responsAbility Microfinanz-Fonds and responsAbility Global Microfinance Fund (rAGMF), microfinance investment vehicles managed by responsAbility Social Investments AG of Switzerland, recently reported to MicroCapital the details of four debt investments made during the month of August 2010, totaling USD 4 million, to microfinance institutions (MFIs) Bank Eskhata of Tajikistan and VF AzerCredit LLC of Azerbaijan. The details of these transactions are as follows [1].
responsAbility Global Microfinance Fund (rAGMF) loaned USD 1.25 million at a floating rate based on the six-month USD LIBOR rate for a term of 24 months to Bank Eskhata, a regulated commercial bank in Tajikistan. responsAbility Microfinanz-Fonds loaned USD 750,000 to Bank Eskhata under the same terms. As of year-end 2009, Bank Eskhata reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, total assets of USD 67.5 million, a gross loan portfolio of USD 32.9 million, a return on assets of -0.13 percent, a return on equity of -1.1 percent and 8,488 active borrowers.
rAGMF loaned USD 1.5 million at a fixed annual interest rate of 8 percent over 30 months to VF AzerCredit LLC, a non-bank financial institution that operates in Azerbaijan. responsAbility Microfinanz-Fonds loaned USD 500,000 to AzerCredit under the same terms. As of June 30, 2010, AzerCredit reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, total assets of USD 24.7 million, a gross loan portfolio of USD 22.6 million and 32,827 active borrowers.
By Lindsey Shaughnessy, Research Associate
About responsAbility Global Microfinance Fund (rAGMF): The responsAbility Global Microfinance Fund (rAGMF) 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. LuxFLAG, an independent organization that certifies that microfinance vehicles actually invest in the microfinance sector, renewed the rAGMF’s label as of April 2010. According to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, the rAGMF reports assets of USD 475 million in mid-2010 and holds 202 active microfinance investments.
About responsAbility Mikrofinanz-Fonds: The responsAbility Mikrofinanz-Fonds is a microfinance investment vehicle managed by responsAbility Social Investments AG, a social investment company based in Switzerland. responsAbility Microfinanz-Fonds invests in microfinance institutions (MFIs) through debt securities and equity investments. The fund was created in 2007 by responsAbility, and is financed by Bank im Bistum Essen, a German cooperative financial institution, and Stadtsparkasse Düsseldorf, a German bank. LuxFLAG, an independent organization that certifies that microfinance vehicles actually invest in the microfinance sector, renewed the rAGMF’s label as of April 2010. responsAbility Microfinanz-Fonds reports to the MIX Market assets of USD 103 million and holds 130 active microfinance investments.
About Bank Eskhata: Bank Eskhata, founded in 1993, is a regulated commercial bank in Tajikistan. Bank Eskhata provides microloans, voluntary savings and money transfer services to its customers. As of year-end 2009, Bank Eskhata reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, total assets of USD 67.5 million, a gross loan portfolio of USD 32.9 million, a return on assets of -0.13 percent, a return on equity of -1.1 percent and 8,488 active borrowers.
About VF AzerCredit LLC: VF AzerCredit LLC (AzerCredit) is a non-bank financial institution that operates in Azerbaijan. AzerCredit provides individual and group loans and grants to Azerbaijan’s poor. As of June 30, 2010, AzerCredit reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, total assets of USD 24.7 million, a gross loan portfolio of USD 22.6 million and 32,827 active borrowers.
Sources and Additional Resources:
[1] Per data reported submitted by responsAbility Social Investments AG to MicroCapital September 2010
MicroCapital’s Microfinance Universe profile: responsAbility Global Microfinance Fund (rAGMF)
MicroCapital’s Microfinance Universe profile: responsAbility Microfinanz-Fonds
MicroCapital’s Microfinance Universe profile: Bank Eskhata
MicroCapital’s Microfinance Universe profile: VF AzerCredit LLC
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/.
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