To finance its ambitious expansion plans, for-profit microlender SKS Microfinance has announced it plans to raise RUP 1.3 billion (USD 30.3 million) in equity capital through private investors, hoping to increase its equity base from roughly USD 50 to 80 million. SKS’ management plans to use the new funds to double its current customer base of 500,000 over the next two years. To meet its equity target, SKS added that it may induct a new investor onto its balance sheet.
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MICROCAPITAL STORY: Scotiabank Peru Takes 100 Percent Interest in Microfinance Institution (MFI) Banco del Trabajo of Grupo Altas Cumbres
Scotiabank Peru recently announced that it will take 100 percent interest in Banco del Trabajo, a Peruvian unit of Grupo Altas Cumbres, a Chilean financial group that offers financial services throughout Latin America. Previously the third largest bank in Peru, Scotiabank will become the “number one” bank in consumer finance. As the “number two” bank for micro-lending in Peru, Scotiabank aims to use this acquisition to expand its micro-enterprise and consumer finance services. The agreement will also allow Scotiabank Peru to participate in co-branding with Jockey Plaza, another asset of Grupo Altas Cumbres and the countries largest mall.
MICROCAPITAL STORY: Banco Pichincha of Ecuador Receives $75m from Inter-American Development Bank for Microfinance Endeavors
MICROCAPITAL STORY: Dexia Microcredit Fund of Luxembourg Lends $5.9m to Funds for Local Development Nitlapán (FDL Nitlapán), Mikrofin and Fundación para el Apoyo a la Microempresa (FAMA), Microfinance Institutions in Latin America and Eastern Europe
CGAP (Consultative Group to Assist the Poor) reported in its recent list of transactions that Dexia Microcredit Fund, a Luxembourg investment fund, lent USD 3 million to Fund for Local Development Nitlapán (FDL Nitlapán), USD 1.6 million to Mikrofin and USD 1.3 million to Fundación para el Apoyo a la Microempresa (FAMA), microfinance institutions (MFIs) in Latin America and Eastern Europe.
MICROCAPITAL STORY: Oikocredit of the Netherlands Invests $5m in Central American Microfinance Institutions: Asociación Pueblos en Accion Comunitaria (APAC), Cooperativa Mixta Mujeres Unidas Limitadas (COMIXMUL), Financiera Summa, S.A., Asociación Civil Guatemalteca Para el Desarrollo Integral (ASDESARROLLO), Fundación Hondureña para el Desarrollo de la Microempresa (FUNDAHMICRO), Asociación Cooperativa Dimas Rodriguez de R.L, Agencia de Desarrollo Economico Local (ADEL)
The Consultative Group to Assist the Poor (CGAP) recently reported Oikocredit, a Dutch cooperative investment fund, invested nearly USD 5 million in seven microfinance institutions in Central America. Asociación Pueblos en Accion Comunitaria (APAC) of Nicaragua, Cooperativa Mixta Mujeres Unidas Limitadas (COMIXMUL) of Honduras and Financiera Summa, S.A., of Guatemala received the largest loan investments of USD 1 million each. Microfinance institution Asociación Civil Guatemalteca Para el Desarrollo Integral (ASDESARROLLO) of Guatemala received a loan of USD 725,000, and Fundación Hondureña para el Desarrollo de la Microempresa (FUNDAHMICRO) of Honduras was loaned USD 700,000 by the Dutch fund. El Salvadorian institutions, Asociación Cooperativa Dimas Rodriguez de R.L and Agencia de Desarrollo Economico Local (ADEL) were given USD 200,000 and 329,000 respectively.
PRESS RELEASE: Standard Chartered, ACCION Call for Greater Capital-Market Engagement to Fund South Asian Microfinance
Source: ACCION International.
PRESS RELEASE: UN’s International Fund for Agricultural Development (IFAD) Seeks Innovative Remittance Proposals to Compete for $13m
Source: International Fund for Agricultural Development (IFAD).
