An unnamed microfinance vehicle managed by Developing World Markets (DWM), a US-based asset manager and investment bank, has made an equity investment of USD 2 million in Joint Stock Company Microfinance Organization Crystal (JSC MFO Crystal), a microfinance institution (MFI) in Georgia that aims to reduce poverty by providing financial services to low-income people [1].
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MICROFINANCE PAPER WRAP-UP: Microfinance and the Role of Policies and Procedures in Saturated Markets and During Periods of Fast Growth, by Adrian Gonzalez and Emmanuelle Javoy, published by, Microfinance Information Exchange, Planet Rating
Published by the Microfinance Information Exchange & Planet Rating, MicroBanking Bulletin, September 2011, 10 pages, available at: http://www.themix.org/sites/default/files/MBB-%20microfinance%20and%20the%20role%20of%20policies%20and%20procedures%20in%20saturated%20markets_1.pdf
MICROCAPITAL BRIEF: Center for Financial and Credit Counseling of Bosnia Offers Debt Mediation, Financial Education to Microfinance Clients
The Center for Financial and Credit Counseling (CFKS), a nonprofit established in 2010 in the Bosnian city of Tuzla, has been set up to counter the negative impact of over-indebtedness through financial education, counseling, mediation and debt resolution.
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) to Loan Equivalent of $2m in Local Currency to Frontiers Microlending to On-Lend to Microfinance Institutions in Kyrgyzstan, Tajikistan, Kazakhstan
The European Bank for Reconstruction and Development (EBRD), an international financial institution headquartered in London, announced recently that it has committed to loan the equivalent of USD 2 million in the local currency, somoni, to Frontiers Microlending Company (Frontiers), a Kyrgyzstan-based non-bank microfinance institution, to serve the “lower end of the microfinance market in Kyrgyzstan, Tajikistan and Kazakhstan” [1].
MICROCAPITAL BRIEF: LuxFLAG Grants Microfinance Label to Microfinance Enhancement Facility, Selectum, Etimos Fund, Dual Return Fund Vision Microfinance Local Currency; Renews Label for Six Other Microfinance Investment Vehicles (MIVs)
The Luxembourg Fund Labeling Agency (LuxFLAG), a microfinance institution vehicle (MIV) certification organization, has recently granted the LuxFLAG Microfinance Label, which reassures investors that MIVs actually invest in the sector, to four MIVs for the first time: Microfinance Enhancement Facility SA SICAV-SIF, Selectum SICAV-SIF, Etimos Fund SICAV-SIF and Dual Return Fund SICAV-SIF Vision Microfinance Local Currency.
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD), FMO of the Netherlands, Bank im Bistum Essen eG of Germany Syndicate $8m Loan for Bank Eskhata of Tajikistan For Microfinance, Small and Medium-Sized Enterprises (SMEs)
Bank Eskhata, a commercial bank located in Tajikistan, will receive a USD 8 million syndicated loan funded by three European financial institutions: the Netherlands Development Finance Company (FMO in Dutch), a public-private partnership, will provide USD 5 million; the European Bank for Reconstruction and Development (EBRD), a UK-based development finance institution, will provide USD 2 million; and Bank im Bistum Essen eG (BiB), a German cooperative bank, will provide USD 1 million.
MICROCAPITAL BRIEF: FINCA Case Studies Explore Relationship Between Food Security and Microfinance, Analyze Client Data Using World Bank’s Human Opportunity Index
FINCA International, a US-based network of microfinance institutions (MFIs) in 21 countries, recently published two case studies: “Exploring the Linkages between Food Security and Microfinance: A Study by FINCA in Zambia and Guatemala” and “FINCA Client Data Viewed through World Bank’s Human Opportunity Index.”
MICROFINANCE EVENT: REDCAMIF to Host Discussion on National Microfinance Networks in Central America and the Caribbean at XIV FOROMIC 2011, October 10, 2011, San Jose, Costa Rica
Event Name: REDCAMIF Investors Meeting – “National Networks and the Role of Microfinance in the Region”
Event Date: October 10, 2011
Event Time: 10:30 am to 12:45 pm
Event Location: Hotel Ramada Herradura, San Jose, Costa Rica
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.
