Grameen Koota, a India-based microfinance division of Grameen Financial Services Private Limited (GFSPL), plans to expand into housing microfinance in areas of rural India that have limited microfinance institution (MFI) penetration.
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MICROCAPITAL BRIEF: Microfinance Institution Bai Tushum and Partners of Kyrgyz Republic to Transform to Bank Status
Bai Tushum and Partners, a microfinance institution (MFI) based in the Kyrgyz Republic, reportedly has received permission from the National Bank of the Kyrgyz Republic, the central bank of the country, to become a bank.
MICROCAPITAL BRIEF: US Agency for International Development (USAID), FINCA Jordan Launch Youth Finance Project
A Youth Finance Project intended to boost the Jordanian microbusiness environment has been launched by the United States Agency for International Development (USAID), a US government agency that provides international economic and humanitarian assistance and FINCA Jordan, a microfinance institution (MFI) that is part of the US-based FINCA International microfinance network.
MICROCAPITAL BRIEF: Capital Gestion Microfinance Fund Recognized by Luxembourg Fund Labeling Agency
Capital Gestion Microfinance Fund, which is managed by Banque de Luxembourg Investments, has obtained a “Microfinance Label” from the Luxembourg Fund Labeling Agency (LuxFLAG), a microfinance investment vehicle (MIV) certification organization.
MICROCAPITAL BRIEF: Sanad Fund for MSME Loans $1.5m to FINCA Jordan to Boost Microfinance Services
The Sanad Fund for MSME (Micro-, Small a Medium-Sized Enterprise), an initiative of KfW Entwicklungsbank that provides medium- and long-term debt and equity to financial institutions in the Middle East, recently made a local-currency loan equivalent to USD 1.5 million to FINCA Jordan Specialized Microloans, a Jordanian microfinance institution (MFI) that is part of the US-based FINCA International microfinance network.
MICROCAPITAL BRIEF: Belgian Investment Company for Developing Countries (BIO) Disburses Grant to Banco Solidario of Ecuador for Financial Education, Complimenting $8m Loan
The Belgian Investment Company for Developing Countries (BIO), a public-private partnership established by the Belgian government, recently disbursed a technical assistance grant of an undisclosed amount to Banco Solidario, an Ecuadorian microfinance institution (MFI).
MICROFINANCE EVENT: The African Microfinance Transparency to Host 5th Annual Investor’s Fair, Tunisia, October 11-12, 2012
Event name: Fifth Annual Investor’s Fair
Event date: October 11-12, 2012
MICROFINANCE EVENT: Women’s World Banking to Host 10th Annual Capital Markets Conference, New York City, October 23-24, 2012
Event Name: 10th Annual WWB Capital Markets Conference 2012
Event Date: October 23-24, 2012
MICROCAPITAL BRIEF: Banking Production Centre’s SmartVista to Implement Banking Technology for Microfinance Institution Hattha Kaksekar of Cambodia
Hattha Kaksekar Limited (HKL), a Cambodian microfinance institution (MFI), has contracted Russia-based Banking Production Centre (BPC) Banking Technologies’ SmartVista, an electronic payments product provider, to implement electronic banking for the MFI.
MICROCAPITAL BRIEF: Diamond Trust Bank of East Africa Looks to Raise $21m
Diamond Trust Bank (DTB), a publicly traded bank operating in East Africa as an affiliate of the nonprofit Aga Khan Development Network, reportedly has opened a rights issue in an effort to raise KES 1.81 billion (USD 21.5 million).
MICROCAPITAL BRIEF: KfW Loans $30m to Microfinance Institution AccessBank of Azerbaijan
Kreditanstalt für Wiederaufbau Entwicklungsbank (KfW), a state-owned development bank in Germany, has agreed to disburse a loan of USD 30 million to AccessBank, a microfinance institution (MFI) based in Azerbaijan.
MICROCAPITAL BRIEF: “SANAD Fund for MSME” Loans $3m to Middle East Micro-Credit Company of Jordan
SANAD Fund for MSME, a Luxembourg-based investment fund, has invested in Jordan for the first time, with a synthetic local currency loan equivalent to USD 3 million disbursed to Middle East Micro-Credit Company (MEMCC), a microfinance institution (MFI).
MICROCAPITAL BRIEF: Parliament Votes for Tougher Regulation of Microcredit Organizations in Kazakhstan
While details remain sparse, the Majilis, the lower house of the Parliament of Kazakhstan, recently passed a new bill regulating microfinance institutions (MFIs) that is intended to protect the rights of the borrowers.
MICROCAPITAL BRIEF: Mongolia: International Finance Corporation (IFC) Capitalization Fund Invests $40m in Microfinance Institution XacBank
The International Finance Corporation (IFC) Capitalization Fund, a fund managed by the private-investment arm of the World Bank Group, recently announced it will invest a total of USD 40 million in XacBank, a Mongolian community development microfinance institution (MFI) [1].
MICROCAPITAL BRIEF: “Plus” of Bosnia and Herzegovina to Offer Debt Counseling Services, Financial Education to Microfinance Clients in Sarajevo
Formerly known as the Centre for Financial and Credit Counselling, the Association for Responsible Personal Finance Management, a nonprofit debt counseling organization also known as “Plus”, has recently opened an office in Sarajevo, Bosnia and Herzegovina.
MICROCAPITAL BRIEF: BNP Paribas, Russian Microfinance Department Award $2m Loan to FINCA Russia
Banque Nationale de Paris (BNP) Paribas Russia, the Russian arm of French financial services provider BNP Paribas, and the microfinance department of Russia’s Ministry of Finance have reportedly awarded a two-year, USD 2 million loan to FINCA Universal Credit Organization CJSC, a subsidiary of US-based nonprofit microfinance institution (MFI) FINCA International.
MICROCAPITAL BRIEF: Amid Concerns of a Bubble In Kyrgyzstan, 94 Microfinance Institutions Are Shut Down, 31% of Borrowers Owe Multiple Loans
According to a quote attributed to Fatima Eshimbekova of the World Bank Group’s International Finance Corporation (IFC), MFIs in Kyrgyzstan have doubled their aggregate loan portfolio since 2010.
MICROCAPITAL BRIEF: Funds Managed By Incofin Loan $5m to FINCA Kyrgyzstan, Bai Tushum of Kyrgyzstan; Take 35% Stake in Unguka Bank of Rwanda
Incofin, a Belgian for-profit microfinance investment manager, has agreed to disburse loans of USD 3 million to FINCA Kyrgyzstan, a branch of US-based microfinance nonprofit FINCA International, and USD 2 million to Bai Tushum Partners, a microfinance institution (MFI) based in Kyrgyzstan.