MICROCAPITAL STORY: Bill Gates Cites Microfinance as He Urges Businesses to Help the Poor
PAPER WRAP-UP: Capital Markets: A Long-Term Solution to Financial Freedom, Gil Crawford and Lauren Clark
Co-authored by Gil Crawford, CEO of MicroVest, a Washington, DC-based private microfinance investment firm, and Lauren Clark, the Communications Manager for MicroVest, released July 2007 as Volume 10-Number 1 of Microenterprise Development Review, a publication of the Inter-American Development Bank (IDB), 11 pages, available at http://www.microvestfund.com/docs/microenter_dev_%207-16-07.pdf
MICROCAPITAL STORY: Standard and Poor’s to Launch Rating Program for Microfinance Institutions in Latin America
In a press release, Standard and Poor’s Ratings Service (S&P) announced that it intends to launch a pilot ratings program for Microfinance Institutions (MFIs) in Latin America and the Caribbean. The Inter-American Development Bank (IDB) will sponsor the pilot program and will work closely with the S&P throughout the process.
NEWS WIRE: Peru: International Finance Corporation (IFC) And Wachovia Arrange $40m Package For Microfinance Institution Mibanco
Source: Business News Americas.
PAPER WRAP-UP: How Many MFIs and Borrowers Exist?
Originally published by Microfinance Information eXchange (MIX), August 2007, updated September 2007, available at http://www.themix.org/publication_detail.aspx?publicationID=27
In this report, the Microfinance Information eXchange combines data from their own sources (MIX Market, MicroBanking Bulletin), the MicroCredit Summit Campaign (MCS) and Inter-American Development Bank (IDB) to provide detailed information on the number of microfinance institutions (MFIs) and the number of microfinance borrowers in developing markets.
Rating Fund Posts Seven New Microfinance Reports
The following institutions have recently had their rating reports added to The Microfinance Rating and Assessment Fund’s (Rating Fund’s) list of rating reports:
- Agency for Finance Kosovo, Microfinanza Rating, March 2007
- Buusaa Gonofaa Ethiopia, Planet Rating, July 2007
- CCA Cameroon, Microfinanza Rating, May 2007
- CEP Vietnam, Planet Rating, August 2007
- Credit Cambodia, Planet Rating, August 2007
- People’s Forum India, CRISIL, September 2007
- Seilanithih Cambodia, CRISIL, September 2007
The Rating Fund was founded in May 2001 by the Inter-American Development Bank (IDB) and the Consultative Group to Assist the Poor (CGAP). The European Union subsequently joined the Rating Fund in January 2005.
PRESS RELEASE: Inter-American Development Bank’s Multilateral Investment Fund Approves USD 1 Million for a Procurement Support Program for Micro, Small and Medium-sized Enterprises in El Salvador
MICROFINANCE EVENT: IADB’s X Inter-American Forum on Microenterprise: The Road Ahead
OCTOBER 3-5, 2007,
This tenth annual event is organized by the Inter-American Development Bank (IADB) and the Ministry of Economy of El Salvador. The conference targets practitioners in Latin America and the
MICROCAPITAL STORY: Inter-American Development Banks Multilateral Investment Fund to Invest up to USD 17.2 million in new ProCredit Holding Banks to be Launched in Latin America
The Inter-American Development Banks (IDB) Multilateral Investment Fund (MIF) announces plans to invest up to USD 10 million in a project to establish new microfinance institutions (MFIs) in
PRESS RELEASE: MIF USD 4mm Loan and USD 815,000 Technical Cooperation will Promote Financial Democracy in Argentina
The Inter-American Development Bank’s Multilateral Investment Fund announced today the approval of a US$4 million loan and a US$815,000 technical cooperation grant to Cordial Microfinanzas S.A. for a program to promote financial democracy in Argentina.
Upcoming Events åö Inter-American Development Bank 2007 Business Seminar Series Looks at Capital Market Financing in Latin America and the Caribbean
Thursday June 7th 2007, Washington DC, USA The first in the upcoming seminar series held by the Inter-American Development Bank (IDB) is entitled “Capital Markets and Financial Instruments for Development” and aims to “concentrate on innovative IDB financial instruments to help support access to local capital market financing in Latin America and the Caribbean.” The event will be held at the bank’s headquarters in Washington DC and the schedule will include a look at financial products offered by the Private Sector Department and the Inter-American Investment Corporation (IIC). Staff will also present project finance case studies and discuss the new organisational structure of the IDB as well as business opportunities available through the bank. Continue reading “Upcoming Events åö Inter-American Development Bank 2007 Business Seminar Series Looks at Capital Market Financing in Latin America and the Caribbean”