The Consultative Group to Assist the Poor (CGAP) recently reported the Norwegian Investment Fund for Developing Countries (Norfund) invested loans totaling USD 2.5 million in Cambodian microfinance institutions, Hattha Kaksekar Ltd. (HKL) and Cambodian Entrepreneur Building (CEB). Hattha Kaksekar Ltd. received USD 1 million dollars in loans this past September 2007, and CEB received USD 1.5 million in January 2008.
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MICROCAPITAL STORY: Investments Outside the Box: Part 4 of a 4-Part Series on the Cracking the Capital Markets III Conference Hosted By ACCION and Credit Suisse
On March 10-11, 2008, ACCION International and Credit Suisse held the third Cracking the Capital Markets conference on microfinance investment. The conference brought together hedge fund managers, institutional and private investors, leading rating agencies, and microfinance institutions (MFIs) to discuss the challenges, successes, and future of microfinance investments. The first, second, and third articles of this series can also be found on the MicroCapital website.
In addition to innovative securities transactions, the conference also introduced new investment opportunities which extend beyond the classic micro-credit sectors. This includes investment to small and medium enterprises (SMEs), insurance services to low-income people, housing funds for the very poor, and green energy investments. Presentations from this panel can be found here.
MICROCAPITAL STORY: Oikocredit of the Netherlands Lends $1m to Latin America Microfinance Promoter Pro Mujer
The Microfinance Capital Markets Newsletter of the Consultative Group to Assist the Poor (CGAP) and the MIX, the microfinance information clearinghouse, reported Oikocredit, a co-operative financial development institution in the Netherlands, issued a loan to the Pro Mujer Network. The network reported that the loan was extended to Pro Mujer Peru in the amount of 3.2 million nuevos soles (USD 1 million).
MICROCAPITAL STORY: Rural Impulse Fund Lends $300k to Latin America Microfinance Institution Fundación ESPOIR
The Microfinance Capital Markets Newsletter of the Consultative Group to Assist the Poor (CGAP) and the MIX, the microfinance information clearinghouse, reported the Rural Impulse Fund, an investment fund managed by Icofin, based in Antwerp, Belgium, issued a loan of USD 300,000 to Fundación ESPOIR, a Latin America microfinance institution (MFI).
MICROCAPITAL STORY: Rural Impulse Fund Lends $500k to Nicaraguan Microfinance Institution PRESTANIC
The Microfinance Capital Markets Newsletter of the Consultative Group to Assist the Poor (CGAP) and the MIX, the microfinance information clearinghouse, reported the Rural Impulse Fund, an investment fund managed by Incofin, based in Antwerp, Belgium, issued a loan of USD 500,000 to PRESTANIC, a rural Latin America microfinance institution (MFI).
CGAP Releases List of Recent Microfinance Publications
The Consultative Group to Assist the Poor (CGAP) today issued this list of publications recently posted on its website:
MFI Capital Structure Decision Making: A Call for Greater Awareness
CGAP
Microfinance: An Emerging Asset Class for Equity and Debt Investors
MicroCapital
MICROCAPITAL STORY: Global Partnerships Microfinance Fund Lends USD 750,000 to Microfinance Institution (MFI) Pro Mujer Bolivia
Here is another story coming courtesy of the Microfinance Capital Markets Newsletter of the Consultative Group to Assist the Poor (CGAP) and the MIX, the microfinance information clearinghouse. Global Partnerships, a US-based investment firm devoted to microfinance, has struck an investment deal with microfinance institution (MFI) Pro Mujer Bolivia. The deal consists of a USD 750,000 loan from Global Partnerships Microfinance Fund 2006 to the Bolivian MFI (see “Investments”).
MICROCAPITAL STORY: Pro Mujer Executive Director Carmen Velasco Discusses Microfinance at the White House Conference on the Americas
Pro Mujer, meaning “Pro Woman” in Spanish, is a Latin American development organization that facilitates the growth of sustainable microfinance institutions. Founded in Bolivia in 1990, it now also operates in Argentina, Mexico, Nicaragua, and Peru. Pro Mujer’s most recent combined financial statement, published in 2006, revealed assets in excess of USD 25 million and a loan portfolio over USD 19 million. With an estimated client base of over 200,000, Pro Mujer helps thousands of poor, uneducated women to escape poverty by encouraging entrepreneurial pursuits through financial services and training.
