The European Bank for Reconstruction and Development (EBRD), a London-based development finance institution, announced recently that it will lend USD 3 million to Araratbank, an Armenian bank that provides services primarily to micro-, small and medium-sized enterprises (MSMEs), as part of a USD 12 million financial package [1].
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MICROCAPITAL BRIEF: Triodos Invests in Microfinance Institutions (MFIs) Advans Ghana, KixiCrédito of Angola, TYM Fund of Vietnam, Belarusian Bank for Small Business
Triodos Investment Management, a Netherlands-based manager of four microfinance investment funds, recently reported to MicroCapital that it has invested an undisclosed amount of funds in four microfinance institutions (MFIs): Advans Ghana Savings and Loans Limited, KixiCrédito of Angola, TYM Fund of Vietnam and Belarusian Bank for Small Business (BBSB) [1].
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development Lends $6.7m to Sparkasse Bank BiH of Bosnia and Herzegovina to Support Small and Medium-Sized Enterprises
The European Bank for Reconstruction and Development (EBRD), a London-based development finance institution, will be lending EUR 5 million (approximately USD 6.7 million) to Sparkasse Bank BiH to support Bosnia and Herzegovina’s preparation for possible membership in the European Union (EU).
MICROCAPITAL BRIEF: Triodos Invests in Microfinance Institutions DemirBank of Azerbaijan; First Microfinance Bank, Arvand of Tajikistan; Arnur Credit of Kazakhstan; Kompanion of Kyrgyzstan
Triodos Investment Management, a Netherlands-based manager of four microfinance investment funds, recently reported to MicroCapital that it has invested an undisclosed amount of funds in the following five microfinance institutions (MFIs): DemirBank of Azerbaijan; First Microfinance Bank – Tajikistan (FMFB-TJK) and Arvand, both of Tajikistan; Arnur Credit of Kazakhstan; and Kompanion Financial Group Microfinance Closed Joint Stock Company (Kompanion) of Kyrgyzstan [1].
MICROCAPITAL BRIEF: responsAbility Disburses $4m in Loans and Equity to Bai Tushum of Kyrgyz Republic; Arnur Credit, Bereke of Kazakhstan
responsAbility Social Investments AG (responsAbility), a Swiss asset management company that invests in microfinance institutions (MFIs) and microfinance investment vehicles (MIVs), recently reported to MicroCapital that it made investments totaling the equivalent of USD 4 million in Bai Tushum of the Kyrgyz Republic, Arnur Credit of Kazakhstan and Bereke of Kazakhstan.
MICROCAPITAL BRIEF: Wall Street Journal Article Highlights Foreign-Exchange Risks for Microfinance Institutions, Hedging Solutions Offered By The Currency Exchange Fund (TCX)
The Wall Street Journal, a US-based newspaper, recently commented on the potential of illiquid currencies and volatile monetary policy to have a negative impact on the loan portfolios of microfinance institutions (MFIs) in developing countries.
MICROCAPITAL BRIEF: responsAbility Loans $8m to Kompanion of Kyrgyz Republic, Eskhata of Tajikistan, XacBank of Mongolia
responsAbility Social Investments AG (responsAbility), a Swiss asset management company that invests in microfinance institutions (MFIs) and microfinance investment vehicles (MIVs), recently reported to MicroCapital that it made debt investments totaling USD 8 million through MIVs it manages in the following institutions: USD 3 million to Kompanion Financial Group Microfinance Closed Joint Stock Company, an MFI in Kyrgyzstan; USD 2 million to Eskhata Bank, an institution in Tajikistan that lends to micro- and small businesses; and USD 3 million to XacBank, a community development MFI in Mongolia.
MICROCAPITAL BRIEF: responsAbility Loans $24m to Microfinance Institutions (MFIs) Inecobank, Agricultural Cooperative Bank of Armenia (ACBA), ACBA Leasing all of Armenia; DemirBank of Azerbaijan; Sekerbank of Turkey
responsAbility Social Investments AG, a Swiss investment company that operates four microfinance investment vehicles (MIVs), recently reported to MicroCapital that it has made debt investments totaling USD 24 million in microfinance institutions (MFIs) Inecobank, Agricultural Cooperative Bank of Armenia (ACBA) and ACBA leasing of Armenia; DemirBank of Azerbaijan; and Sekerbank of Turkey. The investments have been made through three MIVs: responsAbility Global Microfinance Fund (rAGMF), responsAbility Microfinance Leaders Fund (rAMLF) and responsAbility Mikrofinanz-Fonds.
