International Finance Corporation (IFC), the private investment-arm of the World Bank Group, recently announced it will make an equity investment of USD 4.6 million and a medium-term loan of USD 9 million in Caja Nuestra Gente, a microfinance institution (MFI) in Peru owned by Spain’s BBVA Microfinance Foundation (FMBBVA).
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MICROCAPITAL BRIEF: IFC to Make Equity Investment of $1m in Microfinance Institution Advans Cote d’Ivoire
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, will invest USD 1 million in Advans Cote d’Ivoire, a member of the Advans SA group of microfinance institutions (MFIs).
MICROCAPITAL BRIEF: International Finance Corporation (IFC), Microsave Publish Deposit Assessment Reports for Bangladesh, India, Nepal and Sri Lanka
The International Finance Corporation (IFC), a member of the World Bank Group, recently commissioned “The South Asia Deposit Assessment” studies.
MICROCAPITAL BRIEF: FINCA International Announces Launch of FINCA Microfinance Holding With Investments of $74m from IFC, KfW, FMO, responsAbility, Triple Jump
FINCA International, a US-based network of microfinance institutions (MFIs) in 21 countries, has established FINCA Microfinance Holding (FMH) LLC, with USD 74 million from social investors including: USD 35 million from International Finance Corporation (IFC), the private-investment arm of the World Bank Group; USD 15 million from KfW Bankengruppe, a German development bank; EUR 10.5 million (USD 14 million) from Netherlands Development Finance Company (FMO in Dutch), a Dutch public-private partnership (PPP); USD 5 million from the responsAbility Global Microfinance Fund (rAGMF), a microfinance investment vehicle (MIV) managed by responsAbility Social Investments AG of Switzerland; and USD 5 million from Triple Jump, a Dutch investment manager and advisory firm for the microfinance sector.
MICROCAPITAL BRIEF: Spurned by Commercial Banks, Indian Microfinance Institutions (MFIs) Raise Funds from Social Investors IFC, ACCION, MicroVest, ShoreCap, Aavishkaar, BlueOrchard
Indian microfinance institutions (MFIs), which have seen new lending from commercial banks dry up since the “Andhra Pradesh crisis” broke in late 2010, instead have been accessing funds from social and philanthropic investors including: International Finance Corporation (IFC), the private-investment arm of the World Bank Group; ACCION International, a US-based nonprofit organization; MicroVest Capital Management, a US-based family of microfinance investment funds; Shore Capital, a UK-based investment banking company; Aavishkaar Goodwell India Microfinance Development Company Limited, an India-based financing company; and BlueOrchard Microfinance Investment Managers, a Swiss manager of microfinance funds.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Loan $20m to Khan Bank of Mongolia to Support Small and Medium-Sized Businesses
International Finance Corporation (IFC), a member of the World Bank Group, recently announced it will loan USD 20 million to Khan Bank LLC of Mongolia to help strengthen its capital position and increase lending to small and medium-sized enterprises (SMEs). The seven-year subordinated loan will allow the bank to offer up to 14,000 new loans to SMEs through the end of 2015. Khan Bank reports that it serves about 80 percent of all Mongolian households and that most of its borrowers are women.
MICROCAPITAL BRIEF: Microfinance Institution (MFI) TuranBank of Azerbaijan Receives Loan of $7m from IFC to Expand Rural Lending
International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has agreed to loan USD 7 million to TuranBank, a microfinance institution (MFI) in Azerbaijan, in an effort to help the MFI increase its lending to rural micro- and small enterprises (MSEs).
MICROCAPITAL BRIEF: IFC to Provide Local Currency Loans Worth Total of $13m to FINCA Azerbaijan, FINCA Kyrgyzstan to Expand Access to Microfinance
International Finance Corporation (IFC), the private-investment arm of the World Bank Group, reportedly will provide local-currency loans of USD 7 million to FINCA Azerbaijan and USD 6 million to FINCA Kyrgyzstan, two microfinance institutions (MFIs) that are members of US-based FINCA International’s global microfinance network.
MICROCAPITAL BRIEF: World Council of Credit Unions (WOCCU): Afghan Islamic Investment and Financial Cooperatives (IIFCs) Distributed Microfinance Loans Worth $7.4m in Last Third of 2010
World Council of Credit Unions (WOCCU), a US-based trade association and support agency for credit unions, reports that between September and December 2010, 30 Islamic investment and financial cooperatives (IIFCs) in Afghanistan distributed loans worth USD 7.4 million to approximately 8,000 farmers and other small and medium-scale business owners, increasing cooperative membership by 10 percent.
