Financiera Independencia, a Mexican microfinance institution, recently concluded an 85 million share capital increase.
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MICROCAPITAL BRIEF: ACCION International Gets Green Light from Brazil’s President to Launch New Microfinance Organization in Amazonas
ACCION International recently announced that Brazilian President Luiz Inacio Lula da Silva has approved its application to establish ACCION Microfinancas, a new microfinance organization in Amazonas, a state in northern Brazil.
MICROCAPITAL BRIEF: Fundación BBVA Microfinanzas, Microfinance Arm of Banco Bilbao Vizcaya Argentaria (BBVA), to Begin Operating in Brazil and Mexico
Fundación BBVA Microfinanzas, the microfinance arm of the Spanish commercial bank, Banco Bilbao Vizcaya Argentaria (BBVA), has announced that it “will begin operating in tandem with [unspecified] local partners in Brazil and Mexico in 2010” [1,2,3]. This comes soon after an announcement that BBVA Microfinanzas will “create a microfinance joint venture” with Credicoop, a Chilean cooperative bank [1,4]. BBVA Microfinanzas has already launched microfinance initiatives in Colombia, Peru, Puerto Rico, and Central America through an agreement with the Central American Bank for Economic Integration (Cabei), “a multilateral bank and financial arm” founded by the nations of Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica [1,3]. It also plans to begin a similar initiative in Argentina [1].
KNOW A MICROFINANCE REGULATOR: Regulators of Microfinance in Bangladesh, India, Brazil, Bolivia, Egypt And Kenya
The following regulators are profiled in this brief:
Bangledesh – Microcredit Regulatory Authority (MRA), located at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microcredit+Regulatory+Authority+%28MRA%29
India – National Bank of Agriculature and Rural Development (NABARD), located at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Bank+of+Agriculature+and+Rural+Development+%28NABARD%29
Brazil – Central Bank of Brazil (BCB), located at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Brazil+%28BCB%29
Bolivia – Superindendent of Banks and Financial Entities (SBEF), located at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Superindendent+of+Banks+and+Financial+Entities+%28SBEF%29
Egypt – Central Bank of Egypt (CBE), located at: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Egypt+%28CBE%29
Kenya – Central Bank of Kenya (CBK), located at: http://docs.google.com/Doc?docid=0Adr0wzXJKlP0ZGZiN3dwYnFfMzlocDhnZHZmNQ&hl=en
MICROCAPITAL BRIEF: ACCION Cleared to Invest in Brazil’s Microfinance Sector
ACCION International has reportedly received approval from President Luiz Inácio Lula da Silva to operate in Brazil. The US-based nonprofit will be allowed to hold 99 percent of the Brazilian operations of its Gateway Fund, which holds shares in microfinance institutions in Bolivia, Colombia, El Salvador, Haiti, India, Mexico, Panama, Paraguay, Peru and Venezuela.
MICROCAPITAL.ORG BRIEF: Financiera Independencia of Mexico Unveils Plans to Acquire Financiera Finsol and Expand Microfinance Operations to Brazil
Financiera Independencia, a microfinance institution (MFI) traded on the Mexican Stock Exchange, has signed a USD 41 million (MXP 530 million) agreement to acquire all of the outstanding shares of Finsol, a Mexican MFI. The agreement also includes the acquisition of three related entities: Financiera Popular Finsol, a savings and loan entity; Finsol Vida, an insurance broker; Finsol, a service company; and Instituto Finsol Brazil, an MFI in Brazil. To finance the deal, Financiera Independencia plans to issue 85 million shares, which will provide about USD 23.2 million (MXN 300 million) in capital. Mr. Noel Gonzalez, Chief Executive Officer of Financiera Independencia, said: “This is a significant milestone for Independencia. The acquisition of Finsol will allow us to increase our client base close to 1.4 million clients, operate a total of 356 branches in Mexico and expand our total outstanding loan portfolio to MXP 5,588 million (USD 432.7 million).”
MICROCAPITAL.ORG STORY: IFC Extends USD 15 Million Loan to Brazil’s Tribanco
The International Finance Corporation (IFC), the investment arm of the World Bank, has extended a loan of USD 15 million to Brazil’s Tribanco to support microentrepreneurs [1,2,3]. The loan has a five-year tenor, and comes after a USD 10 million loan in 2004 [1]. Tribanco’s Board President Juscelino Martins points out that ” it provides a longer tenor than is available normally in Brazil, and further diversifies the bank’s funding sources” [1]. The main beneficiaries of Tribanco’s loans will be “small retail outlets that provide basic goods and services to Brazil’s low-income population in small cities and remote rural areas” [1]. In addition to financing, the IFC will provide training to Tribanco’s staff including “financial literacy modules” in the form of “booklets and e-learning”.
