responsAbility Social Investments AG (responsAbility), a Swiss asset management company that manages four microfinance investment vehicles (MIVs), recently reported to MicroCapital that it made loans to microfinance institutions (MFIs) through its MIVs equivalent to the following amounts: the local-currency equivalent of USD 4.92 million to FINCA Mexico, the local-currency equivalent of USD 850,000 to Instituto para el Desarrollo de la Pequeña Unidad Productiva (IDEPRO) in Bolivia, USD 1.41 million to Entidad de Desarrollo a la Pequeña y Micro Empresa (EDPYME) Alternativa in Peru and USD 2 million to Fundación para el Desarrollo Microempresarial D-Miro (D-Miro) in Ecuador [1].
Mikrofinanz-Fonds and responsAbility Global Microfinance Fund (rAGMF) made the debt investments in FINCA Mexico, a member of the US-based microfinance nonprofit FINCA International. As of December 31, 2010, FINCA Mexico reported to the US-based nonprofit data provider Microfinance Information Exchange (MIX) total assets of approximately USD 45 million, a gross loan portfolio of approximately USD 37.4 million, return on assets (ROA) of 7.51 percent, return on equity (ROE) of 25.2 percent and 122,000 borrowers. As of 2009, FINCA International had total assets of USD 467 million, with an operating profit of USD 742,000.
rAGMF made the debt investments in IDEPRO in Bolivia and EDPYME Alternativa in Peru. Established in 1991, IDEPRO reports to MIX total assets of USD 26.08 million, a gross loan portfolio of USD 23.34 million, ROA of 2.18 percent, ROE of 10.57 percent and approximately 7,000 borrowers as of June 30, 2011. In 2009, EDPYME Alternativa reported to MIX total assets of USD 30 million, a gross loan portfolio of USD 21 million, approximately 23,800 borrowers, return on assets ROA of 3.6 percent and return on equity ROE of 19.3 percent.
Finally, rAGMF and responsAbility Microfinance Leaders Fund (rAMLF) made the debt investments in D-Miro, which reports to MIX total assets of USD 34.86 million, a gross loan portfolio of USD 29.84 million, ROA of -4.53 percent, ROE of approximately -19.6 percent and approximately 36,000 borrowers as of December 31, 2010.
As of September 2011, responsAbility manages approximately USD 1 billion in total assets.
By Ashim Kar, Research Associate
About FINCA International:
Founded in 1984 by Dr John Hatch, a pioneer of the village banking model, the Foundation for International Community Assistance (FINCA) International is a global microfinance network based in Washington, DC, serving approximately 700,000 people through its subsidiaries in 21 countries. As of 2009, it had total assets of USD 467 million, with an operating profit of USD 742,000.
About FINCA Mexico:
FINCA Mexico was established in 1989. Its mission is to improve the lives of low-income entrepreneurs through access to financial services. As of December 31, 2010, FINCA Mexico reported to the US-based nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 44.25 million, a gross loan portfolio of USD 37.37 million, return on assets (ROA) of 7.51 percent, return on equity (ROE) of 25.21 percent and approximately 122,000 borrowers. FINCA Mexico is an affiliate of FINCA International, a nonprofit microfinance organization headquartered in Washington DC.
About Instituto para el Desarrollo de la Pequeña Unidad Productiva (IDEPRO):
Established in 1991, Instituto para el Desarrollo de la Pequeña Unidad Productiva (IDEPRO) is a microfinance institution (MFI) in Bolivia. Its mission is to improve productivity and competitiveness of small producers and micro-, small and medium-sized enterprises with specialized and integrated financial services. As of June 30, 2011, IDEPRO reported to the US-based nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 26.08 million, a gross loan portfolio of USD 23.34 million, return on assets (ROA) of 2.18 percent, return on equity (ROE) of 10.57 percent and approximately 7,000 borrowers.
