Promoters of Bharatiya Samruddhi Finance Limited (BSFL), the microfinance arm of BASIX Group, have announced that they will buy back a seven percent stake in BSFL, or roughly INR 850 million (USD 18 million), from existing share holders. A report from TheHinduBusinessLine.com quoted Mr Sajeev Viswanathan, Chief Executive Officer at BSFL, as saying, “We are doing this as we wish to have control over the business and to continue our own source of capital.” The promoters stake of BASIX will go up from 23 percent to 30 percent. The stake would be bought from Indian public charitable trust, ICICI Foundation for Inclusive Growth; microfinance investment vehicle (MIV), International Finance Corporation (IFC); and US financial institution, Shorecap International Limited. ICICI will most likely exit from the company by selling its 2.8 percent stake, while the others may sell just part of their stakes.
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MICROCAPITAL BRIEF: International Finance Corporation (IFC) Disburses $25m to Zambia National Commercial Bank PLC (Zanaco)
The International Finance Corporation (IFC), a member of the World Bank Group, has announced that it will loan USD 25 million to Zambia National Commercial Bank PLC (Zanaco) to help increase access to finance for small and medium-sized enterprises (SMEs), particularly in the agricultural sector. A press release from IFC reports that Zanaco plans to use the loan to help expand its lending to less developed and rural regions of Zambia.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Assists Jordan in Introducing Secured Lending, Benefit Seen for Microfinance Institutions
The International Finance Corporation (IFC), a member of the World Bank Group, has announced that it will assist Jordan in developing a legal and institutional framework for secured lending, with the goal of reducing the cost of lending and expanding the availability of credit to small and medium enterprises (SMEs). A recent press release from IFC states that it is advising Jordan’s Ministry of Industry and Trade (MIT) as it develops legislation to regulate secured lending – a type of lending involving the use of moveable assets, such as equipment and inventory, as collateral for a loan.
MICROCAPITAL BRIEF: The International Finance Corporation (IFC) Pledges Support for Microfinance Sector and Better Access to Credit for Small and Medium-Sized Businesses in Lesotho
The International Finance Corporation (IFC), a member of the World Bank Group, has pledged to support Lesotho’s efforts to streamline its investment climate and increase access to financial services for small and medium-sized enterprises (SMEs).
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Implements Advisory Services Project Totaling $382,000 at Microfinance Bank, Asociacion Dominicana para el Desarrollo de la Mujer (ADOPEM), in Dominican Republic
The International Finance Corporation (IFC), a member of the World Bank Group, has signed an agreement with Asociacion Dominicana para el Desarrollo de la Mujer (ADOPEM), a microfinance bank in Dominican Republic, to implement an advisory services project for the institutional strengthening of the bank to enhance the financial services provided to low-income clients in the Dominican Republic. A press release from IFC states that the project will focus on improving the efficiency of the bank’s credit processes, strengthening its risk management and increasing savings mobilized. The overall amount of the project will be USD 382,000.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Supports Small and Medium-sized Enterprise Growth in Belarus by Providing $5m Loan To and Purchasing 19.9 Percent Equity of Belarusky Narodny Bank
The International Finance Corporation (IFC), a member of the World Bank Group, is supporting Belarusky Narodny Bank, a commercial bank in Belarus that focus on financing small and medium-sized enterprises (SMEs), by providing it with a USD 5 million loan and purchasing 19.9 percent of the bank’s equity from the Bank of Georgia, a private commercial bank, for an undisclosed sum. The Bank of Georgia will retain 79.99 percent of the shares of Belarusky Narodny.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Invests $30.5m in Green for Growth Fund, SMEs To Benefit
The International Finance Corporation, a member of the World Bank Group, will reportedly invest EUR 25 million (equivalent to USD 30.5 million) in the Green for Growth Fund, Southeast Europe (GGF), a fund founded in December 2009 that “provides refinancing to financial institutions for on-lending to small and medium-sized enterprises (SMEs) and private households for financing energy efficiency projects.”
