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.
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MICROCAPITAL BRIEF: AccessBank, a Microfinance Institution Based in Azerbaijan, Submits Pricing Data to MFTransparency, Provider of Pricing Data for the Microfinance Industry
AccessBank, a microfinance institution (MFI) based in Azerbaijan, recently submitted pricing data for its loan products to MFTransparency, an organization that provides pricing data for the microfinance industry.
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Extends $10m Synthetic Local Currency Loan to AccessBank of Azerbaijan
At the Azerbaijan Investment Summit held in London on December 8th, AccessBank, an Azerbaijani microfinance institution (MFI) with total assets of USD 239 million, signed an agreement on the first synthetic AZN loan to be extended by the European Bank for Reconstruction and Development (EBRD). Under the synthetic local currency loan, EBRD will provide USD 10 million to AccessBank, but the actual loan obligation by AccessBank to the EBRD will be the AZN value of the provided funds, about AZN 8 million.
MICROCAPITAL STORY: European Development Finance Institutions Part 2: KfW Entwicklungsbank Remains One of the Largest Global Investors in Microfinance
KfW Entwicklungsbank (KfW), a development bank that finances investments on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), has made significant contributions to the microfinance sector in recent years. Between January 2007 and April 2009, KfW has invested at least USD 250 million in microfinance services around the world, with its outstanding commitments to the sector likely making that number even higher.
MICROCAPITAL STORY: International Finance Corporation (IFC) Investing USD 15m in Azerbaijan’s AccessBank to Expand Microfinance Services
The International Finance Corporation (IFC) announced that it will be investing up to USD 15 million in Azerbaijan’s AccessBank. AccessBank provides financial services to Micro and Small Enterprises (MSE) within Azerbaijan. Its mission is to be the leading provider of credit to MSE’s. The IFC, a member of the World Bank, will provide this long term loan to reach underserved regions of the country and provide micro and small businesses with access to credit.
MICROCAPTIAL STORY: Fitch Ratings Confirms Long Term Rating of BB+ for AccessBank in Azerbaijan
Fitch Ratings has confirmed the long-term issuer default rating of ‘BB+’ with a Stable Outlook, short-term issuer default rating of ‘B’, and individual rating of ‘D/E’ for AccessBank of Azerbaijan, a for-profit microfinance institution.
MICROCAPITAL STORY: The European Bank for Reconstruction and Development (EBRD) Provides $3.8m Loan to Inicjatywa Mikro with Technical Assistance Funded by the European Commission (EC) to Support the Development of Micro and Small Enterprises in Poland
The European Bank for Reconstruction and Development (EBRD) is providing the microfinance institution Inicjatywa Mikro with a 3.8 million USD loan to aid the development of micro and small enterprises in Poland. The loan is supported by technical assistance funded by the European Commission, the executive branch of the European Union. The financing comes under the EU/EBRD Preparatory Action Framework, which supports micro and small enterprises in the new EU member states, and aims to generally provide medium and long-term financing from the EBRD combined with technical assistance funded by the European Commission.
NEWS WIRE: EBRD signed one of the two syndicated loans with Access Bank
Source: ABC AZ.
MICROCAPITAL STORY: USAID and Netherlands-based Oikocredit Partner to Guarantee $36.2 million for Microfinance Over 10 Years
Oikocredit, a Dutch cooperative investment fund, and the United States Agency for International Development (USAID) announced a partnership which will leverage USD 36.2 million in private financing to support microfinance. USAID will provide a 50 percent guarantee on loans made by Oikocredit for ten years, and this guarantee is intended to increase private-sector financing to microenterprises and small-scale farmers, according to a press release by USAID. USAID has guaranteed loans for Oikocredit in the past, beginning in 2003 but this is the largest guarantee to date. Oikocredit’s loans are channelled through a network of regional offices worldwide and managed by local professionals.
MICROCAPITAL STORY: The European Bank for Reconstruction & Development (EBRD) Reflects on Six years of Microfinance in Azerbaijan
The European Bank for Reconstruction & Development (EBRD) held a conference in Azerbaijan in September focusing on the progress of its microfinance initiatives within the country to date. The event hosted international investors as well as government officials and entrepreneurs in the SME and microenterprise sectors within Azerbaijan.
WHO’S WHO IN MICROFINANCE: SNS Asset Management
SNS Asset Management is a subsidiary of SNS REAAL, the fifth largest financial institution in the Netherlands. The asset management division was founded in 1997 after the merger of SNS bank and De Hollandse Koopmansbank. The firm, which is a participant in the United Nation’s Principles for Responsible Investing initiative (PRI), currently has EUR 19b in assets under management.
