The Multilateral Investment Fund (MIF), an autonomous fund that was founded in 1993 by the US-based Inter-American Development Bank (IDB), has made a USD 5 million equity investment in Mexico Development Fund I (MDF-I), a venture capital fund focused on small and medium-sized Mexican businesses providing education, financial or retail services. MDF-I is managed by PC Capital Partners, a financial services firm based in Mexico.
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MICROCAPITAL BRIEF: SKS Microfinance to Cut 1,200 Jobs, Close 78 Branches in Andhra Pradesh, India
SKS Microfinance Limited (SKS), a non-banking finance company (NBFC) regulated by the Reserve Bank of India (RBI), reportedly will terminate 1,200 of 3,400 jobs and shutdown 78 branches in the state of Andhra Pradesh.
MICROCAPITAL BRIEF: Microfinance Growth Slows in Andhra Pradesh, Quickens in Other Indian States
According to a statement attributed to chief executive officer Mr Alok Prasad of Microfinance Institutions Network (MFIN), a trade association of 46 Indian microfinance lenders, the microfinance sector in the Indian state of Andhra Pradesh is expected to experience reduced growth for the financial year ending on March 31.
MICROCAPITAL BRIEF: Indian Microfinance Sector Cautious on Branch Expansion, Hiring
Indian microfinance institutions (MFIs) reportedly are still cautious on expanding operations and hiring despite an improving business environment.
MICROCAPITAL BRIEF: Islamic Development Bank (IsDB) Approves $10m Participation in Irada Microfinance Institution of Sudan
The Islamic Development Bank (IsDB), a financial institution in Saudi Arabia, recently approved an equity investment of USD 10 million in IRADA Microfinance Institution Project, Sudan (Irada).
MICROCAPITAL BRIEF: Chris Dunford of Freedom from Hunger Launches “The Evidence Project” Blog to Examine Impact of Microfinance
Freedom from Hunger, US-based NGO focused on alleviating hunger and poverty, has recently announced the start of a new blog intended to address the impact that microfinance has on poor people around the world.
MICROCAPITAL BRIEF: 9.2m Microfinance Borrowers in India Have Defaulted Since 2010
It has been reported that approximately 9.2 million of 32 million Indian microfinance clients have defaulted on loan repayment since 2010.
MICROCAPITAL BRIEF: India’s SKS Microfinance Responds To Associated Press Article on Suicides in Andhra Pradesh, Calls Allegations “Baseless”
In reference to the report ‘Lender’s own probe links it to suicides,’ by US-based news service Associated Press (AP), Indian microlender SKS Microfinance, has issued a statement expressing that the allegations that its lending practices may have contributed to customer suicides are “baseless” and simply re-state earlier allegations from 1.5 years prior.
MICROCAPITAL BRIEF: MasterCard to Launch Mobile Phone-based Financial Services Worldwide
US-based financial services corporation MasterCard International reportedly plans to launch the MasterCard Mobile Money Partnership Program worldwide “to give consumers who lack access to traditional financial services the ability to purchase goods and services using mobile phones” and allowing them to “transfer funds and pay bills.”
MICROCAPITAL BRIEF: Triodos, Women’s World Banking to Co-Manage $30m Isis Microfinance Fund
Triodos Investment Management, which manages funds that invest in venture capital and social finance, has announced that it will act as co-investment manager alongside Women’s World Banking Asset Management for Isis Fund, an equity fund that aims to increase access to finance for women around the world.
MICROCAPITAL BRIEF: Telefonica’s “mWallet” to Enable Mobile Payments in South America, Europe
Spanish telecommunications company Telefonica and Sybase 365, a division of German software firm SAP, reportedly are developing mWallet, a mobile wallet that will “allow Telefonica’s 300 million customers in 26 countries around the world make mobile financial transactions.”
MICROCAPITAL BRIEF: Multilateral Investment Fund (MIF) to Support Smart Campaign to Improve Client Protection in Latin American, Caribbean Microfinance Institutions
The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank, will be providing unspecified support to the Smart Campaign, a consumer protection initiative, in its work to assist Latin American and Caribbean microfinance institutions (MFIs) in implementing client protection practices in their daily operations.
MICROCAPITAL BRIEF: Microfinance Growth Fund (MiGroF) Ends 2011 with $85m in Loans Outstanding to Microfinance Institutions in Latin America
The Microfinance Growth Fund (MiGroF), which is managed by Switzerland’s BlueOrchard Finance to support Latin American microfinance institutions, closed 2011 with USD 85 million in outstanding loans and USD 23 million in uninvested capital.
MICROCAPITAL BRIEF: Center for Latin American Monetary Studies (CEMLA), Multilateral Investment Fund (MIF), World Bank Launch Envia Centro America to Promote Transparency in Remittance Activity
The Center for Latin American Monetary Studies (CEMLA in Spanish), a Mexico-based association of Latin American central banks; the Multilateral Investment Fund (MIF), a member of the US-based Inter-American Development Bank Group; and the World Bank recently launched Envía Centro America, a free online tool that allows users to compare the cost and speed of sending remittances from the United States to seven Latin American countries, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and the Dominican Republic, as well as from Costa Rica to Nicaragua.
MICROFINANCE PAPER WRAP-UP: Global Microscope on the Microfinance Business Environment 2011
By the Economist Intelligence Unit, funded by The Multilateral Investment Fund, Corporación Andina de Fomento and the International Finance Corporation, October 2011, 72 pages, available at: http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=36453519.
This paper examines the microfinance business environments in 55 countries, comparing them across three categories: supporting institutional framework, political stability, and regulatory framework and practices. It is the fifth annual paper in the series, covering the 12-month period through June 2011. The research comprises data collected in 21 countries of Latin America and the Caribbean, 11 countries of Sub-Saharan Africa, seven of Eastern Europe and Central Asia, seven of East Asia, five of South Asia and four of the Middle East and North Africa.
MICROCAPITAL BRIEF: State Bank of India to Grow Microfinance Portfolio by 50%, Microfinance Institutions Network Promotes Wholesale Lending to Sector
The State Bank of India (SBI) reportedly plans to grow its microfinance portfolio by 50 percent during the fourth quarter of the fiscal year.
MICROCAPITAL BRIEF: Omtrix Raises $35m for New Higher Education Finance Fund (HEFF), Loans to be Distributed via Microfinance Institutions
Omtrix, a Costa Rica-based fund manager and financial consulting firm, has announced the launch of the Higher Education Finance Fund (HEFF), a student loan financing fund to promote and finance higher education opportunities for low-income youth in Bolivia, the Dominican Republic, Guatemala, Honduras, Paraguay and Peru.
MICROCAPITAL BRIEF: United Kingdom Loans $100m to Launch Private Sector Development Programme in Partnership with Small Industries Bank of India
The UK has launched a private sector development programme in India with a loan of GBP 65 million (USD 100 million) which will be implemented between 2012 and 2019 together with the Small Industries Development Bank of India (SIDBI).