MICROCAPITAL BRIEF: International Finance Corporation (IFC) and IFC Capitalization Fund Agree to Invest $140m in Bank South Pacific (BSP) of Papua New Guinea to Extend Financial Services in Pacific Islands
The International Finance Corporation (IFC), a member of the World Bank Group, and the IFC Capitalization Fund, a USD 3 billion global equity and subordinated debt fund, have signed an agreement to invest USD 140 million in Bank South Pacific (BSP), one of the largest commercial banks in Papua New Guinea, in an effort to expand financial services across the Pacific Islands.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Arranges Syndicated Loan of $165m for Banco Daycoval to Improve Access to Finance for Small and Medium-Sized Enterprises in Brazil
The International Finance Corporation (IFC), a member of the World Bank Group, with the participation of 11 international banks, has arranged a syndicated loan of EUR 134 million (USD 165 million) for Banco Daycoval, a commercial bank based in Sao Paolo, with the aim of increasing access to finance for small and medium-sized enterprises in Brazil. The 11 international banks involved in the transaction are: Itau Europa, Standard Bank, HSBC, Calyon, Citibank, Oberbank, Banco Santander, Standard Chartered, WestLB, Commerzbank and ING.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Extends $24.6m Loan to ProCredit Bank Serbia to Improve Access to Finance for Small and Medium-Sized Enterprises
The International Finance Corporation, a member of the World Bank Group, has extended a EUR 20 million (USD 24.6 million) loan to ProCredit Bank Serbia, a private, development-oriented, full-service bank established in 2001, in an effort to increase access to loans for small and medium-sized enterprises in the country. According to Giovanni Daniele, IFC’s Resident Representative in Serbia, small and medium-sized enterprises are an important generator of employment in the country. However, the sector was severely hit by the recent global financial crisis, and companies are now experiencing problems in securing new financing.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Partners with eTranzact to Launch Rural Telephony Project (RTP) MobileMoney in Nigeria
The International Finance Corporation (IFC), a member of the World Bank Group, has partnered with eTranzact, an online payment system based in Nigeria, to launch Rural Telephony Project (RTP) MobileMoney. The goal of the program is to reach rural people in Nigeria – who often lack access to banking services – through the use of mobile phones.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Invests $47m in Brookfield Incorporacoes to Increase Quality of Housing for Low-Income People in Brazil
The International Finance Corporation (IFC), a member of the World Bank Group, is planning to invest USD 47 million in Brookfield Incorporacoes, a Brazilian real estate development company, in order to “increase the availability of high-quality housing for low-income people in Brazil” [1]. The investment consists of USD 17 million in equity and USD 30 million for a long-term revolving line of credit.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Purchases 10 Percent Stake in Nirdhan Bank Ltd, a Microfinance Bank in Nepal
The International Finance Corporation (IFC), a member of the World Bank Group, has announced that it plans to purchase a 10 percent stake in Nirdhan Utthan Bank Ltd, a microfinance institution in Nepal with a gross loan portfolio of USD 12.1 million and 68,203 active borrowers [1].
MICROCAPITAL BRIEF: The Financial Times (FT) and the International Finance Corporation (IFC) Announce Winners of 2010 Sustainable Banking Awards – Recipients Include Co-operative Financial Services, Itau Unibanco, One Acre Fund, Financial Information Network and Operations (FINO) and Global Environment Fund
The Financial Times (FT) and the International Finance Corporation (IFC) announced the winners of the 2010 Sustainable Banking Awards. Co-operative Financial Services, a British financial group with GBP 1.1 billion (USD 1.6 billion) in total revenue in 2009, was named as the Sustainable Bank of the Year, while Itau Unibanco, a publicly quoted bank in Brazil with USD 356.3 billion in total assets in 2009, was named the Emerging Markets Sustainable Bank of the Year.
MICROCAPITAL BRIEF: International Finance Corporation (IFC)’s Global Small and Medium-Sized Enterprise (SME) Banking Program Trains Caribbean Bankers on Building Sustainable Banking Operations
The International Finance Corporation (IFC), a member of the World Bank Group, is working with the Japanese government, the Canadian International Development Agency and the Commonwealth Secretariat, a voluntary association of 54 countries which share goals in democracy and development, to train bankers in the Caribbean on sustainable small and medium-sized banking strategies.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $3m to Agricultural Cooperative Bank of Armenia (ACBA) Leasing for Small and Medium-Sized Enterprises (SMEs)
The International Finance Corporation (IFC), a member of the World Bank Group, is loaning USD 3 million to Agricultural Cooperative Bank of Armenia (ACBA) Leasing, which was originally established by IFC.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Invest $10m in Bancamia, a Microfinance Bank in Colombia
The International Finance Corporation (IFC), a member of the World Bank Group working to alleviate poverty through loan and debt securities, equity investments and guarantees, will invest USD 10 million in Bancamia, a microfinance bank in Colombia [1]. The goal of the investment is to support the expansion of the Colombian microfinance sector, thereby helping to increase access to financial services for microenterpreneurs in the country.
MICROCAPITAL BRIEF: The European Investment Bank, The International Finance Corporation (IFC), KfW Entwicklungsbank, The Belgian Investment Company for Developing Countries (BIO), The Netherlands Development Finance Company (FMO) and Incofin Investment Management Launch Rural Impulse II, a Rural Microfinance Fund
The European Investment Bank, the International Finance Corporation (IFC), KfW Entwicklungsbank, the Belgian Investment Company for Developing Countries (BIO) and the Netherlands Development Finance Company (FMO) have joined together to launch Rural Impulse II, a rural microfinance fund and successor to Rural Impulse Fund I. Several unnamed private banks and investors will also participate. The fund is an initiative of Incofin Investment Management, which has USD 36.2 million in under management and will act as fund advisor. The goal of the fund is to improve access to finance for poor rural communities around the world.