responsAbility Social Investments AG (responsAbility), a Swiss asset management company that invests in microfinance, recently reported to MicroCapital that it made debt investments totaling the approximate equivalent of USD 4.4 million through microinvestment vehicles (MIVs) it manages to Profinanzas of Peru, Coomuldesa of Colombia and the Mexican arms of ProCredit and ProMujer.
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MICROCAPITAL BRIEF: Inter-American Development Bank (IDB) Syndicates $19m Loan for Municipal Marketplaces in El Salvador with Participation from Oikocredit, VDK Spaarbank, Bank Im Bistum
The Inter-American Development Bank (IDB), a US-based development finance institution, announced that it recently closed a USD 19 million syndicated loan with participation from Dutch cooperative Oikocredit, VDK Spaarbank of Belgium and Bank Im Bistum Essen of Germany to upgrade municipal marketplaces in El Salvador.
MICROFINANCE PAPER WRAP-UP: Discovering Limits: Global Microfinance Valuation Survey 2011; By Frederic de Mariz, Xavier Reille, Daniel Rozas; Published by JP Morgan, CGAP (Consultative Group to Assist the Poor)
By Frederic de Mariz, Xavier Reille and Daniel Rozas; published by JP Morgan and CGAP (Consultative Group to Assist the Poor); July 2011; 29 pages; available at: http://www.microfinancegateway.org/p/site/m//template.rc/1.9.52137
MICROFINANCE EVENT: Investment and Innovation in Microfinance Summit: Africa, Nairobi, Kenya, October 18 – 19, 2011
Event Name: Investment and Innovation in Microfinance Summit: Africa
Event Date: October 18 to October 19, 2011
Event Location: Hilton Nairobi, Nairobi, Kenya
MICROCAPITAL BRIEF: Appui au Développement Autonome (ADA) of Luxembourg, MicroEnergy of Germany, Partner With Peruvian Microfinance Institutions (MFIs) FONDESURCO, CMAC Huancayo to Finance Clean Energy for Microentrepreneurs
As part of their newly established Energy Inclusion Initiative, Luxembourg-based nonprofit organization Appui au Développement Autonome (ADA) and Germany-based partnership MicroEnergy International (MEI) have recently teamed up with Peruvian microfinance institutions (MFIs) Fondo de Desarrollo Regional (FONDESURCO) and Caja Municipal de Ahorro y Crédito de Huancayo (CMAC Huancayo) to deliver “green energy solutions” for microentrepreneurs.
MICROCAPITAL BRIEF: Dual Return Fund of Vision Microfinance Loans $5m to Microfinance Institutions in Colombia, Kazakhstan, Russia, the Philippines
Absolute Portfolio Management GmbH, an Austrian investment company that specializes in microfinance, recently reported that the Dual Return Fund, a sub-fund of Absolute’s Vision Microfinance, made debt investments totaling USD 5 million in unnamed microfinance institutions (MFIs) in Colombia, Kazakhstan, Russia and Philippines [1].
MICROCAPITAL BRIEF: Jonathan Lewis Describes Opportunity Collaboration as Addressing Poverty by “Doing the Opposite of What Most Other Conferences Do”
Forbes, a US-based magazine, recently published an interview with Jonathan Lewis, founder and chief executive officer of the annual Opportunity Collaboration business retreat and networking summit that he describes as “laser-focused on poverty reduction”.
MICROCAPITAL BRIEF: Inter-American Development Bank (IDB) Group’s Multilateral Investment Fund (MIF) Approves $4.9m Package for Root Capital to Support Sustainable Agriculture in Honduras, Guatemala, Nicaragua
The Multilateral Investment Fund (MIF), a member of the US-based Inter-American Development Bank (IDB) Group, recently announced a USD 4.9 million loan and technical assistance package for Root Capital, a US-based nonprofit social investment fund that serves agricultural businesses that are considered too small and risky for mainstream banks and too large for microfinance funding.
MICROCAPITAL BRIEF: InVenture Offers Expansion Capital to Support Small Enterprises in their Graduating from Microfinance to Traditional Banking
InVenture, a US-based microfinance service focused on investing in small enterprises in poor countries, recently announced a revised operations model and a “peer-to-peer” fundraising website.
MICROCAPITAL BRIEF: Fundación BBVA Microfinanzas to Rebrand Chilean Microfinance Institution Servicios Microfinancieros Credicoop as Emprende Microfinanzas
Fundación BBVA Microfinanzas (BBVA Microfinance Foundation), a Spanish nonprofit organization that supports a network of microfinance institutions (MFIs) in Latin America, is expanding its operations in the Chilean market by rebranding MFI Servicios Microfinancieros Credicoop SA as Emprende Microfinanzas.
