Daiwa Securities Group Incorporated, a Tokyo-based financial services holding company, recently announced the opening of an investment trust fund in Japan that will invest directly in microfinance institutions (MFIs) in developing countries.
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MICROCAPITAL BRIEF: Belgian Incofin Loans $1.5m to TenGer Financial Group of Mongolia
Incofin cvso, a Belgian cooperative company that invests in microfinance, recently loaned MNT 41 million (USD 1.5 million) to Tenger Financial Group, a Mongolian Company that controls XacBank LLC, XacLeasing LLC, Horus Nomadic Solutions LLC and TenGer Insurance LLC. Founded in 2001, the group was formed following the merger of Goviin Ehlel (renamed XAC-GE Holding) and X.A.C. (renamed XacBank), two non-bank financial institutions that focus on micro-, small and medium enterprises.
MICROCAPITAL BRIEF: responsAbility Social Investments Makes Loans Totaling $12.5m to Belarusian Bank for Small Business (BBSB) of Belarus, Khan Bank of Mongolia, XacBank of Mongolia
responsAbility Social Investments AG, an investment company based in Switzerland, recently invested USD 12.5 million across three financial institutions based in Belarus and Mongolia.
MICROCAPITAL BRIEF: Evaluation Cooperation Group (ECG) Finds Microfinance Operations of Major Multilateral Development Banks (MDBs) Have Difficulty in Reaching Very Poor People
The Evaluation Cooperation Group (ECG), a network of evaluators of multilateral development banks (MDBs), has published a report that finds that the microfinance operations of MDBs have difficulty in reaching very poor borrowers.
MICROCAPITAL BRIEF: Microfinance Sector in Kyrgyzstan Continues to Grow Despite Previous Political and Ethnic Violence
Despite the political unrest and ethnic violence in Kyrgyzstan earlier this year, the Association of Microfinance Institutions (AMFI) of Kyrgyzstan, a network of 19 microfinance institutions (MFIs) launched in 2005, reports that the Kyrgyz microfinance sector continues to steadily grow.
MICROCAPITAL BRIEF: Microfinance Investment Manager BlueOrchard Finance Invests $8m in Armeconombank of Armenia, Hattha Kaksekar Limited of Cambodia and KazMicrofinance of Kazakhstan
BlueOrchard Finance SA, a subsidiary of Switzerland-based commercial microfinance intermediary BlueOrchard, recently reported to MicroCapital the details of three debt investments made during the month of August 2010 to financial institutions Armeconombank of Armenia, Hattha Kaksekar Limited of Cambodia and KazMicrofinance LLC of Kazakhstan.
MICROCAPITAL BRIEF: AccessBank of Azerbaijan Launches Education Loan Product
AccessBank, a financial institution based in Azerbaijan, recently announced the launch of a new education loan product. The product is intended to finance students’ post-secondary education and offers lower interest rates for students earning high grades.
MICROCAPITAL BRIEF: International Finance Corporation and Daiwa Securities Group Inc Announce Plan to Issue Bond, Expect to Raise $323m to Support Microfinance in Emerging Markets
The International Finance Corporation (IFC), a World Bank group, and Daiwa Securities Group Inc, a Tokyo-based financial services group holding company, recently announced the details of a bond expected to be issued later this month and to raise USD 323 million.
MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) to Invest $25m in Microfinance Institutions (MFIs) Belarusian Bank for Small Business (BBSB) in Belarus, NLB Tuzlanska Banka in Bosnia and Herzegovina, and NLB Montenegrobanka in Montenegro
European Fund for Southeast Europe (EFSE), a Luxemburg-based microfinance investment vehicle (MIV), recently reported to MicroCapital that it has executed debt investments totaling USD 25 million to three microfinance institutions (MFIs) in Southeast Europe.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Extends $24.6m Loan to ProCredit Bank Serbia to Improve Access to Finance for Small and Medium-Sized Enterprises
The International Finance Corporation, a member of the World Bank Group, has extended a EUR 20 million (USD 24.6 million) loan to ProCredit Bank Serbia, a private, development-oriented, full-service bank established in 2001, in an effort to increase access to loans for small and medium-sized enterprises in the country. According to Giovanni Daniele, IFC’s Resident Representative in Serbia, small and medium-sized enterprises are an important generator of employment in the country. However, the sector was severely hit by the recent global financial crisis, and companies are now experiencing problems in securing new financing.
