responsAbility Social Investments AG, an investment company based in Switzerland, recently reported to MicroCapital that it made five investments totaling USD 5.3 million in four microfinance institutions (MFI) in Mexico and South America. The investments included a local-currency loan equivalent to USD 987,000 to Corporacion Narino Empresa y Futuro (Contactar), a Colombian MFI established in 1995, from the responsAbility Global Microfinance Fund (rAGMF), a microfinance investment vehicle (MIV) managed by responsAbility. As of 2009 Contactar had 19 branches, 20,100 active borrowers, a gross loan portfolio (GLP) of USD 14.7 million, return on assets (ROA) of 10.40 percent and return on equity (ROE) of 24.31 percent. Fondo de Desarrollo Microempresarial (FODEMI), an MFI based in Ecuador also received a loan of USD 750,000 from rAGMF as well as an additional USD 250,000 from Mikrofinanz-Fonds, another MIV managed by responsAbility. In 2009 FODEMI reported a GLP of USD 11.3 million, 5.59 percent ROA and 14.73 percent ROE.
Fundacion Integral Comunitaria AC (FINCA Mexico), a non-governmental organization (NGO) with a reported 118,000 borrowers in 2009, also received a local currency loan equivalent to USD 1.3 million from rAGMF. FINCA Mexico is an affiliate of the Foundation for International Community Assistance (FINCA) International, a nonprofit microfinance organization based in Washington DC that has operations in twenty-one countries. FINCA Mexico reported a GLP of USD 29.8 million in 2009 with an ROE of 17.77 percent and ROA of 4.79 percent. A third MIV managed by responsAbility, the responsAbility Microfinance Leaders Fund (rAMLF), made a local-currency debt investment equivalent to USD 2 million in Edpyme Raiz, a Peruvian MFI that reported total assets of USD 129.5 million, ROE of 4.41 percent and ROA of 1.33 percent in 2009.
By Julie Moksim, Research Associate
About responsAbility Social Investments AG: Founded in 2003, responsAbility Social Investments AG of Switzerland is an investment company whose products aim to enable investors to earn a financial return while allowing people in developing countries and emerging markets to access markets, information and other services 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 Microfinance Leaders Fund (rAMLF): The responsAbility Microfinance Leaders Fund (rAMLF) invests in large microfinance institutions (MFIs) through debt securities and equity investments. Investments range from USD 50,000 to USD 1.5 million. LuxFLAG, an independent organization that certifies that microfinance vehicles actually invest in the microfinance sector, renewed rAMLF’s label as of April 2010. rAMLF reported 129 active investments in microfinance in 2010 and total fund assets of USD 160 million.
About responsAbility Global Microfinance Fund (rAGMF): rAGMF is a microfinance vehicle (MIV) managed by responsAbility that invests in microfinance institutions (MFIs) and microfinance investment vehicles (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 April 2010, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether microfinance investment vehicles actually support the microfinance sector. rAGMF reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, that it has USD 474 million in fund assets as of 2010.
About 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 microfinance information clearinghouse, that it holds USD 103 million in assets as of 2010. Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether microfinance investment vehicles actually support the microfinance sector, renewed its certification of Mikrofinanz-Fonds as of April 2010.
About Corporaci0n Narino Empresa y Futuro (Contactar): Contactar is a Colombian microfinance institution (MFI) that was established in 1995. As of 2009 Contactar reported a gross loan portfolio of USD 14.5 million, total assets of USD 14.7 million, return on assets of 10.40 percent and return on equity of 24.31 percent. Contactar also reported having 20,100 active borrowers.
About Fondo de Desarrollo Microempresarial (FODEMI): FODEMI was established in 1995 in Ecuador. It is a non-governmental organization (NGO) whose mission is to improve the quality of life of its clients through upholding Christian values and microfinance. FODEMI reported a gross loan portfolio of USD 11.3 million, total assets of USD 12.1 million, return on assets of 5.59 percent and return on equity of 14.73 percent in 2009. FODEMI also reported having 25,800 active borrowers with an average loan balance per borrower of USD 439.
About Fundacion Integral Comunitaria AC (FINCA Mexico): FINCA Mexico was established in 1989. Its mission is to improve the lives of low-income entrepreneurs through access to financial services. In 2009 FINCA Mexico had 118,000 active borrowers and reported a gross loan portfolio of USD 29.8 million, total assets of USD 39.1 million, return on assets of 4.79 percent and return on equity of 17.77 percent. FINCA Mexico is an affiliate of FINCA International, a nonprofit microfinance organization headquartered in Washington DC.
About Edpyme Raiz: Edpyme Raiz was established in 1999. It aims to facilitate the growth of micro- and small enterprises by providing financial services to low-income entrepreneurs. Edpyme Raiz seeks to explore new models and improve technology to reach more clients and continue growing. The microfinance institution (MFI) reported total assets of USD 129.5 million in 2009 with a return on assets of 1.33 percent and a return on equity of 4.41 percent.
MicroCapital’s Microfinance Universe Profile: responsAbility Social Investments
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital’s Microfinance Universe Profile: responsAbility Microfinance Leaders Fund
MicroCapital’s Microfinance Universe Profile: responsAbility Global Microfinance Fund
MicroCapital’s Microfinance Universe Profile: Mikrofinanz-Fonds
MicroCapital’s Microfinance Universe Profile: Corporacion Narino Empresa y Futuro (Contactar)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Contactar
MicroCapital’s Microfinance Universe Profile: Fondo de Desarrollo Microempresarial (FODEMI)
MicroCapital’s Microfinance Universe Profile: Fundacion Integral Comunitaria AC (FINCA Mexico)
MicroCapital’s Microfinance Universe Profile: Edpyme Raiz
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