The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based investor in microfinance institutions (MFIs), recently announced the disbursement of the first tranche of a 54-month loan of EUR 1.04 million (USD 1.43 million) to Arvand, a financial institution that provides microcredit to low-income individuals in Tajikistan.
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MICROCAPITAL BRIEF: Incofin Investment Management’s Rural Impulse Fund (RIF) Acquires 15% Equity Stake in Financiera El Comercio (FIELCO) From Accion Gateway Fund
Rural Impulse Fund II (RIF II), which is managed by Belgian microfinance fund manager Incofin Investment Management (Incofin IM), recently announced that it has acquired a 15.3-percent stake in Financiera El Comercio (FIELCO), a microfinance institution focused on rural and agricultural markets in Paraguay.
MICROCAPITAL BRIEF: LeapFrog Invests $29m in Equity in Institute for Financial Management and Research (IFMR) Capital of India
LeapFrog Investments, a for-profit private equity fund based in Mauritius that invests in microfinance, reportedly has invested USD 29 million in return for a minority stake of undisclosed size in the Institute for Financial Management and Research (IFMR) Capital, an Indian non-banking financial company that facilitates funding for organizations that serve low-income people.
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Offers $5m Credit Line to FINCA for Lending in Kyrgyz Republic
The European Bank for Reconstruction and Development (EBRD), a multilateral institution headquartered in London, England, recently announced that it will extend a credit line of USD 5 million to FINCA Kyrgyzstan, a unit of US-based microfinance nonprofit FINCA International.
MICROCAPITAL BRIEF: Bandhan of India Raises $16m in Nonconvertible Debentures (NCDs) From Unnamed Swiss Investor
Bandhan Financial Services, an Indian microfinance institution (MFI) that offers loans for health emergencies and microenterprise, reportedly has raised INR 1 billion (USD 16.3 million) in nonconvertible debentures (NCDs) from an unnamed Swiss investor.
MICROCAPITAL BRIEF: Inter-American Development Bank (IDB) to Create $30m Credit Line for Retail Lenders to Support Micro-, Small, Medium-Sized Enterprises (MSMEs) in the Dominican Republic
The Inter-American Development Bank (IDB), a US-based multilateral financial institution that seeks to support sustainable economic development in Latin America and the Caribbean, recently announced that it will create a USD 30 million credit fund that retail lenders in the Dominican Republic can access to expand financing deemed “medium- and long-term” to micro-, small and medium-sized enterprises (MSMEs).
MICROCAPITAL BRIEF: Microfinance Institutions Network (MFIN) Applies to Reserve Bank of India (RBI) for Self-Regulatory Organization Status
The Microfinance Institutions Network (MFIN), a trade association composed of 47 Indian microlenders that operate as non-banking finance companies, reportedly has applied to the Reserve Bank of India (RBI), the country’s central banking authority, for status as a “self-regulatory organization” (SRO).
MICROCAPITAL BRIEF: Peru-based Financiera Edyficar’s Acquisition of 61% Stake in Mibanco Receives Regulatory Approval
Peru-based microlender Financiera Edyficar (Edyficar), an operating subsidiary of Peruvian holding company Creditcorp, has received regulatory approval from the Peruvian Superintendency of Banks, Insurance and Pension Funds, the financial sector regulator in the country, for its proposed USD 179 million acquisition of a 60.7-percent stake in Mibanco, a Peruvian microfinance institution (MFI) that is a subsidiary of nonprofit holding company Grupo Accion Comunitaria del Peru (ACP).
MICROCAPITAL BRIEF: Manappuram of India Acquires Milestone Home Finance
Manappuram Finance Limited, an India-based non-banking finance company, recently signed an agreement to acquire Milestone Home Finance Company, an organization licensed to provide housing finance in India, from Jaypee Hotels, an India-based hospitality company,
MICROFINANCE EVENT: EBRD, National Association of Business Women of Tajikistan (NABWT), Government of Tajikistan to Host “Symposium of Women Entrepreneurs of Central Asia and Afghanistan”, Dushanbe, March 27 – 28, 2014
Event Name: Symposium of Women Entrepreneurs of Central Asia and Afghanistan
Event Date: March 27 – 28, 2014
Event Location: National Library, Dushanbe, Tajikistan
MICROCAPITAL BRIEF: Overseas Private Investment Corporation (OPIC) Lends $45m to FINCA Microfinance Holding to Increase Outreach, Range of Services
The Overseas Private Investment Corporation (OPIC), a development finance institution of the US government, is lending USD 45 million to the Foundation for International Community Assistance (FINCA) Microfinance Holding (FMH), a for-profit investment vehicle controlled by US-based NGO FINCA International [1].
MICROFINANCE EVENT: Small Business Banking Network (SBBN), Small and Medium Enterprise (SME) Finance Forum to Host 4th Annual CEO & Senior Leaders Roundtable, May 29 – 30, 2014, Istanbul, Turkey
Event Name: 4th Annual CEO & Senior Leaders Roundtable
Event Date: May 29 – 30, 2014
Event Location: Istanbul, Turkey
MICROCAPITAL BRIEF: Airtel Zambia to Include Life Insurance Coverage In Mobile Subscriber Plans
Airtel Zambia, a subsidiary of Indian telecommunications company Airtel, in partnership with Zambian insurance company Focus General Insurance and UK-based microinsurer MicroEnsure, is now including free life insurance coverage to mobile subscribers who pay ZMW 10 (USD 1.77) or more per month for their phone service.
MICROCAPITAL BRIEF: Creditcorp’s Financiera Edyficar of Peru to Acquire 61% Stake in Mibanco for $179m
Peru-based microlender Financiera Edyficar (Edyficar), an operating subsidiary of Peruvian bank holding company Creditcorp, recently announced that it will acquire a 60.7-percent stake in Mibanco, a Peruvian microfinance institution (MFI) that is a subsidiary of nonprofit holding company Grupo Accion Comunitaria del Peru (ACP).
MICROCAPITAL BRIEF: Global Index Insurance Facility to Donate $4m to Syngenta Foundation for Sustainable Agriculture in Kenya, Rwanda and Tanzania
The International Finance Corporation (IFC), the US-based World Bank Group’s private investment arm, has approved two grants totaling USD 3.9 million to Syngenta Foundation for Sustainable Agriculture, a Swiss nonprofit organization, to provide index-based weather insurance to rural farmers in Kenya, Rwanda and Tanzania.
MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $4m to Komercijalna Banka Banja Luka of Bosnia and Herzegovina
The European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle (MIV), has disbursed a senior loan of EUR 3 million (USD 4.1 million) to Komercijalna Banka Banja Luka, a financial institution that is owned by Serbia-based commercial bank Komercijalna Banka Beograd.
MICROCAPITAL BRIEF: Triodos Revealed as Source of Shares of Cambodia’s Acleda Bank Purchased by Orix
Triodos Investment Management, a subsidiary of Netherlands-based Triodos Bank, has announced that it is the source of a six-percent equity stake in Cambodian commercial bank Acleda that was purchased by Orix Corporation, a Japan-based financial services group.
MICROCAPITAL BRIEF: Owner of Mibanco, Grupo Accion Comunitaria del Peru (ACP) Breaches Debt Covenant; Entire Peruvian Microfinance Sector Under Strain?
Grupo Accion Comunitaria del Peru (ACP), a Peruvian nonprofit holding company that is the majority shareholder of Peruvian microfinance institution (MFI) Mibanco, recently breached a covenant on a 10-year USD 85 million corporate bond due in 2021, resulting in a downgrade of its credit rating by Fitch, a US-based rating agency.