The Grameen Crédit Agricole (GCA) Foundation, whose head office is in Luxembourg, has agreed to lend EUR 3 million (USD 3.5 million) over three years to Pahal Financial Services, a microfinance institution based in Ahmedabad, India. Caroline Brandt, senior investment manager at GCA Foundation, stated that the partnership will
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MICROCAPITAL BRIEF: IDB Launches Program to Connect Women’s MSMEs in Latin America, Caribbean with Value Chains, International Trade
The Inter-American Development Bank (IDB), a multilateral financial institution that promotes economic development in Latin America and the Carribbean, has partnered with six large companies to launch a program promoting the integration of women-owned businesses “into foreign trade and regional value chains” as a way to: (1) stimulate the region’s economy as it adjusts to the COVID-19 pandemic; and (2) increase job opportunities and decrease economic and other gaps between men and women. The private firms, whose roles have yet to be clearly defined, are Ireland-based Accen
MICROFINANCE PAPER WRAP-UP: “Helping Low- and Moderate-income Malaysians Save: Insights from UNCDF’s Work With GoGet and Pod,” Published by UNCDF
Data from Bank Negara Malaysia, the country’s central bank, illustrate a downward trend in household savings from 2018 through the beginning of the COVID-19 pandemic. The latest data available indicate that “two thirds of self-employed respondents have savings equivalent to one month’s expenses, while 83 percent
MICROCAPITAL BRIEF: Deetken Impact, Pro Mujer Raise $1.3m from USAID for Ilu Women’s Empowerment Fund to Deploy in Latin America, Caribbean
Canada-based asset management company Deetken Impact and US-based nonprofit women’s development organization Pro Mujer recently announced they have raised USD 1.3 million from the US Agency for International Development (USAID) for the Ilu Women’s Empowerment Fund, which is active in Latin America and the Caribbean. Deetken plans to leverage a portion of the funding to attract private investment, adding a total of USD 5 m
MICROFINANCE PAPER WRAP-UP: “Reaching Financial Equality For Women;” Published by Women’s World Banking, World Bank, Better Than Cash Alliance, UNSGSA, UN Women, UNCDF
This action plan is intended to help governments, businesses, and NGOs “rebuild stronger” after the COVID-19 pandemic by reducing gender inequality. UN Women estimates that at least 47 million more women and girls will fall below the poverty line in 2021 due to COVID-19. The following actions, which are prioritized equally, aim to
MICROCAPITAL BRIEF: Nordic Microfinance Initiative, Adar Poonawalla, Rajiv Dadlani Group Boost Equity Stakes in Svasti of India
Three previous investors in the company recently committed an additional INR 310 million (USD 4.3 million) to Svasti Microfinance, a provider of loans and payment services to 188,000 customers in India, mostly
MICROCAPITAL BRIEF: EIB to Loan $8.3m to Banco ADOPEM, Targeting Women Microentrepreneurs in Dominican Republic
The EU’s European Investment Bank (EIB) recently agreed to loan approximately DOP 480 million (USD 8.33 million) to Banco de Ahorro y Crédito ADOPEM, a microfinance institution (MFI) in the Dominican Republic, targeting microentrepreneurs as they adjust to the COVID-19 pandemic. The wholesale loan will allow ADOPEM to provide approximately 27,000 re
MICROCAPITAL BRIEF: Laos Launches $40m MSME Pandemic Relief Project with World Bank Loan Proceeds
The Ministry of Industry and Commerce of Lao People’s Democratic Republic (PDR) recently announced it is borrowing USD 40 million from the World Bank in an effort to help micro-, small and medium-sized enterprises (MSMEs) recover from the COVID-19 pandemic. The terms of the loan
MICROCAPITAL BRIEF: EIB Lends $3m to Microfund for Women (MFW) for Entrepreneurs in Jordan
The European Investment Bank (EIB), an institution of the EU, recently lent EUR 2.7 million (USD 3.3 million) to Microfund for Women (MFW) to be on-lent for microenterprise in Jordan. These loans are intended to support 9,100 people, 90 percent of whom are women, whose livelihoods have been threatened by the effects of the COVID-19 pandemic. EIB drew the funds from the Southern Neighborhood Microfinance
