responsAbility Social Investments AG, an investment company based in Switzerland, recently reported to MicroCapital that it loaned the equivalent of USD 11 million to microfinance organizations in Georgia, the Kyrgyz Republic, Montenegro and Cambodia.
In Georgia, the responsAbility Global Microfinance Fund (rAGMF), a microfinance investment vehicle (MIV) managed by responsAbility, invested USD 7.5 million in ProCredit Bank Georgia (PCBG), a bank catering to micro-, small and medium-sized enterprises that is part of the ProCredit Holding Group which consists of 21 banks operating in emerging markets in Eastern Europe, Latin America and Africa. In 2009, PCBG reported to US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 427 million, a gross loan portfolio USD 316 million, return on assets (ROA) of 2.83 percent, return on equity (ROE) of 20.5 percent and 64,000 active borrowers.
In the Kyrgyz Republic, rAGMF and Mikrofinanz-Fonds, another MIV managed by responsAbility, made investments totaling USD 1.13 million in Frontiers, an MIV founded in 2003. In 2009, Frontiers reported to MIX assets of USD 12.6 million.
In Montenegro, Microfinanz-Fonds invested USD 1.41 million in AgroInvest-Montenegro, an affiliate of VisionFund International. In 2009, AgroInvest-Montenegro reported to MIX total assets of USD 74.6 million, a gross loan portfolio of USD 67.5 million, return on assets (ROA) of 0.12 percent, return on equity (ROE) of 0.51 percent and 25,200 active borrowers. Vision Fund is affiliated with MFIs in 42 countries.
In Cambodia, rAGMF and Mikrofinanz-Fonds made investments totaling USD 1 million in Sathapana, an MFI established in 2001. In 2009, Sathapana reported to MIX total assets of USD 43.5 million, a gross loan portfolio of USD 39.7 million, approximately 36,200 borrowers, return on assets (ROA) of 4 percent and return on equity (ROE) of 26 percent.
According to calculations based on data from MIX from 2009 and 2010, responsAbility manages approximately USD 800 million in total assets.
By Jacqueline Foelster, Research Associate
About responsAbility Social Investments AG: 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 Microfinance Leaders 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 April 2010, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. In 2010, rAGMF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 474 million.
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 as of April 2010.
About ProCredit Bank Georgia (PCBG): ProCredit Bank Georgia (PCBG), a member of Germany’s ProCredit Group, is a full-service bank that operates in Georgia. PCBG defines itself as “development-oriented” and works with micro-, small and medium-sized enterprises. In 2009, PCBG reported to US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 427 million, a gross loan portfolio USD 316 million, return on assets (ROA) of 2.83 percent, return on equity (ROE) of 20.5 percent and 64,000 active borrowers. As of 2011, ProCredit Holding consists of 21 banks operating in emerging markets in Eastern Europe, Latin America and Africa.
About Frontiers: Frontiers was founded in 2003 by donations channeled through the American non-profit organization ACDI/VOCA as part of the Central Asia Microfinance Alliance (CAMFA), a project financed by the United States Agency for International Development (USAID). Frontiers aims to support microfinance institutions (MFIs), which are retail microlenders, by providing wholesale loans. In 2009, Frontiers reported to US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 12.6 million.
About AgroInvest-Montenegro: AgroInvest-Montenegro is a microfinance institution that serves the financial needs of rural individuals and microenterprises in Montenegro. It was established in 1999 as a subsidiary of AgroInvest Holding, an affiliate of VisionFund International. In 2009, AgroInvest-Montenegro reported to US-based nonprofit Microfinance Information Exchange total assets of USD 74.6 million, a gross loan portfolio of USD 67.5 million, return on assets (ROA) of 0.12 percent, return on equity (ROE) of 0.51 percent and 25,200 active borrowers. VisionFund is affiliated with MFIs in 42 countries.
About Sathapana: Originally established as a nonprofit organization called Cambodian Entrepreneur Building Limited (CEB), Sathapana Limited registered in 2001 under its current name with the National Bank of Cambodia (NBC) as a microfinance institution (MFI). In 2009, Sathapana Limited reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 43.5 million, a gross loan portfolio of USD 39.7 million, approximately 36,200 borrowers, return on assets (ROA) of 4 percent and return on equity (ROE) of 26 percent.
Source and Additional Resources:
[1] Data submitted by responsAbility Social Investments AG to MicroCapital, April 2011
MicroCapital Universe Profile: responsAbility Social Investments AG, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital Universe Profile: responsAbility Global Microfinance Fund (rAGMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29
MicroCapital Universe Profile: responsAbility Mikrofinanz-Fonds, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds
MicroCapital Unverse Profile: ProCredit Bank Georgia, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ProCredit+Bank+Georgia
MicroCapital Universe Profile: Frontiers, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=FRONTIERS
MicroCapital Universe Profile: AgroInvest-Montenegro, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=AgroInvest+-+Montenegro
MicroCapital Universe Profile: Sathapana, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Sathapana
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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