The Sanad Fund for MSME (micro-, small and medium-sized enterprises), an initiative that invests in financial institutions in the Middle East and North Africa, recently loaned the local-currency equivalent of USD 6 million to Enda Inter-Arabe (Enda), a financial services provider and Tunisia-based arm of non-governmental organization Enda Third-World, to support Enda’s expansion into poor rural areas of Tunisia; increase product offerings to young entrepreneurs; provide financial services to micro, small and medium-sized enterprises; and promote the empowerment of women. The loan is Sanad’s first debt investment in the country [1].
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MICROCAPITAL BRIEF: Triodos Bank Launches Sustainable Pioneer, Sustainable Equity Retail Funds
Triodos Bank, a for-profit financial institution based in the Netherlands, has launched two new investment funds, the Sustainable Pioneer Fund and the Sustainable Equity Fund.
MICROCAPITAL BRIEF: Belarus Drafts Decree Regulating Microfinance Industry
The government of Belarus reportedly has issued a draft decree that would regulate microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Austria’s Absolute Portfolio Management Loans $11m to Microfinance Institutions Through Vision Microfinance Funds, Including $1.5m to Pro Mujer Bolivia, $1.5m to PRIDE Tanzania, $750k Renewed to FINCA Tanzania
In December 2012, Dual Return-Vision Microfinance and Dual Return-Vision Microfinance Local Currency, two funds managed by Austria-based asset management company Absolute Portfolio Management (APM), disbursed a total equivalent to USD 11.75 million in loans to microfinance institutions (MFIs) worldwide, including MFIs in Latin America and Africa.
MICROCAPITAL BRIEF: Credinka of Peru, Ugafode of Uganda, FACES of Ecuador, Agora Microfinance Zambia, ASDIR of Guatemala Borrow $4m From Triodos Investment Management
Triodos Investment Management, a subsidiary of Dutch Triodos Bank, recently disbursed loans to the following five microfinance institutions: Caja Rural de Ahorra y Credito Quillabamba (Credinka) of Peru, Ugafode Microfinance Limited of Uganda, Fundación de Apoyo Comunitario y Social del Ecuador (FACES) of Ecuador, Agora Microfinance Zambia and Asociación de Desarrollo Integral Rural (ASDIR) of Guatemala.
MICROCAPITAL BRIEF: ResponsAbility Funds Invest $2m in ProEmpresa of Peru, $1.5m in COAC Progreso of Ecuador
ResponsAbility Social Investments, a Swiss investment company, recently informed MicroCapital that it has disbursed the local-currency equivalent of USD 1.3 million in debt to ProEmpresa, a Peruvian microfinance institution (MFI), through the responsAbility Global Microfinance Fund (rAGMF), one of the microfinance investment vehicles (MIVs) it manages.
MICROCAPITAL BRIEF: National Bank of Belarus Develops Financial Literacy Program
Deputy Chairman of the Board of the National Bank of Belarus Sergei Dubkov recently announced the design of a government program to enhance financial literacy for individuals and small businesses.
MICROCAPITAL BRIEF: Diamond Trust Bank of East Africa Looks to Raise $21m
Diamond Trust Bank (DTB), a publicly traded bank operating in East Africa as an affiliate of the nonprofit Aga Khan Development Network, reportedly has opened a rights issue in an effort to raise KES 1.81 billion (USD 21.5 million).
MICROCAPITAL BRIEF: responsAbility Loans $7.8m to ProCredit Moldova, $1.2m to Noa of Albania
In June, responsAbility Social Investments AG, a Swiss investment company, made debt investments totaling USD 7.8 million in ProCredit Moldova, a subsidiary of Germany’s ProCredit Group. As of 2011, ProCredit Moldova has assets totaling USD 150 million, USD 117 million in loans outstanding, return on equity of 8.8 percent and USD 43.6 million customer deposits.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $37m to International Bank for Trade and Industry for SMEs in Cote d’Ivoire
The International Finance Corporation (IFC), a member of the World Bank Group that was created to support private-sector development, reportedly has loaned EUR 30.5 million (USD 37.4 million) to the International Bank for Trade and Industry of Cote d’Ivoire (BICICI), a subsidiary of French bank BNP Paribas.
