EB-ACCION Microfinance, a microfinance institution (MFI) formed by ACCION International, a nonprofit organization with partner MFIs in over 20 countries, and Ecobank, a pan-African bank with a network of over 500 branches in 27 countries, recently launched its first two branches in Cameroon.
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MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Provide $30m Loan to Banco Patagonia, a Commercial Bank in Argentina, to Lend to Farmers and Small and Medium-sized Agribusinesses
The International Finance Corporation (IFC), the investment arm of the World Bank, will provide a USD 30 million loan to Banco Patagonia S.A., a commercial bank in Argentina, to lend to farmers and small and medium-sized agribusinesses.
MICROCAPITAL BRIEF: Compartamos Banco, Mexican Microfinance Bank, Targets Latin American Expansion by Acquisition
Compartamos Banco, a Mexican microfinance bank founded in 1990, is in the process of finding a Latin American microfinance lender to acquire. Fernando Alvarez Toca, the Chief Executive Officer of Compartamos Banco, stated that his company is planning to acquire a Latin American company in accordance with their plan for rapid expansion. Alvarez Toca names Colombia, Peru and Brazil as the primary countries they are investigating [1]. Compartamos Banco has been pursuing this avenue since November of 2009 [2].
MICROCAPITAL BRIEF: Financiera Independencia, a Mexico-based Microfinance Institution, Sells $200m in Senior Guaranteed Notes to the International Market
Financiera Independencia, a Mexico-based microfinance institution (MFI) that is listed on the Mexican Stock Exchange, has announced that it has successfully placed USD 200 million in senior guaranteed notes in the international market.
MEET THE BOSS: Interview with Craig Churchill, Head of the International Labour Organization’s (ILO’s) Microinsurance Innovation Facility
Craig Churchill serves as the Chair of the Microinsurance Network and as Senior Technical Officer of the International Labour Organization’s (ILO’s) Social Finance Programme.
MICROCAPITAL BRIEF: ACCION International Announces Inauguration of ACCION Microcredit China (AMC), a Microfinance Institution (MFI) Located in Chifeng Prefecture, Inner Mongolia, China
ACCION International, a nonprofit organization with partner microfinance institutions (MFIs) in over 20 countries, has announced the inauguration of ACCION Microcredit China (AMC), an MFI located in Chifeng Prefecture, Inner Mongolia, China.
MEET THE BOSS: Discussions on Microfinance Investment Vehicles (MIVs): Interview with Gil Crawford, Chief Executive Officer of MicroVest Capital Management
Mr. Crawford is Chief Executive Officer of MicroVest Capital Management, responsible for the development, management and growth of MicroVest, including developing and implementing business development strategies and supervising investment deals. He led the launch of MicroVest I, LP, a commercial private equity vehicle focused on microfinance in North America. He has over 20 years of experience with microfinance institutions (MFIs) and capital markets and has worked in Latin America, Africa and Asia.
Previously, Mr. Crawford worked for the Latin American Financial Markets Division at the International Finance Corporation (IFC), created and ran Seed Capital Development Fund and was the Assistant Project Director for Africa Venture Capital Project. Mr. Crawford received his bank training at Chase Manhattan Bank in the mid 1980’s after working in Africa for the Red Cross and the US State Department. He graduated from Johns Hopkins University School of Advanced International Studies (SAIS) (US) in 1983 and Bates College (US) in 1980.
MICROCAPITAL BRIEF: Mexican Microfinance Institution (MFI) Financiera Independencia Closes $41m Acquisition of Financiera Finsol
Financiera Independencia, a Mexican microfinance institution (MFI) that focuses on urban lending to individuals, has closed an MXP 530 million (USD 41 million) deal to acquire Financiera Finsol, a Mexican MFI that focuses on group lending in rural areas, and three related entities: Finsol Vida, an insurance broker; Finsol, a service company; and Instituto Finsol Brazil, an MFI in Brazil.