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) to Loan $4m in Local Currency to Microfinance Institution (MFI) Kompanion of the Kyrgyz Republic
The European Bank for Reconstruction and Development (EBRD), a development finance institution based in the United Kingdom, has agreed to make a three-year loan of KGS 180 million (USD 4 million) in Kompanion Financial Group Microfinance Closed Joint Stock Company, a Kyrgyz microfinance institution (MFI).
MICROCAPITAL BRIEF: Indian Microfinance Institution Bhartiya Samruddhi Finance Limited (BSFL) Raises $150m from Institutional Investors, Commercial Banks
Bhartiya Samruddhi Finance Limited (BSFL), an Indian microfinance institution (MFI) and member of the BASIX Group of companies, has reportedly raised INR 7 billion (USD 150 million) in debt and equity commitments from institutional investors and commercial banks, in what has been described as a “lifeline” by BASIX chairman Vijay Mahajan.
MICROFINANCE PAPER WRAP-UP: Foreign Capital Investment in Microfinance: Reassessing Financial and Social Returns; By Xavier Reille, Sarah Forster and Daniel Rozas; Published by CGAP (Consultative Group to Assist the Poor)
By Xavier Reille, Sarah Forster and Daniel Rozas; published by CGAP (Consultative Group to Assist the Poor); 2011; 16 pages; available at http://www.cgap.org/gm/document-1.9.50967/FN71.pdf
MICROCAPITAL BRIEF: Working Capital for Community Needs (WCCN) Loans $902k to Fundación de Apoyo Comunitario y Social del Ecuador (FACES), Federación Regional de Asociaciones de Pequeños Cafetaleros Ecológicos del Sur del Ecuador (FAPECAFES), Asociación de Productores Agropecuarios del Valle Alto Mayo (APAVAM) of Peru
Working Capital for Community Needs Incorporated (WCCN), a nonprofit organization that organizes financial partnerships among individuals and organizations in Latin America and the US, recently reported to MicroCapital that it made debt investments totaling USD 902,000 to the following organizations: USD 400,000 to Fundación de Apoyo Comunitario y Social del Ecuador (FACES), an Ecuadorian microfinance institution (MFI); USD 370,600 to Federación Regional de Asociaciones de Pequeños Cafetaleros Ecológicos del Sur del Ecuador (FAPECAFES), a coffee cooperative in Ecuador; and USD 131,600 to Asociación de Productores Agropecuarios del Valle Alto Mayo (APAVAM), a coffee cooperative in Peru.
MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $49m to Support Micro-, Small and Medium-Sized Enterprises (MSMEs) Through Raiffeisen Banka Serbia, ProCredit Bank Macedonia, Mikrofin Banja Luka of Bosnia and Herzegovina
The European Fund for Southeast Europe (EFSE), a microfinance investment fund incorporated in Luxembourg, recently reported to MicroCapital that it has made debt investments worth a total of EUR 34 million (USD 49.7 million) in three banks that support micro-, small and medium-sized enterprises (MSMEs): Raiffeisen Banka Serbia, ProCredit Bank Macedonia and Mikrofin Banja Luka of Bosnia and Herzegovina.
MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $29m to Raiffeisen Bank Bosnia and Herzegovina
The European Fund for Southeast Europe (EFSE), a microfinance investment fund incorporated in Luxembourg, recently reported to MicroCapital that it has made debt investments worth a total of USD 29 million in Raiffeisen Bank Bosnia and Herzegovina (BiH), a bank that provides corporate, retail and investment banking services.
MICROCAPITAL BRIEF: Microfinance Expands in Rural Kyrgyzstan as Lending Shifts to Agriculture
Kyrgyzstan’s microcredit sector reportedly has been growing in recent years and extending to outlying regions. The growth of microcredit in rural regions has corresponded to an increase in agricultural business following the June 2010 ethnic riots in the country.
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: Triodos Invests in Microfinance Institutions (MFIs) KixiCrédito of Angola, Advans Ghana, Arnur Credit of Kazakhstan, Belarusian Bank for Small Business, Kompanion of Kyrgyzstan
Triodos Investment Management, a Netherlands-based manager of four microfinance investment funds, recently reported to MicroCapital that its funds have added five microfinance institutions (MFIs) to their portfolios; KixiCrédito of Angola; Advans Ghana Savings and Loans Limited of Ghana; Arnur Credit of Kazakhstan; Belarusian Bank for Small Business (BBSB) of Belarus; and Kompanion Financial Group Microfinance Closed Joint Stock Company of Kyrgyzstan.