Mibanco, a Peruvian microfinance institution (MFI), is seeking a syndicated loan in an amount equivalent to USD 60 million from the International Finance Corporation (IFC), the private-investment arm of the World Bank Group.
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MICROCAPITAL BRIEF: Belgium’s Incofin Loans $3.5m to Microfinance Institutions (MFIs) Forus Bank of Russia, CIDRE (Centro de Investigación y Desarrollo Regional) of Bolivia
Incofin Investment Management, a firm based in Belgium, recently made loans totaling the equivalent of USD 3.5 million to microfinance institutions (MFIs) in Russia and Bolivia.
MICROCAPITAL BRIEF: Peruvian Microfinance Institution (MFI) Prisma is First Fully Certified User of Grameen Foundation’s Progress out of Poverty Index (PPI)
Grameen Foundation, a US-based nonprofit, has announced that “Asociacion Benefica Prisma”, a Peru-based microfinance institution (MFI), has become the first fully certified user of the Progress out of Poverty Index (PPI) [1].
MICROCAPITAL SPECIAL REPORT: “Principles for Investors in Inclusive Finance” Launched at Responsible Finance Forum in The Hague, Netherlands
A group of 40 global investors in the microfinance industry, including US retirement planning firm TIAA-CREF and several microfinance investment vehicles (MIV), recently launched a set of guiding principles for investing in the microfinance industry at the Responsible Finance Forum in The Hague, Netherlands. The initiative – titled “Principles for Investors in Inclusive Finance” – is reportedly the brainchild of Her Royal Highness Princess Maxima, the United Nations Secretary General’s Special Advocate for Inclusive Finance for Development, and a core group of Dutch investors, including; Triodos, a microfinance investment vehicle (MIV); Goodwell, a for-profit social investment outfit; Oikocredit, a cooperative investment fund; PGGM, an investment and pension firm; and SNS Asset Management, an institutional investment group. The group and Her Royal Highness Princess Maxima developed the principles together with CGAP and the United Nations-backed Principles for Responsible Investment (PRI), a network of international investors created to promote the practice of responsible investing.
MICROCAPITAL BRIEF: Calvert Foundation, Investor in Microfinance and Community Development, Appoints Lisa Hall as New Head
The board of Calvert Foundation, a US-based organization that invests in microfinance and community development projects in the US and around the world, has recently appointed Lisa Hall to succeed Shari Berenbach as its President and CEO. Ms Berenbach served as the head of Calvert Foundation from 1997 to 2010, during which the organization’s total assets under management grew from USD 5 million to USD 500 million.
MICROCAPITAL BRIEF: BlueOrchard Loans $2.5m to Microfinance Institutions Prasac, Hattha Kaksekar Limited (HKL) of Cambodia
BlueOrchard Finance SA, a subsidiary of Switzerland-based commercial microfinance intermediary BlueOrchard, recently reported to MicroCapital the following two loans it made to Cambodian microfinance institutions (MFIs):
MICROCAPITAL BRIEF: CGAP (Consultative Group to Assist the Poor) Grants Transparency Certificates to Microfinance Investment Vehicles (MIVs) That Adhere to Environmental, Social and Governance (ESG) Standards
CGAP (Consultative Group to Assist the Poor), a policy and research center dedicated to enhancing financial access for the world’s poor, has announced its granting of Transparency Certificates to several microfinance investment vehicles (MIVs) that are in compliance with its environmental, social and governance (ESG) guidelines for MIVs.
MICROCAPITAL BRIEF: CGAP (Consultative Group to Assist the Poor), LuxFLAG, United Nations Principles for Responsible Investment (UNPRI), Eurosif Partner to Award Three Microfinance Investment Vehicle (MIV) Environmental, Social and Governance (ESG) Awards
CGAP (Consultative Group to Assist the Poor), an independent policy and research center dedicated to providing financial access for the world’s poor, has teamed up with the United Nation’s Principles for Responsible Investment (UNPRI), a network of international investors created under the auspices of the UN to promote the practice of responsible investing; LuxFLAG, an organization that certifies that microfinance vehicles (MIVs) actually invest in the microfinance sector; and the European Social Investment Forum (Eurosif), a pan-European network aiming to foster sustainable development through European financial markets, to create the CGAP Microfinance Investment Vehicle (MIV) Environmental, Social and Governance (ESG) Awards.