PRESS RELEASE: Shakir Ragimov Appointed to Micro Finance Bank of Azerbaijan’s Board
Source: Micro Finance Bank of Azerbaijan (MFBA).
MICROCAPITAL STORY: The Rotarian Action Group for Microcredit (RAGM) Promotes Worldwide Rotary Involvement in Microfinance at Last Month’s 2008 Rotary International (RI) Convention by Hosting Phil Smith (Author of A Billion Bootstraps) Christopher Crane (CEO of Opportunity International), and Lynn McMullen (Co-founder of the Global Democratic Citizens Union)
Last month—June 15th through the 18th—Rotary International (RI), a service organization with 1.2 million members in over 32,000 clubs located in more than 200 countries, held its annual convention, which was attended by more than 19,000 Rotarians, participants of Rotary youth programs, and other guests. With a larger emphasis than ever before in the organization’s history, microcredit was promoted as an attractive cause for Rotarians around the world to support by establishing sustainable microfinance projects and partnering with existing microfinance institutions (MFIs). Behind the push is the Rotarian Action Group for Microcredit (RAGM), a voluntary association of Rotarians aiming to educate the general membership, standardize Rotarian/MFI partnerships, and ultimately increase Rotarian involvement in microfinance activities for the long-term.
MICROCAPITAL STORY: Netherlands-based Oikocredit Invests $2.8m in Cambodian Microfinance Institutions Hatha Kaksekar Ltd and AMRET
CGAP (Consultative Group to Assist the Poor) recently reported that Dutch-based Oikocredit made investments in two Cambodian microlenders: a USD 1.28 million loan to HKL (Hatha Kaksekar Ltd) and a USD 1.55 million equity investment in AMRET.
MICROCAPITAL STORY: Rural Microfinance Institution (MFI) Aqrarkredit of Azerbaijan to be Transformed into Full Agricultural Bank
Baku-based Aqrarkredit, a joint-stock non-banking credit organization, will be transformed into a full agricultural bank by the end of the year. The action is awaiting government approval and the chairman of the microfinance institution (MFI), Mammad Musayev, remarked that Aqrarkredit has discussed the selling of shares, upon completion of the change in status, with the European Bank for Reconstruction and Development (EBRD), a London-based international bank utilizing investment tools to encourage democracy and market economies from central Asia to central Europe since 1991, and the International Finance Corporation (IFC), a member of The World Bank Group founded in 1956. In preparation for the governmental review, Aqrarkredit recently underwent an audit conducted by KPMG, a global auditing firm operating in 145 countries.
MICROCAPITAL STORY: Three Microfinance Institutions (MFIs) Account for Over Half of Azerbaijan Micro-finance Association’s (AMFA) Total Loan Portfolio for the First Quarter of 2008
According to ABC.AZ, a business information portal, the Azerbaijan Micro-finance Association (AMFA), a supportive organization for a network of 22 microfinance institutions (MFIs) and downscaling commercial banks in the country, has released first quarter 2008 performance statistics for its members. Accounting for 53 percent of AMFA’s total loan portfolio of USD 424.3 million were CredAgro, the Foundation for International Community Assistance Azerbaijan (FINCA Azerbaijan), and the Micro Finance Bank of Azerbaijan (MFBA) whose combined portfolios totaled USD 228.1 million.
PAPER WRAP-UP: Benchmarking Azerbaijan Microfinance 2006, Nigar Pirmamedova
Authored by Nigar Pirmamedova, the Chief Accountant and Financial Manager for the Azerbaijan Micro-finance Association (AMFA), a Baku-based institution with 22 member organizations, in partnership with the Microfinance Information eXchange (MIX), released January 2008, nine pages, available at http://www.mixmbb.org/Publications/002-REG/EASTERN%20EUROPE%20AND%20CENTRAL%20ASIA%20(ECA)/04-Azerbaijan%20Benchmarking%20Reports/Azerbaijan%20Benchmarking%20Report%202006.pdf
MICROCAPITAL STORY: The European Bank for Reconstruction and Development (EBRD) Extends a $1m loan to Norwegian Microcredit (Normicro) of Azerbaijan
The European Bank for Reconstruction and Development (EBRD), a London-based international bank utilizing investment tools to encourage democracy and market economies from central Asia to central Europe since 1991, is financing a USD 1 million loan to Baku-based Norwegian Microcredit (Normicro), a limited liability company (LLC) reporting 2007 total assets of nearly USD 7 million and a loan portfolio approaching USD 6.9 million. As reported by The Financial, a daily newspaper operating out of Georgia and Ukraine, “the financing will be used for on-lending to micro and small enterprises (MSEs) especially in rural areas of Azerbaijan.”