MICROCAPITAL BRIEF: responsAbility Social Investments Loans $8m to Prasac of Cambodia, $1m to ASKI of the Philippines

ResponsAbility Social Investments, a for-profit Swiss fund manager, recently disbursed USD 8 million in debt to Prasac, a microfinance institution (MFI) in Cambodia. Of this amount, USD 5.75 million was loaned by the ResponsAbility Global Microfinance Fund (rAGMF), which invests in microfinance institutions and other microfinance investment vehicles (MIVs). The remainder was loaned to Prasac by ResponsAbility SICAV Mikrofinanz-Fonds (rAMF), another microfinance investment vehicle (MIV) managed by responsAbility Social Investments. According to the US-based nonprofit Microfinance Information Exchange (MIX), Prasac reported total assets of USD 156 million, a gross loan portfolio of each USD 152 million, 116,600 active borrowers, deposits of USD 6.0 million, 8,100 depositors, return on assets (ROA) of 6.36 percent, and return on equity (ROE) of 28.16 percent as of 2011.

ResponsAbility funds also disbursed the local-currency equivalent of USD 995,000 in debt to Alalay Sa Kaunlaran, Inc. (ASKI), a non-stock, non profit organization in the Philippines. rAGMF loaned ASKI the equivalent of USD 746,000, and rAMF disbursed debt equivalent to USD 249,000 to ASKI. According to the US-based nonprofit Microfinance Information Exchange (MIX), ASKI reported total assets of USD 30.9 million, a gross loan portfolio of USD 25.1 million, 72,200 active borrowers, deposits of USD 4.5 million, 82,300 depositors, ROA of 4.14 percent, and ROE of 31.1 percent as of 2011.

As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion, including USD 532 million managed by rAGMF USD 141 million managed by rMAF.

By Jennifer Young, Research Associate

About Prasac
Prasac was originally a credit component of an agriculture support program funded by the European Union and implemented by the Royal Government of Cambodia. It was officially registered in 2004 with the Ministry of Commerce as a private limited liability company and is officially licensed by the National Bank of Cambodia (NBC) to legally offer financial services. According to the US-based nonprofit Microfinance Information Exchange (MIX), Prasac reported total assets of USD 156 million, a gross loan portfolio USD 152 million, 116,600 active borrowers, deposits of USD 6.0 million, 8,100 depositors, return on assets (ROA) of 6.36 percent, and return on equity (ROE) of 28.16 percent as of 2011.

About Alalay Sa Kaunlaran, Inc. (ASKI)
Alalay Sa Kaunlaran, Inc. (ASKI) is a non-stock, non profit organization operating primarily in the northeastern portion of Luzon in the Philippines. ASKI was established in 1987 with the goal of alleviating poverty and promoting socioeconomic development through client-focused financial and non-financial services anchored on Christian principles. According to the US-based nonprofit Microfinance Information Exchange (MIX), ASKI reported total assets of USD 30.9 million, a gross loan portfolio of USD 25.1 million, 72,200 active borrowers, deposits of USD 4.5 million, 82,300 depositors, ROA of 4.14 percent, and ROE of 31.1 percent as of 2011.

About ResponsAbility Social Investments
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. As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. 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 SICAV Mikrofinanz-Fonds (rAMF)
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). As of 2012, the fund holds a label from the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. Mikrofinanz-Fonds reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 141 million in 2011.

About ResponsAbility Global Microfinance Fund (rAGMF)
ResponsAbility Global Microfinance Fund (rAGMF) is a microfinance investment vehicle (MIV) managed by responsAbility Social Investments AG of Switzerland 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. As of 2012, the fund holds a label from 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 532 million in 2011.

Sources and Additional Resources:

MicroCapital Story: “MICROCAPITAL BRIEF: responsAbility Lends $3.6m to Amret, AMK, Prasac, Hattha Kaksekar of Cambodia”, February 21, 2012.
https://www.microcapital.org/microcapital-brief-responsability-lends-3-6m-to-amret-amk-prasac-hattha-kaksekar-of-cambodia/

MicroCapital Story: “MICROCAPITAL BRIEF: MFTransparency Announces First Microfinance Data Submissions for Transparent Pricing Initiative in the Philippines”, August 22, 2011.

https://www.microcapital.org/microcapital-brief-mftransparency-announces-first-microfinance-data-submissions-for-transparent-pricing-initiative-in-the-philippines/

MicroCapital Universe Profile: Alalay Sa Kaunlaran, Inc. (ASKI)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Alalay+Sa+Kaunlaran%2C+Inc

MicroCapital Universe Profile: PRASAC
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Prasac

MicroCapital Universe Profile: responsAbility Social Investments
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 SICAV Mikrofinanz-Fonds (rAMF)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds

MicroCapital Universe Profile: Microfinance Information Exchange (MIX)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microfinance+Information+Exchange+%28MIX%29

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