The Government of Sierra Leone, the United Nations Development Program (UNDP), the United Nations Capital Development Fund (UNCDF), the Catholic Organization for Relief and Development Aid (CORDAID), and KfW Entwicklungsbank (KFW) have decided to seek outside funding to support their joint program, the Microfinance Investment and Technical Assistance Facility (MITAF) project. The goal of MITAF is to bolster the microfinance sector in Sierra Leone.
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PAPER WRAP-UP: Transforming NGO MFIs: Critical Ownership Issues to Consider, by Kate Lauer
Written by Kate Lauer, lawyer and a policy advisory consultant to Consultative Group to Assist the Poor (CGAP), published in June 2008 as Number 13 of Occasional Papers, a publication of CGAP, 28 pages, available at http://www.cgap.org/gm/document-1.9.4213/OccasionalPaper_13.pdf
NEWS WIRE: India: Microfinance Raises Fresh Sub-prime Fears
Source: Times Online.
MICROFINANCE EVENT: World Bank, International Finance Corporation (IFC) and Banco Central Do Brazil (Central Bank of Brazil) Host Third Global Credit Reporting Conference: Public Policy & Innovative Solutions For Emerging Markets to be Held in October 2008
THIRD GLOBAL CREDIT REPORTING CONFERENCE: PUBLIC POLICY & INNOVATIVE SOLUTIONS FOR EMERGING MARKETS
OCTOBER 21-23, 2008, SHERATON RIO HOTEL & RESORT IN RIO DE JANEIRO, BRAZIL
The conference to be hosted by the World Bank, the International Finance Corporation (IFC) and Brazilian Ministry of Finance’s Central Bank of Brazil will concern credit reporting infrastructure considering country examples, legal and regulatory framework and the private and public sectors.
PRESS RELEASE: VDK Savings Bank Microfinance Institution Loan Portfolio Disburses $18m, Reaches $55m Total
Source: Incofin.
NEWS WIRE: United States: Let the Market Determine How Much Profit Microfinance Institutions Should Earn Says O’Grady in The Wall Street Journal
Source: Wall Street Journal.
NEWS WIRE: United Kingdom: The Economist Comments on Profiting from Microfinance
Source: The Economist.
NEWS WIRE: United Kingdom: Financial Times Reports on Investors Boosting the ‘Missing Middle’
Source: Financial Times.
PRESS RELEASE: Rosario Perez Elected CEO of Microfinance Institution Pro Mujer, Ben Moyer to Rejoin Board of Directors
Source: Pro Mujer.
PAPER WRAP-UP: Transitions To Private Capital – Case Studies From The Liability Side Of The Balance Sheet, by Marc de Sousa-Shields & Caroline Esther Averch
Produced for review by the United States Agency for International Development (USAID), released July 2007, written by Marc de Sousa-Shields of Enterprising Solutions and Caroline Esther Averch of Chemonics International, 26 pages, available at: http://www.microfinancegateway.org/content/article/detail/49344
Once it became evident that microfinance could be a financially sustainable enterprise, many microfinance institutions (MFIs) operating as non-governmental organizations (NGOs) sought to change their legal status to a commercial MFI. As private entities, these MFIs would not only be able to turn a profit, they would also gain access to private investors offering the debt-capital necessary to expand operations.
“Transitions To Private Capital” reviews the funding strategies employed by three Latin American MFIs following their establishment as for-profit MFIs. Below is a summary of each case, highlighting the key changes in funding, and an accompanying rationale behind each funding decision.
MICROCAPITAL STORY: TIME Magazine: Commercial Banks Could Create Trouble for Microfinance
In its June 5 issue, TIME magazine wonders whether the recent rush of big-name financial institutions to microfinance creates new pressures that unavoidably conflict with the mission of alleviating poverty.
The entry of banks such as Citigroup or Spanish giant BBVA into the microfinance arena has undoubtedly wrought some positive changes. Competition has spurred more industry development, driven down interest rates, and expanded the offerings of microfinance institutions (MFIs) to include new products, such as savings accounts, mortgages, and insurance.
NEWS WIRE: United States: Forbes Reports on “Mobile Microfinance,” Citing Providers Obopay, mChek
Source: Forbes.
PRESS RELEASE: Grameen Foundation and Pro Mujer International Guarantee $1.2m Loan from Banco de Credito to Pro Mujer Peru
Source: Grameen Foundation.
MICROCAPITAL STORY: MicroCredit Enterprises Invests $150k in Pro Mujer
CGAP (Consultative Group to Assist the Poor) recently reported that California-based MicroCredit Enterprises made a USD 150,000 investment in Latin American microfinance institution Pro Mujer.
MICROCAPITAL STORY: responsAbility Microfinance Leaders Fund (rAMLF) of Luxembourg Lends $500k to Thaneakea Phum (Cambodia) (TPC), $303k to Catalyst Microfinance Investors (CMI), $929k to ASP Financiera (ASP), and $750k to the Foundation for International Community Assistance Azerbaijan (FINCA Azerbaijan)
The Consultative Group to Assist the Poor (CGAP) reports in its list of recent transactions that the responsAbility Microfinance Leaders Fund (rAMLF) financed USD 500,000 in loans to Thaneakea Phum (Cambodia) (TPC) on February 6, 2008, USD 303,092 to Catalyst Microfinance Investors (CMI) on February 7, 2008, USD 929,000 to ASP Financiera (ASP) on February 20, 2008, and USD 750,000 to the Foundation for International Community Assistance Azerbaijan (FINCA Azerbaijan) on February 27, 2008.
MICROCAPITAL STORY: Calvert Foundation Makes Microfinance Investments Totaling $1.6m in Banco Solidario, Unitus and Pro Mujer
In its Microfinance Capital Markets Update, CGAP (Consultative Group to Assist the Poor) reports that Calvert Social Investment Foundation invested USD 1.6 million in three microfinance organizations. Calvert invested USD 400,000 in Banco Solidario, USD 500,000 in Unitus and USD 650,000 in Pro Mujer. CGAP reports that in transacting with Pro Mujer, Calvert made two separate investments, one totaling USD 150,000, directed “worldwide”, the other totaling USD 500,000 directed towards Latin America and the Caribbean.
PRESS RELEASE: Legatum and Omidyar Network Invest $40m as Co-Anchors of Unitus
Source: PR Newswire.
MICROCAPITAL STORY: ACCION International President, Maria Otero, Awarded Ellis Island Medal of Honor for Pioneering Work in Microfinance
ACCION International President and CEO, Maria Otero, was awarded the Ellis Island Medal of Honor by the The National Ethnic Coalition of Organizations (NECO) in recognition of her contribution to sustainable development in the global microfinance sector.