe Profile: responsAbility Mikrofinanz-Fonds
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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