MICROCAPITAL EVENT: Mobile Money Transfer (MMT) Americas Conference and Expo, March 8 – March 11, 2010, Cancun, Mexico
Event Name: Mobile Money Transfer (MMT) Americas Conference and Expo
Event Date: March 8 – March 11, 2010
Event Location: Cancun, Mexico
Event Website: http://www.mobile-money-transfer.com/americas
See Our Comprehensive Event Calendar Here:
http://microfinanceassociation.ning.com/events
MICROCAPITAL BRIEF: Eton Park Capital Management Announces Plans to Invest $54.5m in Mexican Microfinance Institution Financiera Independencia
Eton Park Capital Management and Financiera Independencia (FI), a Mexican microfinance institution (MFI), have signed an agreement by which Eton Park will subscribe for 70 million shares of FI for MXN 700 million (USD 54.5 million).
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Takes $1.1m Equity Stake in Belstar, Microfinance Division of Hand in Hand of India
International Finance Corporation (IFC), a member of the World Bank Group, has agreed to provide equity of USD 1.15 million to Hand in Hand’s microfinance arm, Belstar Investment and Finance Limited. Hand in Hand is an NGO that is involved in efforts such as reducing child labor and malnutrition and improving solid waste management. The financing is intended to enable Belstar to obtain support from other investors and IFC Advisory Services will help Belstar improve risk management, staff training and product range.
MICROFINANCE EVENT: “Payment in Emerging Countries” at CARTES & IDentification 2009, November 17, 2009, Paris, Paris-Nord Villepinte Exhibition centre – France
Event Name: “Payment in Emerging Countries” as part of CARTES & IDentification 2009
Event Location: Paris, Paris-Nord Villepinte Exhibition centre – France
Event Description: Conference
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
MICROCAPITAL.ORG STORY: IFC to Raise $300m in Bond Issue in Japan Market for Microfinance Programs
The International Finance Corp (IFC) will aim to raise USD 300 million through a bond issue targeted at Japanese investors to finance microfinance programs. This is the first time that the IFC will issue bonds with the intent to lend to microfinance institutions (MFIs). The bond listing and sale will be arranged by Daiwa Securities. The bond will be listed in Australian dollars and New Zealand dollars and will be restricted to Japanese retail and institutional investors. IFC has obtained ratings of Aaa/AAA (investment grade) from Moody’s and Standard & Poor’s rating services respectively. It is expected that IFC will invest an amount at least equal to the bond proceeds in supporting microfinance activities. See bibliography sections [7]-[15] for Microcapital.org’s coverage of recent IFC investments. According to Nina Shapiro, IFC treasurer and vice president for finance, the IFC is considering bond issuances in other regions as well, specifically the European bond markets. IFC estimates that financing needed in the microfinance sector will reach USD 1.8 billion in 2010. [3][4]
MICROCAPITAL STORY: Gates Foundation Gives USD 35m to Alliance of 64 Countries to Train Central Bankers, Funds Managed by German Aid Agency GTZ
The global Alliance for Financial Inclusion (AFI), a coalition of developing countries committed to financial inclusion, was launched in Nairobi, Kenya, with a USD 35 million grant from the Bill & Melinda Gates Foundation’s .[2] The AFI is based in Bangkok and managed on behalf of its members by the German government development organization Deutsche Gesellschaft fur Technische Zusammenarbeit (GTZ), the recipient of the Gates grant. [1]
NEWS WIRE: United States: Time Magazine Asks Why Poor People Decline Insurance
Source: Time.
PRESS RELEASE: ACCION Announces Michael Schlein Will Be New President and CEO
Source: ACCION International.
NEWS WIRE: Philippines: German Technical Cooperation Agency (GTZ) to Assist with Microinsurance Program
Source: BusinessMirror.
MICROCAPITAL.ORG PAPER WRAP-UP: Elevated Food Prices – Impact on Microfinance Clients by Zaved Ahmed and Camilla Nestor
By Zaved Ahmed and Camilla Nestor, Grameen Foundation, published by the MixMarket Microbanking Bulletin, Issue 18, Spring 2009, pages 14-16, available at:
http://www.themix.org/sites/default/files/MBB%2018%20Spring%202009.pdf
According to the report in the Spring 2009 MixMarket Microbanking Bulletin, food prices in developing countries remain elevated (above international market prices) and continue to negatively impact microfinance clients. Amazingly enough, approximately 1 billion people (nearly one-sixth of the world’s population) subsist on less than USD 1 per day. Both Ahmed and Nestor of the Grameen Foundation note that increasing food prices have the greatest effect on the poor populations that spend between 70 and 80 percent of their household income on food.