About Entidad de Desarrollo a la Pequeña y Micro Empresa (EDPYME) Alternativa:
Established in 2001 in Peru, Edpyme Alternativa is a non-banking financial institution (NBFI) that serves micro- and small-scale entrepreneurs in Lima and the northern and northeastern regions of Peru. In addition to loans, Edpyme Alternativa provides disability and life microinsurance to its clients. In 2009, Edpyme Alternativa reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 30 million, a gross loan portfolio of USD 21 million, approximately 23,800 borrowers, return on assets (ROA) of 3.6 percent and return on equity (ROE) of 19.3 percent.
About Fundación para el Desarrollo Microempresarial D-Miro (D-Miro):
Established in January 1997 in Ecuador, D-Miro’s mission is to improve the quality of life of the marginalized sectors of the country by providing timely services that reflect Christian values. As of December 31, 2010, D-Miro reported to the US-based nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 34.86 million, a gross loan portfolio of USD 29.84 million, return on assets (ROA) of -4.53 percent, return on equity (ROE) of -19.63 percent and approximately 36,000 borrowers.
About responsAbility Global Microfinance Fund (rAGMF):
rAGMF is a microfinance investment vehicle (MIV) managed by responsAbility 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) that it had USD 474 million in fund assets as of 2010.
About responsAbility Microfinance Leaders Fund (rAMLF):
rAMLF is a microfinance investment vehicle (MIV) managed by Switzerland’s responsAbility Social Investments AG that invests in microfinance institutions (MFIs) mostly through short- to medium-term debt securities with 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 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 microfinance institutions (MFIs) through debt securities and equity investments. Mikrofinanz-Fonds reports to the Microfinance Information Exchange (MIX), the US-based nonprofit data provider, that it held USD 103 million in assets as of 2010. Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector, renewed its certification of Mikrofinanz-Fonds in March 2011.
Sources and Additional Resources:
[1] Data submitted by responsAbility Social Investments AG to MicroCapital, August 2011.
MicroCapital.org story, July 14, 2011: “MICROCAPITAL BRIEF: responsAbility Loans $27m to Microfinance Institution Prizma of Bosnia and Herzegovina; Russia’s Forus Bank, NBD Bank, FINCA Russia”, https://www.microcapital.org/microcapital-brief-responsability-loans-27m-to-microfinance-institution-prizma-of-bosnia-and-herzegovina-russia%E2%80%99s-forus-bank-nbd-bank-finca-russia/
MicroCapital.org story, June 16, 2011: “MICROCAPITAL BRIEF: responsAbility Loans $6m to ProCredit Bank of Moldova, Foundation for International Community Assistance (FINCA) Russia, FINCA Jordan”, https://www.microcapital.org/microcapital-brief-responsability-loans-6m-to-procredit-bank-of-moldova-foundation-for-international-community-assistance-finca-russia-finca-jordan/
MicroCapital’s Microfinance Universe Profile: FINCA International, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=FINCA+International
MicroCapital’s Microfinance Universe Profile: EDPYME Alternativa, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Edpyme+Alternativa
MicroCapital’s Microfinance Universe Profile: responsAbility Social Investments AG, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital’s Microfinance Universe Profile: responsAbility Global Microfinance Fund (rAGMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29
MicroCapital’s Microfinance Universe Profile: responsAbility Microfinance Leaders Fund (rAMLF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Microfinance+Leaders+Fund+%28rAMLF%29
MicroCapital’s Microfinance Universe Profile: Mikrofinanz-Fonds, https://www.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/tiki-index.php
Similar Posts:
- MICROCAPITAL BRIEF: FINCA Ventures Places Equity in Agtech CassVita, Seeking to Boost Incomes from Farming Cassava in Cameroon
- MICROCAPITAL BRIEF: Jeff Flowers to Lead FINCA Impact Finance
- MICROCAPITAL BRIEF: FINCA Microfinance Jordan, JOHUD Partner to Fund Community Businesses
- 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