Global Partnerships Launches an $ 8.5 million Microfinance Fund
Global Partnerships (GP), a Seattle-based nonprofit organization, launches an USD 8.5 mm microfinance investment fund called Global Partnerships Microfinance Family of Funds 2006. Investors in the fund include the Overseas Private Investment Corporation, the Inter-American Development Bank, Seattle University, ResponsAbility Global Microfinance Fund and Partners for the Common Good, as well as 19 individuals. Global Partnerships’ currently has offices in Seattle, WA and Managua, Nicaragua.
Continue reading “Global Partnerships Launches an $ 8.5 million Microfinance Fund”
The Microfinance Institution, Partner, Receives a $1.3 million loan responsAbiliy Global Microfinance
The Bosnia and Herzegovina based Partner received a USD 1.3 mm loan from responsAbility Global Microfinance Fund. Partner provides financial services to individuals who lack access to commercial sources of funding, in order to improve their quality of life. According to the MIX Market, the microfinance clearing house, as of December 2006 Partner had assets of USD 65,554,974 and a loan portfolio worth 59,711,066 USD. In addition, its debt to equity was 262.60% and had approximately 34,000 active borrowers.
ACODEP Receives 2.5 Million in Microfinance Loans from Oikocredit and responsAbiliy Global Microfinance
Nicaragua-based ACODEP received a USD 2 mm loan from Oikocredit and a USD 500,000 loan from responsAbility Global Microfinance Fund. ACODEP intends to use the funds to build its client base from the current 51,444 to 118,000 by 2009. ACODEP, or Asociación de Consultores para el Desarrollo de la Peque̱a, Mediana y Microempresa, began in 1990 with a focus on providing microloans to Nicaragua’s urban poor. According to the MIX Market, the microfinance clearing house, ACODEP had assets of USD 19.5 million and a loan portfolio worth USD 15.8 million. In addition, its debt to equity was 309% and return on assets stood at 8.9 %.
Swiss ReponsAbility Global Microfinance Fund Loans USD 1 Million to Russian Forus Bank
The latest issue of the CGAP-MCM Newsletter announced that the Russian microfinance bank Forus Bank recently received a USD 1 million loan from responsAbility Global Microfinance Fund of Switzerland. As of November 2006, the fund’s position in Forus Bank was the largest it had in any single institution, composing 3.2% of its portfolio, totaling USD 2.5 million. It originally provided the bank with a USD 2 million loan in October 2005.
Georgian Microfinance Institution Constanta Receives Loan from Dutch Triodos-Doen
The CGAP-MCM Newsletter reported that Constanta Foundation, a microfinance institution (MFI) based in Georgia, recently received a USD636,000 loan from Dutch fund Triodos-Doen. The MFI has recently received loans from several other funds including, The Global Commercial Microfinance Consortium (GCMC), the responsAbility Global Microfinance Fund, and Oikocredit. The loan was Triodos-Doen’s first investment in the Georgian microfinance sector.
Continue reading “Georgian Microfinance Institution Constanta Receives Loan from Dutch Triodos-Doen”
Swiss reponsAbility Global Microfinance Fund Loans USD1 Million Russian Microfinance Institution, ZAO FINCA
The CGAP-MCM Newsletter recently reported that FINCA International LLC, Russia (ZAO FINCA) received a USD2 million loan from the reponsAbility Global Microfinance Fund. The investment in FINCA Russia was the fund’s first transaction in Russian rubles and currently composes 2.5% of the funds portfolio. Previously, the fund has also invested in two other Russian microfinance institutions (MFIs), the Russian Women’s Microfinance Network (RWMN) and FORA.
responsAsibility Global Microfinance Fund Loans FINCA Kosovo USD400,000
As reported by the CGAP-MIX MCM Newsletter, FINCA Kosovo has recently received a USD400,000 loan from the responAsibility Global Microfinance Fund. This marks the fund’s second investment in Kosovo’s microfinance sector- the first being an investment in Agency for Finance in Kosovo (AFK), which alone composed .37% of the net asset value of the fund’s portfolio.