MICROCAPITAL BRIEF: Microfinance Sector in Kyrgyzstan Continues to Grow Despite Previous Political and Ethnic Violence
Despite the political unrest and ethnic violence in Kyrgyzstan earlier this year, the Association of Microfinance Institutions (AMFI) of Kyrgyzstan, a network of 19 microfinance institutions (MFIs) launched in 2005, reports that the Kyrgyz microfinance sector continues to steadily grow.
MICROCAPITAL BRIEF: Indian Microfinance Institution Sanchetna Financial Services Lowers Interest Rate on Samridhi Loan Product from 15% to 12.5% with a 45-Week Term
Sanchetna Financial Services, a Lucknow-based microfinance institution, recently announced that it will lower interest rates on its flagship loan product, Samridhi, from a flat interest rate of 15 percent over 46 weeks to 12.5 percent over 45 weeks.
MICROCAPITAL BRIEF: Microfinance Investment Manager BlueOrchard Finance Invests $8m in Armeconombank of Armenia, Hattha Kaksekar Limited of Cambodia and KazMicrofinance of Kazakhstan
BlueOrchard Finance SA, a subsidiary of Switzerland-based commercial microfinance intermediary BlueOrchard, recently reported to MicroCapital the details of three debt investments made during the month of August 2010 to financial institutions Armeconombank of Armenia, Hattha Kaksekar Limited of Cambodia and KazMicrofinance LLC of Kazakhstan.
MICROCAPITAL EVENT: 2010 Toronto Microfinance Conference and Gala, Toronto, Canada, October 1 to October 2
Event Name: 2010 Toronto Microfinance Conference and Gala: ‘moving out of poverty… the micro way’
Event Date: Gala – ‘the micro ball’ – October 1, 2010, and Conference – ‘the micro way’ – October 2, 2010
Event Location: Allstream Centre, Toronto, Canada
MICROCAPITAL BRIEF: Grameen Foundation Issues Standards for Progress out of Poverty Index Prior to Commencement of Certification Program
Grameen Foundation, a US-based nonprofit, recently announced the issuance of standards of use for its Progress out of Poverty Index (PPI), a tool developed by Grameen for tracking and reporting poverty data as reported by MicroCapital on February 26, 2009.
MICROCAPITAL BRIEF: Vietnam’s First Licensed Microfinance Institution TYM is Operational
The TYM (Tao Yeu May) Fund, a Vietnamese financial institution founded by the Vietnam Women’s Union in order to help implement the poverty alleviation program of the government, reportedly has become the first microfinance institution licensed by the State Bank of Vietnam, Vietnam’s central bank.
MICROCAPITAL BRIEF: BlueOrchard Finance Opens Office in Cambodia, Announces Plans to Triple Microfinance Investments in Asia
BlueOrchard Finance SA, a commercial microfinance intermediary operating as a subsidiary of Geneva-based BlueOrchard, recently announced its intention to triple its microfinance investments in Asia.
MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund and responsAbility Microfinanz-Fonds Invest $1.4m in Microfinance Institutions OXUS Tajikistan and Enterprise Bank Inc of the Philippines
responsAbility Global Microfinance Fund (rAGMF) and responsAbility Microfinanz-Fonds, microfinance investment vehicles managed by responsAbility Social Investments AG, recently reported to MicroCapital the details of four debt investments made during the month of July 2010, totaling the equivalent of USD 1.4 million, in microfinance institutions OXUS Tajikistan and the Enterprise Bank, Inc of the Philippines.
MICROCAPITAL BRIEF: Indian Microfinance Institution Grameen Koota Plans to Raise $21m
Grameen Koota, an Indian microfinance institution, is seeking to raise INR 1 billion (USD 21 million) and is reportedly planning to close a deal in the next several months.
MICROCAPITAL BRIEF: MFTransparency Brings Launch of Transparent Pricing Initiative to Bolivia and Ecuador, Funded by the Ford Foundation and MicroNed
MFTransparency, a non-governmental organization which promotes accurate and transparent pricing in the microfinance industry, recently expanded its work to launch its transparent pricing initiative in both Ecuador and Bolivia. The initiative is being funded by the Ford Foundation, which provided a grant (amount unspecified) to MFTransparency to expand its data collection and dissemination efforts in Argentina, Bolivia, Colombia and Ecuador.