MICROCAPITAL BRIEF: Bank Respublika, a Private Commercial Bank in Azerbaijan, Reduces Interest Rates to Expand Lending for Small and Medium-Sized Enterprises
Bank Respublika, a private commercial bank in Azerbaijan, has reduced interest rates in order to increase lending flow for small and medium-sized enterprises. According to an unnamed bank official, “High levels of liquidity allow the bank to offer the above loan products on unrestricted long-term basis to entities engaged in entrepreneurial activity.” As of April 1, 2010, Bank Respublika held total capital of approximately AZN 56.1 million (USD 9.7 million) and total assets of AZN 334.5 million (USD 415.5 million).
MICROCAPITAL BRIEF: One of Tanzania’s Largest Banks, The National Microfinance Bank (NMB) Gives $63m in Loans to Small and Medium Enterprises (SMEs)
The National Microfinance Bank (NMB), one of Tanzania’s largest banks, has issued loans worth TSH 92 billion (USD 63 million) to about 45,000 small and medium enterprises (SMEs) countrywide [1]. Although NMB was largely privatized in 2005, with 49 percent of its shares in the hands of a consortium of banks and firms primarily in the Netherlands, the government of Tanzania continues to be the majority shareholder. According to Robert Pascal, the head of SMEs at NMB, the loans were issued in an effort to contribute to national social and economic development.
MICROCAPITAL BRIEF: Asian Development Bank Announces $50m Loan for Three Commercial Banks in Uzbekistan, Ipak Yuli Bank, HamkorBank and Agrobank, to Expand Financing to Micro- and Small Enterprises (MSEs)
The Asian Development Bank, a Manila-based regional development bank, has agreed to loan three Uzbekistani banks a total of USD 50 million and provide a grant of USD 600,000 to grow their financing to micro- and small enterprises (MSEs). The three commercial banks receiving the credit line are Ipak Yuli Bank (IYB), HamkorBank and Agrobank. HamkorBank and Agrobank will each receive USD 20 million, and the remaining USD 10 million will go to IYB. The banks are matching the loan amount from ADB with their own resources on a one-to-one basis.
MICROCAPITAL BRIEF: Through its Dexia MicroCredit Fund (DMCF), Swiss Asset Manager BlueOrchard Finance to Provide $5m Loan to Microfinance Provider Belarusian Bank for Small Business (BBSB)
BlueOrchard Finance, a Swiss asset management company, will provide a USD 5 million loan from its Dexia MicroCredit Fund (DMCF) to the Belarusian Bank for Small Business (BBSB), a bank that focuses on micro- and small enterprises.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Invests $2m in AccessBank Tajikistan to Help Expand Microfinance Programs
The International Finance Corporation (IFC), the lending arm of the World Bank, recently made a USD 2 million equity investment in AccessBank Tajikistan to help the new bank expand the availability of credit for micro- and small enterprises.
MICROCAPITAL BRIEF: AccessBank, a Microfinance Institution (MFI) in Azerbaijan, Increases its Share Capital from $27m to $52m
AccessBank, a microfinance institution (MFI) in Azerbaijan, has increased its share capital from AZN 21.8 million, the equivalent of over USD 27 million, to AZN 41.8 million, the equivalent of over USD 52 million. This increase was achieved by capitalizing retained earnings.
MICROCAPITAL BRIEF: AccessBank, a Microfinance Institution (MFI) in Azerbaijan, Issues Shares Worth $24.8m
AccessBank, a microfinance institution (MFI) located in Azerbaijan, has issued shares worth AZN 20 million, the equivalent of over USD 24.8 million.
MICROCAPITAL BRIEF: AccessBank, a Microfinance Institution (MFI) Located in Azerbaijan, Reaches $300m in Loans Disbursed to 100,000 Customers
According to a recent press release, AccessBank, a microfinance institution (MFI) located in Azerbaijan, now has a loan portfolio that is over USD 300 million and over 100,000 customers.