MICROCAPITAL BRIEF: Swiss Re to Assist International Finance Corporation (IFC) With Global Index Insurance Facility (GIIF) For West Africa
International Finance Corporation (IFC), the private-investment arm of the World Bank Group, and Swiss Re Corporate Solutions (Swiss Re), a reinsurer and financial services group based in Zurich, Switzerland, have partnered to further develop the Global Index Insurance Facility (GIIF) [1]. Index insurance is a product that covers farmers against presumed crop failure based on measurable factors such as if rainfall is below a predetermined threshold. GIIF was launched by IFC in 2009 as a regional platform intended “to develop agricultural insurance systems in West African countries including Senegal, Mali and Burkina Faso” [2].
MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Loan $4m to AccessBank of Tajikistan for Expansion of Loan Portfolio, Movement Toward Deposit-Taking
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has agreed to loan USD 4 million to microfinance institution (MFI) AccessBank Tajikistan to expand the MFI’s loan portfolio, develop a greater variety of credit products and “support competition in the microfinance sector,” according to an IFC press release [1].
MICROCAPITAL BRIEF: Advans Ghana Receives Investment of $4.52m from Société Générale, IFC, Triodos; Advans Cameroun Receives Loans of $2.45m from MicroVest, REGMIFA
Advans SA, a microfinance investment vehicle (MIV) registered in Luxembourg, recently reported to MicroCapital that two of its holdings have received local-currency refinancing loans.
MICROCAPITAL BRIEF: Grassroots Business Fund (GBF) Reaches $8.4m Disbursed to Small and Medium-Size Enterprises in Africa, Asia, Latin America With Support from International Finance Corporation (IFC), Individual Donors
The Grassroots Business Fund (GBF), a nonprofit investment fund founded in 2008 by former World Bank employee Harold Rosen, has made 32 investments worth a total of USD 8.4 million in small and medium-size enterprises in Africa, Asia and Latin America as of May 2011. Investees have included Latco International, a Bolivian producer and exporter of sesame seeds, and Hai Tanzania, a cocoa trading company. GBF is currently seeking USD 60 million in an effort to scale its “hybrid” business model, which employs a combination of grants and for-profit investments that seek to generate “low double-digit returns to investors.” According to Mr Rosen, “half a dozen or so” angel investors plan to invest a total of “between USD 100,000 and USD 1 million” [1].
MICROFINANCE EVENT: Global Insurance Conference 2011, Sponsored by World Bank and International Finance Corporation (IFC), June 1 – June 2, 2011, Washington, DC, USA – Registration Closes May 25, 2011
Event Name: Global Insurance Conference
Event Date: June 1, 2011 to June 2, 2011
Event Location: Preston Auditorium, World Bank Headquarters, Washington, DC, USA
MICROCAPITAL BRIEF: International Finance Corporation (IFC) May Invest in Nigerian Mobile Money Industry
International Finance Corporation (IFC), the private-investment arm of the World Bank Group, is reported to be conducting due diligence on the Nigerian mobile money industry. Mobile Money Africa, a Nigerian-based online mobile financial inclusion news source, reports that IFC is “keen to play a major role in the country’s emerging mobile money ecosystem and was currently evaluati[ng] opportunities [in]…technology acquisition, e-Float management and agency networks” [1]. To address the lack of financial access in the country, the Central Bank of Nigeria has granted licenses to 16 mobile money companies in an effort to encourage growth in this industry.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Delivers “Business Edge” Training to Help Staff of Cameroonian Microfinance Institution (MFI) Advans Cameroun Support Micro-, Small and Medium-Sized Enterprises (MSMEs)
The International Finance Corporation (IFC), the private investment arm of the World Bank Group, has agreed to train branch managers, loan officers and other staff of microfinance institution (MFI) Advans Cameroun using IFC’s Business Edge program.
MICROCAPITAL BRIEF: National Bank of Cambodia (NBC), Supported by International Finance Corporation (IFC), Targets Multiple Borrowing by Microfinance Clients, Expects to Launch National Credit Bureau in 2011
In an effort to mitigate the problems of overlapping loans disbursed by microfinance institutions (MFIs) and commercial banks in Cambodia, the National Bank of Cambodia, the country’s central bank, has partnered with the International Finance Corporation (IFC), the private-investment arm of the World Bank Group, on plans to launch a national credit bureau before the end of 2011.
MICROCAPITAL BRIEF: Spanish Fund for Latin America and the Caribbean (SFLAC), International Finance Corporation (IFC) to Assist Salvadoran Microfinance Institution (MFI) Ahorro y Credito AMC de RL in Developing Savings Product, Building Sustainable Business Plan
International Finance Corporation (IFC), the private-investment arm of the World Bank Group, with support from the Spanish Fund for Latin America and the Caribbean (SFLAC), a trust fund of the Spanish Government, recently announced a partnership with Salvadoran microfinance institution (MFI), Ahorro y Credito AMC de RL to build a long-term sustainability plan for the MFI and create a savings product to be marketed to rural, low-income households.