Continue reading “responsAsibility Global Microfinance Fund Loans FINCA Kosovo USD400,000”
Microfinance Investment Funds Ranked by Size and Microcredit Allocation
|
FUND NAME Ranked by $ Size of Fund |
SIZE OF FUND $USD |
FUNDS ALLOCATED TO MICROFINANCE $USD |
ROI |
|
1. Oikocredit World Partnership Investments |
304,662,000 |
80,764,000 |
2% |
|
2. ProCredit Holding Aktiengesellschaft |
110,918,700 |
89,181,767 |
5-6.5% |
|
3. Calvert Community Investment Notes |
80,000,000 |
20,000,000 |
3% |
|
4. Dexia Microcredit Fund |
51,669,512 |
46,334,570 |
5.5-7.5% |
|
5. Blue Orchard Microfinance Securities |
40,069,833 |
38,000,000 |
4.55-8.8% |
|
6. ASN-Novib Fonds |
28,421,190 |
9,473,730 |
1.20% |
|
7. AXA World Funds |
23,073,410 |
1,481,556 |
5.10% |
|
8. MicroVest I, LP: Equity |
not available |
not available |
7-9% |
|
9. MicrovestI, LP: Subordinated Debt |
not available |
not available |
4.5-6% |
|
10. mPower Investment Program |
not available |
not available |
0-3% |
|
11. Impulse Microfinance Investment Fund |
15,413,875 |
15,413,875 |
4% |
|
12 Triodos Fair Share Fund |
14,583,596 |
6,983,086 |
2-4% |
|
13. Accion Investments in Microfinance |
12,969,985 |
12,512,329 |
8-10% |
|
14. responsAbility Global Microfinance Fund |
11,449,977 |
11,449,977 |
3.56% |
|
15. ALTERFIN |
11,084,244 |
3,628,790 |
6% |
|
16. Partners for the Common Good |
7,095,500 |
300,000 |
3% |
|
17. Latin American Bridge Fund |
5,340,505 |
1,450,000 |
0-2.875% |
|
18. CRESUD |
2,483,480 |
1,490,088 |
2.75% |
|
19. Global Bridge Fund |
1,691,000 |
not available |
0-2.875% |
Microfinance Investment Funds Ranked by Microcredit Allocation
|
FUND NAME |
SIZE OF FUND $USD |
FUNDS ALLOCATED TO MICROFINANCE $USD |
ROI |
|
1. ProCredit Holding Aktiengesellschaft |
110,918,700 |
89,181,767 |
5-6.5% |
|
2. Oikocredit World Partnership Investments |
304,662,000 |
80,764,000 |
2% |
|
3. Dexia Microcredit Fund |
51,669,512 |
46,334,570 |
5.5-7.5% |
|
4. Blue Orchard Microfinance Securities |
40,069,833 |
38,000,000 |
4.55-8.8% |
|
5. Calvert Community Investment Notes |
80,000,000 |
20,000,000 |
3% |
|
6. Impulse Microfinance Investment Fund |
15,413,875 |
15,413,875 |
4% |
|
7. Accion Investments in Microfinance |
12,969,985 |
12,512,329 |
8-10% |
|
8. responsAbility Global Microfinance Fund |
11,449,977 |
11,449,977 |
3.56% |
|
9. ASN-Novib Fonds |
28,421,190 |
9,473,730 |
1.20% |
|
10. Triodos Fair Share Fund |
14,583,596 |
6,983,086 |
2-4% |
|
11. ALTERFIN |
11,084,244 |
3,628,790 |
6% |
|
12. CRESUD |
2,483,480 |
1,490,088 |
2.75% |
|
13. AXA World Funds |
23,073,410 |
1,481,556 |
5.10% |
|
5,340,505 |
1,450,000 |
0-2.875% |
|
|
15. Partners for the Common Good |
7,095,500 |
300,000 |
3% |
|
16. Global Bridge Fund |
1,691,000 |
not available |
0-2.875% |
|
17. MicroVest I, LP: Equity |
not available |
not available |
7-9% |
|
18. Microvest I, LP: Subordinated Debt |
not available |
not available |
4.5-6% |
|
19. mPower Investment Program |
not available |
not available |
0-3% |