MICROFINANCE EVENT: Central Bank of Brazil’s I Forum on Financial Inclusion
MICROFINANCE EVENT: The Central Bank of Brazil’s Financial System Organization Department Hosts The I Central Bank Forum on Financial Inclusion as Part of the Department’s Financial Inclusion Project; November 16-18, 2009 in Salvador, Brazil
Event Name: The I Central Bank Forum on Financial Inclusion
Event Description: Microfinance seminars centered around forging “joint partnerships” with the goal of a “sustainable and inclusive financial system”
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
Summary of Event: The 16th-17th will consist of workshops and lectures by experts on technical microfinance aspects. The 18th will provide opportunities for players in the microfinance sector to hold meetings with the intention of creating “partnerships and projects”
MICROCAPITAL STORY: Participatory Sustainable Waste Management Project Extends Microfinance to Informal Recyclers in Brazil
In Brazil, ‘catadores’ (Portuguese for ‘collectors’) generally live on the edge of the city in squatter settlements, or in ‘favelas’ (‘inner-city slums’). Others are homeless and use their cart for shelter. Each day, catadores search for recyclable materials (p7) and separate them into categories: paper, cardboard, plastics, glass, metal, etc. Often accompanied by their children, catadores work in conditions that are unsafe and unsanitary. They are stigmatized (p18) as scavengers, and are often harassed. Yet according to Jutta Gutberlet, a professor at the University of Victoria (Uvic), catadores provide an important environmental service (p18) to the community. In Brazil, as in other countries where waste management is a problem, the informal recycling industry recovers valuable resources and re-inserts them into the production cycle; it prevents otherwise environmentally detrimental materials from being discarded; and it helps to clean up the streets, providing a healthier living environment. In 2005, with funding from the Canadian International Development Agency (CIDA), Dr. Gutberlet initiated a partnership between Uvic and the University of São Paulo to establish the Participatory Sustainable Waste Management (PSWM) project in metropolitan São Paulo. The purpose (p8) of the project is to increase the income generating abilities of the catadores, and harness the environmental services they provide, by enhancing their structural capacity to collectively commercialize their materials. Microfinance (p2), as a source of working capital and emergency funds, is a fundamental component of this effort.
MICROCAPITAL STORY: The Inter-American Bank (IDB) Announces USD 1 billion Loan to the Brazilian Development Bank (BNDES) for the Expansion of Microfinance
The Inter-American Development Bank (IDB) has approved a USD 1 billion loan to the Brazilian Development Bank (BNDES), the country’s federal public bank for development. The 20 year loan will go towards financing long-term credit to microenterprises and small and medium-size businesses . It is the third loan of the same size by the IDB made from a USD 3 billion conditional credit line launched in 2004 for BNDES.
MICROFINANCE EVENT: Brazil’s Ministério do Trabalho e Emprego (Ministry of Labor) Hosts Seminar III of the National Program for Productive Microcredit Oriented – Challenges and Perspectives on the Oriented Productive Microcredit Program (PNMPO) to be held July 2008
CHALLENGES AND PERSPECTIVES ON THE ORIENTED PRODUCTIVE MICROCREDIT PROGRAM (PNMPO)
July 15-16, 2008, IN THE AUDITORIUM OF THE INSTITUTE OF APPLIED ECONOMIC RESEARCH (IPEA) IN BRASILIA, BRAZIL
Sponsored by the Brazilian government’s Ministry of Labor, with support from the National Bank of Economic and Social Development, the event brings together academics and practitioners of microfinance, in an effort to explore new ideas on how public policies can foster growth in the microfinance sector.
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: International Finance Corporation (IFC), Inter-American Investment Corporation Help Brazilian Company Expand Access to Finance for Poor
Source: International Finance Corporation (IFC).
PRESS RELEASE: Financial Times Awards Sustainable Banking Honors to Many, Including Banco Real of Brazil as Sustainable Bank of the Year and Tops in Emerging Markets
Source: Financial Times.
NEWS WIRE: Brazil & India: Microfinance Is Both a Lifeline For Millions And a Valuable Asset Class
Source: Financial Times.
Original article available here.
SÃO PAULO and NEW DELHI, November 14 – When the Progesar Foundation microfinance office offered to lend her 4,000 pesos at an interest rate of 5 per cent per month, Nilda Peralta could hardly believe her luck. “It seemed there was a trick because the rate they were charging was so low,” says the 57-year-old Argentine shopkeeper. “If I had borrowed from the money lenders I would have had to pay 28 per cent.”
MICROCAPITAL STORY: IFC Invests USD 20 Million in Brazilian Bank Fibra, to Encourage Microfinance in the Region
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, announces that it will buy USD 20 million in new common shares in Fibra, a Brazilian midsize bank. This marks the first equity investment in the Brazilian banking industry by the IFC, Business News Americas reports. In addition, IFC has granted Fibra a seven-year, USD 30 million credit line in Brazilian reais for domestic middle market lending operations. This will include lending to microfinance institutions (MFIs). The investment comes to roughly 8% of bank capital, which will rise to 520mn reais (USD 272mn) from 480 million reais (USD 247 million) with the issue of new shares.
Empreenda of Brazil Receives $75,000 Guarantee by the Deutsche Bank Start Up Fund
As reported in this month’s CGAP-MIX Capital Markets Newsletter, Empreenda of Brazil received the second tranche of a USD 75,000 guarantee by the Deutsche Bank Start Up Fund that secured a USD 150,000 credit line from Banco Itau, Brazil.
Continue reading “Empreenda of Brazil Receives $75,000 Guarantee by the Deutsche Bank Start Up Fund”
MICROFINANCE EVENT: Social Enterprise World Forum (SEWF23); October 11-12, 2023; Amsterdam, the Netherlands
The goal of this event is to champion the use of social enterprise as a catalyst for positive change worldwide. The topics to be discussed include: (1) The Role of Corporates in Social Enterprise Partnerships; and (2) Migration: Entrepreneurial Solutions for Better Lives and Livelihoods.