responsAbility Social Investments AG (responsAbility), a Swiss asset management company that invests in microfinance institutions (MFIs) and microfinance investment vehicles (MIVs), recently reported to MicroCapital that it made debt investments totaling USD 8 million through MIVs it manages in the following institutions: USD 3 million to Kompanion Financial Group Microfinance Closed Joint Stock Company, an MFI in Kyrgyzstan; USD 2 million to Eskhata Bank, an institution in Tajikistan that lends to micro- and small businesses; and USD 3 million to XacBank, a community development MFI in Mongolia.
Kompanion describes itself as a “community development financial institution that seeks to combine conservation and development goals.” Formed by the consolidation of five microcredit agencies affiliated with the US-based economic development and aid organization Mercy Corps, Kompanion reported to the Microfinance Information Exchange (MIX), the US-based nonprofit data provider, total assets of USD 50 million and a gross loan portfolio of USD 30 million as of December 31, 2010. Eskhata was established in 1993 and reported to MIX total assets of USD 78.3 million and a gross loan portfolio of USD 47.4 million for 2010. XacBank is a subsidiary of TenGer Financial Group, a conglomerate in Mongolia owned by a group of local and international investors, and in 2010 reported to MIX total assets of USD 380 million and a gross loan portfolio of USD 264 million.
responsAbility Mikrofinanz-Fonds (Mikrofinanz-Fonds), an MIV that invests in MFIs and other MIVs through short- to medium-term debt securities and is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf, loaned USD 500,000 to Kompanion, USD 400,000 to Eskhata and USD 500,000 to XacBank.
responsAbility Global Microfinance Fund (rAGMF), an MIV that invests MFIs and other MIVs mostly through short- to medium-term debt securities and up to 10 percent in equity investments, disbursed USD 2.5 million to Kompanion, USD 1.6 million to Eskhata and USD 2 million to XacBank.
responsAbility Microfinance Leaders Fund (rAMLF), an MIV that invests in MFIs through short- to medium-term debt securities and up to 25 percent in equity investments, loaned USD 500,000 to XacBank.
By Carol Kim, Research Associate
About responsAbility Social Investments AG (responsAbility): 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. According to calculations based on data from the Microfinance Information Exchange (MIX) from 2009 and 2010, responsAbility manages approximately USD 800 million in total assets. 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 Mikrofinanz-Fonds (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). In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. Mikrofinanz-Fonds reported to the Microfinance Information Exchange (MIX), the US-based nonprofit data provider, fund assets of USD 103 million for 2010.
About responsAbility Global Microfinance Fund (rAGMF): rAGMF is a microfinance investment vehicle (MIV) managed by Switzerland’s responsAbility Social Investments AG 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. In March 2011, its annual label was renewed by 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 474 million for 2010.
About responsAbility Microfinance Leaders Fund (rAMLF): rAMLF is a microfinance investment vehicle (MIV) managed by Switzerland’s responsAbility Social Investments AG that invests microfinance institutions (MFIs) through short- to medium-term debt securities and up to 25 percent of its assets in equity investments. In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAMLF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 160 million for 2010.
About Kompanion Financial Group Microfinance Closed Joint Stock Company: Kompanion Financial Group Microfinance Closed Joint Stock Company was established in Kyrgyzstan in 2004 as the result of the consolidation of five microcredit agencies affiliated with Mercy Corps, an economic development and aid organization based in the United States. As of December 31, 2010, Kompanion reports to the Microfinance Information Exchange (MIX), the US-based nonprofit data provider, USD 50 million in assets, a gross loan portfolio of USD 30 million, return on assets (ROA) of 4.78 percent, return on equity (ROE) of 20.82 percent and 119,000 active borrowers.
About Eskhata Bank: Established in 1993 in Tajikistan, Eskhata is a commercial bank that provides loans, savings and fund transfer services. As of 2010, Eskhata reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 78.3 million, a gross loan portfolio of USD 47.4 million, approximately 9,500 borrowers, return on assets (ROA) of 2.62 percent and return on equity (ROE) of 22.56 percent. Eskhata further reports that 51 percent to 60 percent of its business is in microfinance.