MICROCAPITAL BRIEF: responsAbility Loans $27m to Microfinance Institution Prizma of Bosnia and Herzegovina; Russia’s Forus Bank, NBD Bank, FINCA Russia
responsAbility Social Investments AG, a Swiss investment company that manages four microfinance investment vehicles (MIVs), recently reported to MicroCapital that it has made debt investments worth the equivalent of USD 27.4 million in NBD Bank, a commercial bank in Russia, and three microfinance institutions (MFIs): Microcredit Foundation Prizma of Bosnia and Herzegovina; FINCA Russia; and Forus Bank, also of Russia.
MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE), Araratbank Sign $10m Loan Agreement for Micro and Small Enterprises (MSEs) in Armenia
The European Fund for Southeast Europe (EFSE), a microfinance investment fund incorporated in Luxembourg, agreed to loan USD 10 million to Araratbank at EFSE’s recent annual meeting in Armenia.
MICROCAPITAL BRIEF: European Investment Fund Loans $7m to Šiauliu Bankas of Lithuania for Expansion of Microfinance Portfolio
The European Investment Fund (EIF), a public-private partnership (PPP) that supports financial institutions in Europe that serve small and medium-sized enterprises (SMEs), has agreed to loan EUR 5 million (USD 7.2 million) to Šiauliu Bankas, a Lithuanian bank that provides finance to micro-, small and medium-sized enterprises (MSMEs).
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.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Loan $4m to AccessBank of Tajikistan for Expansion of Loan Portfolio, Movement Toward Deposit-Taking
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has agreed to loan USD 4 million to microfinance institution (MFI) AccessBank Tajikistan to expand the MFI’s loan portfolio, develop a greater variety of credit products and “support competition in the microfinance sector,” according to an IFC press release [1].
MICROCAPITAL BRIEF: Turkmenistan Adopts Microfinance Law
Mejlis, the Legislature of Turkmenistan, has passed a law on “microfinance institutions and microfinance” [1]. According to the official report released by the Mejlis, the law is intended to attract financial resources to the country, facilitate the creation of industrial and business infrastructure and enhance the competitiveness of Turkmenistan’s private sector. Further details on the law are unavailable.
MICROCAPITAL BRIEF: FM Bank of Poland Signs $24.6m Agreement with European Investment Fund (EIF), Guaranteed By European Progress Microfinance Facility (EPMF)
FM Bank, a Polish financial institution specializing in servicing micro- and small enterprises, has signed an agreement for a loan of PLN 68.7 million (USD 24.6 million) from European Investment Fund (EIF), which invests in institutions that finance small and medium-sized enterprises (SMEs). The loan, which will be used to on-lend to start-up enterprises, will be made under a 75-percent guarantee from the European Progress Microfinance Facility (EPMF), which seeks to enable microfinance institutions (MFIs) within the EU to increase lending to entrepreneurs by issuing guarantees, loans and equity financing. Under the agreement, FM Bank will provide Polish entrepreneurs loans of up to EUR 25,000 (USD 35,600) for enterprises that have been operating for less than one year [1]. Currently, entrepreneurs with less than 12 months of business history are excluded from external financing in Poland according to EIF.
MICROCAPITAL BRIEF: BlueOrchard Loans $3m to Microfinance Institutions (MFIs) AccessBank of Tajikistan, LOLC Micro Credit Limited (LOMC) of Sri Lanka
BlueOrchard Finance SA, a subsidiary of Switzerland-based commercial microfinance intermediary BlueOrchard, recently made loans totaling USD 3 million to microfinance institutions (MFIs) in Tajikistan and Sri Lanka.
MICROCAPITAL BRIEF: Microfinance Investment Vehicle BlueOrchard Private Equity Fund Completes First Distribution to Investors of $7.5m
BlueOrchard Private Equity Fund (BOPE Fund), an investment vehicle of Switzerland-based, commercial microfinance intermediary Blue Orchard, has announced its first distribution to investors. The USD 7.5 million distribution comes three years after the fund’s first close and includes proceeds from a partial exit from indirect shareholding in TenGer Financial Group, the single owner of XacBank, a Mongolian community development bank and microfinance institution (MFI). BOPE Fund remains a direct shareholder of TenGer Financial Group which reported total assets of MNT 322 billion (USD 256 million).
MICROCAPITAL BRIEF: The European Fund for Southeast Europe (EFSE) Lends $5m to Minsk Transit Bank of Belarus
Finance in Motion, a Frankfurt-based asset management firm focused on development finance, recently reported to MicroCapital that the European Fund for Southeast Europe (EFSE), a microfinance institution investment fund that it advises, made a debt investment of USD 5 million in Minsk Transit Bank, a joint stock company in Belarus [1].