MICROCAPITAL BRIEF: Creation Investments Launches Debt Fund in India to Focus on Microfinance, SMEs, Housing, Education
Creation Investments Capital Management, which is based in the US city of Chicago, recently opened an office in the Indian city of Bengaluru and launched a fund for lending to non-banking financial companies in the country. The target firms are those that
MICROCAPITAL BRIEF: Jordan Trade Facilities Company Borrows $5m for MSMEs from Sanad Fund
Sanad Fund for MSME, a Luxembourg-based investor in organizations serving micro-, small and medium-sized enterprises (MSMEs), recently agreed to loan the equivalent of USD 5 million in Jordanian dinar to the Jordan Trade Facilities Company (JoTF). The investment is intended to
MICROCAPITAL BRIEF: Central Bank of Iran Planning NFC System to Allow Retail Payments via Mobile Devices in Lieu of Cards
The Central Bank of Iran reportedly is developing a contactless payment system using near-field communication (NFC) technology that will allow customers to make retail payments using mobile phones. Among the goals of the effort is to reduce: (1) costs for banks and their customers; (2) the use of payment cards, which are gene
MICROCAPITAL BRIEF: Satya of India Raises $20m in Equity from Impact Investor Gojo for Microfinance for Rural Women
Indian microfinance institution (MFI) Satya MicroCapital Limited recently raised an additional INR 1.53 billion (USD 20 million) in equity from Japanese microfinance investor Gojo & Company. The investment takes the total funds raised by the company to INR 2.6 billion (USD 36 million).
MICROCAPITAL BRIEF: Insurtech PasarPolis of Indonesia Raises $5m in Equity from International Finance Corporation (IFC) for Microinsurance
Indonesia-based insurance technology (insurtech) firm PasarPolis recently raised USD 5 million in equity from the International Finance Corporation (IFC), a member of the World Bank Group. The firm plans to use the fresh funds “to develop infrastructure to connect insurers, digital platforms and customers unserved by the traditional insurance sector” during and after the COVID-19 pandemic. The size of the stake
MICROFINANCE PAPER WRAP-UP: “Debt Relief in the Pandemic: Lessons from India, Peru and Uganda;” by Elisabeth Rhyne, Eric Duflos; Published by CGAP
In response to the economic effects of the COVID-19 pandemic, regulators in approximately 115 countries directed financial service providers (FSPs) to grant debt moratoria and restructuring to their borrowers. The authors of this paper reviewed surveys, interviews and other materials regarding
MICROCAPITAL BRIEF: EBRD Loans $4m to ProCredit Bank Skopje to Boost SMEs’ Quality Standards, Residential Energy Efficiency in North Macedonia
The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral institution, recently provided two loans to ProCredit Bank Skopje, which operates in North Macedonia and is owned by Germany-based ProCredit Holding. One loan, in the amount of EUR 1 million (USD 1.2 million),
MICROCAPITAL BRIEF: EFSE Loans $6m to Agroprosperis Bank to Support Farmers in Ukraine
The European Fund for Southeast Europe (EFSE), a microfinance investment vehicle domiciled in Luxembourg, recently loaned EUR 5 million (USD 6.1 million) to Agroprosperis Bank to support agricultural micro- and small enterprises (MSEs) in Ukraine. In particular,
MICROFINANCE EVENT: FinovateFall; September 13-15, 2021; New York, New York, USA
FinovateFall is one of a series of conferences focusing on financial technology (fintech). The event includes demonstrations of new fintech products, networking opportunities and approximately 120 speakers. Although the agenda for this year has yet to be announced, the 2020 agenda included sessions such as Keynote presentations by Pablos Holman, inventor at the Intellectual Ventures Lab; Sarika Sangwan, Global Head of strategy and marketing at Pinterest; and a panel discussion of post-Covid innovation. Details regarding an option to participate virtually are under development.