MICROCAPITAL BRIEF: International Finance Corporation (IFC), FMO of The Netherlands to Loan $30m to Costa Rica’s National Cooperative of Educators (Coopenae) for Housing Finance, Support to Small- and Medium-Sized Enterprise (SMEs)
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, and the Netherlands Development Finance Company (FMO in Dutch), a public-private partnership, will each provide local currency loans of CRC 7.8 billion (USD 15 million) to Costa Rica’s National Cooperative of Educators (Coopenae), a finance company that provides credit, savings and insurance products in the country.
MICROCAPITAL BRIEF: Mexican Microfinance Provider Banco Compartamos Reports Q2 Earnings, Net Profit Growth of 17% to $46m
Banco Compartamos, a Mexican microfinance bank, reported net income growth of 17 percent to MXN 558 million (USD 46 million) and net operating income growth of 20.2 percent to MXN 787 million (USD 65 million) for the second quarter of 2011, as compared with the same period in 2010.
MICROCAPITAL BRIEF: Jonathan Lewis of Opportunity Collaboration Responds to Complaints that “Microcredit Does Not Solve Poverty”
The Huffington Post, a US-based news website, recently published an editorial series by Jonathan Lewis, founder of the annual Opportunity Collaboration retreat for social investors, titled “Social Impact Evaluation: Useful? Utopian?”, which responds to suggestions by members of academia and the media that “microcredit does not solve poverty.”
MICROCAPITAL BRIEF: Natura Cosmeticos’ “Cosmetics Microfinance” Project Replacing Criminal Gangs in Brazil?
Projeto Comunidade (Community Project), which was launched by Brazilian cosmetics firm Natura Cosmeticos SA (Natura) in February 2011, is reportedly helping to revive the local economy after illegal drug operations were significantly curtailed by joint police-military operations in Complexo do Alemão, a neighborhood in Rio de Janerio, Brazil.
MICROCAPITAL BRIEF: Dual Return Fund of Vision Microfinance Loans $3m to Microfinance Institutions in Mongolia, Georgia, Azerbaijan, Kyrgyzstan, Ecuador
Absolute Portfolio Management GmbH, an Austrian investment company that specializes in microfinance, recently reported that its Dual Return Fund, a sub-fund of Vision Microfinance, made debt investments totaling USD 3 million in unnamed microfinance institutions (MFIs) in Mongolia, Georgia, Azerbaijan, Kyrgyzstan and Ecuador.
MICROCAPITAL BRIEF: Inter-American Development Bank, Deutsche Bank, Calvert Foundation, Monarch Community Fund Loan $3.6m to “Fund for Small Rural Producers in Latin America” or “Fondo para los Pequeños Productores Rurales en América Latina” (FOPEPRO)
The Inter-American Development Bank (IDB), a US-based development finance institution, has arranged a USD 3.6 million syndicated loan to the “Fund for Small Rural Producers in Latin America” or “Fondo para los Pequeños Productores Rurales en América Latina” (FOPEPRO), to provide access to finance for associations of small-scale farmers and other producers in nine Latin American countries.
MICROFINANCE PAPER WRAP-UP: Microfinance and Social Investment; By Jonathan Conning and Jonathan Morduch; Published by The Financial Access Initiative (FAI) at New York University’s Robert F Wagner Graduate School of Public Service and Hunter College
By Jonathan Conning and Jonathan Morduch; published by Financial Access Initiative (FAI) at New York University’s Robert F Wagner Graduate School of Public Service and Hunter College; April 8, 2011; 30 pages; available at: http://financialaccess.org/sites/default/files/Microfinance%20&%20Social%20Investment_Conning&Morduch.pdf
MICROCAPITAL BRIEF: G20 SME (Small and Medium-Sized Enterprise) Finance Online Consultations Being Held Through June 17, 2011
The G20 SME (Small and Medium-Sized Enterprise) Finance Online Consultations are now ongoing through June 17 to help shape the policy recommendations of the SME Finance Sub-Group, which was launched as part of the G20 Global Partnership for Financial Inclusion to improve access to financial services for the poor. The Group of Twenty (G20) was established in 1999 to bring together finance ministers and central bank governors of “systematically important” industrialized and developing economies to discuss key issues in the global economy.