MICROCAPITAL BRIEF: Austrian Development Bank Oesterreichische Entwicklungsbank AG (OeEB) to Invest $18.75m in European Fund for Southeast Europe (EFSE)
Oesterreichische Entwicklungsbank AG (OeEB), Austria’s official development bank, recently pledged an investment of EUR 15.0 million (USD 18.75 million) to the European Fund for Southeast Europe (EFSE), a microfinance investment vehicle (MIV) based in Luxembourg.
MICROCAPITAL BRIEF: Regional MSME Investment Fund for Sub-Saharan Africa (REGMIFA) Celebrates 2nd Anniversary, Reports Positive Financials for 2011
The Regional Micro-, Small and Medium Sized Enterprise Investment Fund for Sub-Saharan Africa (REGMIFA) SA, a Luxembourg-based investment fund that focuses on supporting micro-, small and medium-sized enterprises (MSMEs) in the region, recently celebrated its second anniversary by presenting a summary of 2011 achievements along with an overview of its goals for 2012.
MICROCAPITAL BRIEF: Mainstreet Microfinance Bank of Nigeria to Utilize Mechanics Fund, Adopt International Financial Reporting Standards
Mainstreet Microfinance Bank (MFB), a Nigerian microfinance institution, reportedly has been selected to access an undisclosed amount of the NGN 1 billion (USD 6 million) take-off fund that was established by the government of Nigeria and the National Automotive Council (NAC) in order to provide lending to mechanics in Nigeria.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Lends $75m to Yes Bank of India to Increase Funding for Small Businesses, Farms in India
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, recently announced it will be lending USD 75 million to India’s Yes Bank, a commercial bank headquartered in Mumbai, to support its on-lending activities to small and medium-sized enterprises and agricultural clients.
MICROCAPITAL BRIEF: Cameroon Cooperative Credit Union League (CamCCUL) to Launch $2m Project Funded by the World Bank’s Agricultural Finance Support Facility (Agrifin)
The Agriculture Finance Support Facility (Agrifin), a US-based program of the World Bank, is co-funding a USD 2 million project of the Cameroon Cooperative Credit Union League (CamCCUL), a microfinance institution (MFI) and network of 208 credit unions, that is intended to improve the volume and profitability of agribusiness lending of its members.
MICROCAPITAL BRIEF: Triodos, Women’s World Banking to Co-Manage $30m Isis Microfinance Fund
Triodos Investment Management, which manages funds that invest in venture capital and social finance, has announced that it will act as co-investment manager alongside Women’s World Banking Asset Management for Isis Fund, an equity fund that aims to increase access to finance for women around the world.
MICROCAPITAL BRIEF: International Finance Corporation (IFC), KfW Bankengruppe, German Federal Ministry of Economic Cooperation and Development (BMZ) to Invest $100m in Micro Finance Initiative for Asia (MIFA)
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, reportedly plans to set up the Micro Finance Initiative for Asia (MIFA), a Luxembourg-based USD 100 million microfinance debt fund.
MICROCAPITAL BRIEF: Rural Impulse Fund II, MicroVest II, ASN-Novib Fund Purchase 45% Stake In Arnur Credit Microfinance Institution of Kazakhstan
Rural Impulse Fund II, a Belgian microfinance investment vehicle managed by Incofin Investment Management; MicroVest II, a US-based equity fund managed by MicroVest Capital Management, and ASN-Novib fund, a Dutch microfinance investment vehicle managed by Triple Jump, have taken stakes totaling 45 – percent ownership in Arnur Credit, a microfinance institution (MFI) based in Kazakhstan.