About XacBank: XacBank is a community development microfinance institution (MFI) founded in 1998 that aims to become a commercial financial institution “providing inclusive and value adding financial services to the citizens and expatriates, institutions and enterprises of Mongolia, while maintaining its leadership in the global microfinance industry.” XacBank is a subsidiary of TenGer Financial Group, a regional family of companies that also includes XacLeasing, XacSecurity, TenGer Solutions and TenGer Insurance. As of 2010, XacBank reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 380 million, a gross loan portfolio of USD 264 million, approximately 75,700 borrowers, return on assets (ROA) of 0.43 percent and return on equity (ROE) of 5.29 percent.
Sources and Additional Resources:
[1] Data submitted by responsAbility Social Investments AG to MicroCapital, July 2011
MicroCapital.org: “MICROCAPITAL BRIEF: Triodos Invests in Microfinance Institutions (MFIs) KixiCrédito of Angola, Advans Ghana, Arnur Credit of Kazakhstan, Belarusian Bank for Small Business, Kompanion of Kyrgyzstan”, June 15, 2011, https://www.microcapital.org/microcapital-brief-triodos-invests-in-microfinance-institutions-mfis-kixicredito-of-angola-advans-ghana-arnur-credit-of-kazakhstan-belarusian-bank-for-small-business-kompanion-of-kyrgyzstan/
MicroCapital.org: “MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Co-financing $10m in Loans from Mongolian Microfinance Institution XacBank”, July 6, 2011, https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-co-financing-10m-in-loans-from-mongolian-microfinance-institution-xacbank/
MicroCapital.org: “MICROCAPITAL BRIEF: Tajikistan Microfinance Institutions (MFIs) Arvand, Bank Eskhata, FINCA Tajikistan, Oxus Microfinance Borrow $4.7m From responsAbility Social Investments of Switzerland”, March 7, 2011, https://www.microcapital.org/microcapital-brief-tajikistan-microfinance-institutions-mfis-arvand-bank-eskhata-finca-tajikistan-oxus-microfinance-borrow-4-7m-from-responsability-social-investments-of-switzerland/
MicroCapital’s Universe Profile: responsAbility Social Investments AG (responsAbility), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital’s Universe Profile: responsAbility Mikrofinanz-Fonds (Mikrofinanz-Fonds), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds
MicroCapital’s Universe Profile: responsAbility Global Microfinance Fund (rAGMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29
MicroCapital’s Universe Profile: responsAbility Microfinance Leaders Fund (rAMLF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Microfinance+Leaders+Fund+%28rAMLF%29
MicroCapital’s Universe Profile: Kompanion Financial Group Microfinance Closed Joint Stock Company, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Kompanion+Financial+Group+Microfinance+Closed+Joint+Stock+Company
MicroCapital’s Universe Profile: Eskhata Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=the+eskhata+bank
MicroCapital’s Universe Profile: XacBank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=XacBank
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: AFI Invests $5m in Microfinance Institution AFK of Kosovo from Invest in Visions (IIV)
- MICROCAPITAL BRIEF: Agents for Impact Disburses $8m from Invest in Visions (IIV) to Microfinance Institutions Digamber of India, Imon of Tajikistan
- MICROCAPITAL BRIEF: Annapurna Finance Borrowing $25m from responsAbility to Boost Renewable Energy, Energy-efficiency in India
- MICROCAPITAL BRIEF: ResponsAbility Invests $40m in Equity in eFishery of Indonesia for Technology Helping Fish, Shrimp Farmers with Feeding, Water Quality, Documenting Sustainable Practices, Market Linkages
- MICROCAPITAL BRIEF: AIA Commits $200m to LeapFrog Investments Seeking Positive Social, Environmental Impact
