According to a report published by Visión Económica, a Colombian economic research institute, the value of microcredit disbursements in the country has risen from COP 2.29 billion (USD 1.12 million) in 2007 to COP 3.5 billion (USD 1.74 million) in 2011, at an annual growth rate of 15 percent. From 2007 to 2010, the number of borrowers grew from 1.68 million to 2.47 million, and it is expected that another 1 million people will become microcredit users by 2013.
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MICROCAPITAL BRIEF: Dual Return Fund of Vision Microfinance Loans $5m to Microfinance Institutions in Colombia, Kazakhstan, Russia, the Philippines
Absolute Portfolio Management GmbH, an Austrian investment company that specializes in microfinance, recently reported that the Dual Return Fund, a sub-fund of Absolute’s Vision Microfinance, made debt investments totaling USD 5 million in unnamed microfinance institutions (MFIs) in Colombia, Kazakhstan, Russia and Philippines [1].
MICROCAPITAL BRIEF: IDB Provides Partial Credit Guarantee to Patrimonio Hoy Microfinance Program of Mexico’s CEMEX to Boost Lending in Mexico, Colombia, Costa Rica, Nicaragua, Dominican Republic
The Inter-American Development Bank (IDB), a US-based development finance institution, will provide USD 10 million as a partial credit guarantee to Patrimonio Hoy, a microfinance initiative of Mexico-based building materials supplier CEMEX.
MICROCAPITAL BRIEF: Multilateral Investment Fund (MIF) Makes $3m Debt Investment in Fondo de Capital Privado Inversor of Colombia to Support Small and Medium-Sized Enterprises (SMEs) That Serve Poor People
The Multilateral Investment Fund (MIF), an investment fund administered by the US-based Inter-American Development Bank (IDB), recently loaned USD 3 million to the Fondo de Capital Privado Inversor (FCPI), a Colombia-based venture capital fund.
MICROCAPITAL BRIEF: responsAbility of Switzerland Loans $6.9m to FIE Grand Poder of Argentina, Corporacion Narino Empresa y Futuro (Contactar) of Colombia, Banco Solidario of Ecuador, Arasy Organica of Paraguay
responsAbility Social Investments AG, an investment company based in Switzerland, recently reported to MicroCapital that it loaned the equivalent of USD 6.92 million to microfinance organizations Argentina, Colombia, Paraguay and Ecuador.
MICROCAPITAL BRIEF: responsAbility Social Investments of Loans $8m to Contactar of Colombia, Vision Banco of Paraguay, Forjadores de Negocios of Mexico and Ecuadorian Microfinance Institutions (MFIs) COAC Progreso, Fundación Alternativa
responsAbility Social Investments AG, an investment company based in Switzerland, recently reported to MicroCapital that it has made debt investments totaling the equivalent of approximately USD 8.25 million in microfinance institutions (MFIs) in Colombia, Ecuador, Paraguay and Mexico.
MICROCAPITAL BRIEF: Liberty Mutual Offers Low-Cost Health Insurance in Colombia, Includes Payment Through Gas Company
Liberty Mutual, a US-based insurance provider that has subsidiaries across Asia, Europe and Latin America, has recently started offering health insurance policies to poor people in the slums of Barranquilla, Columbia. Micheal McCord, founder of the Microinsurance Centre, a for-profit organization that designs insurance policies for the poor, stated that while microcredit helps the poor in starting businesses and earning profits, an event such as serious health problem or death in the family can wipe out the profits earned if the entrepreneur is uninsured [1].
MICROCAPITAL BRIEF: responsAbility Makes Debt Investments Worth $5m in Contactar of Colombia, FODEMI of Ecuador, FINCA Mexico and Edpyme Raiz of Peru
responsAbility Social Investments AG, an investment company based in Switzerland, recently reported to MicroCapital that it made five investments totaling USD 5.3 million in four microfinance institutions (MFI) in Mexico and South America.
MICROCAPITAL BRIEF: responsAbility Social Investments Loans $2.67m to Mexican Microfinance Institution (MFI) KapitalMujer and Crezcamos of Colombia
Three microfinance investment vehicles managed by the Swiss social investment company responsAbility (ResponsAbility Global Microfinance Fund (rAGMF), ResponsAbility Microfinance Leaders Fund (rAMLF) and responsAbility Mikrofinanz-Fonds) loaned a total of USD 2.67 million to microfinance institutions (MFIs) KapitalMujer and Crezcamos Colombia.
MICROCAPITAL EVENT: Transparent Pricing Initiative in Colombia on September 1-2, 2010, in Bogota and Medellin, Hosted by Microfinance Transparency
Event Name: Microfinance Transparency’s (MFTransparency’s) Transparent Pricing Initiative in Colombia
Event Date: September 1 and September 2, 2010
MICROCAPITAL BRIEF: Oikocredit Invests $3.4m in Latin American Microfinance Institutions (MFIs) Contactar (Corporacion Narino Empresa y Futuro) in Colombia, PADECOMSMCREDITO (Sociedad Cooperativa Patronato para el Desarrollo de las Comunidades de Morazon y San Miguel Credito) in El Salvador and Banco Itapua in Paraguay
Oikocredit, a microfinance investment fund in the Netherlands with total assets of USD 665 million, recently loaned approximately USD 3.46 million to three Latin American microfinance institutions (MFIs).
MICROCAPITAL BRIEF: Triple Jump Disperses Total of $6.5m to Microfinance Banks Procredit Bank of Macedonia, FINCA Azerbaijan, Crezcamos of Colombia and Fundacion Campo of El Salvador
Triple Jump, a microfinance fund manager based in the Netherlands and established in 1998, recently reported to MicroCapital that one of the five funds it manages, ASN-Novib Fund, has executed debt investments totaling USD 6.5 million in four microfinance banks [1]. The largest amount, USD 2.5 million, went to Procredit Bank of Macedonia, a Macedonian bank founded in 2003 with a gross loan portfolio of USD 185 million [2].
MICROCAPITAL BRIEF: Microfinance Banks to Open in Colombia
The financial regulator of Colombia, Superintendencia Financiera de Colombia, has reported that six local and foreign firms are applying to offer banking services in the country, including an unspecified number that would offer microfinance.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Invest $10m in Bancamia, a Microfinance Bank in Colombia
The International Finance Corporation (IFC), a member of the World Bank Group working to alleviate poverty through loan and debt securities, equity investments and guarantees, will invest USD 10 million in Bancamia, a microfinance bank in Colombia [1]. The goal of the investment is to support the expansion of the Colombian microfinance sector, thereby helping to increase access to financial services for microenterpreneurs in the country.
MICROCAPITAL BRIEF: responsAbility Mikrofinanz-Fonds Disperses Total of $3.2m to Microfinance Banks Inecobank of Armenia, AFK of Kosovo, Lazika Capital of Georgia and Coomuldesa of Colombia
The responsAbility Mikrofinanz-Fonds, a microfinance investment vehicle (MIV) founded in 2007, recently reported to MicroCapital that it has executed debt investments totaling USD 3.2 million in four microfinance banks. The largest amount, USD 1.5 million, went to Inecobank, an Armenian bank founded in 1996 with a gross loan portfolio of USD 91.7 million [1]. The MIV reports total assets of USD 108.5 million as of 2009, and is one of four funds operated by responsAbility, the others being responsAbility Base of the Pyramid, responsAbility Global Microfinance Fund and responsAbility Microfinance Leaders Fund.
MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund Invests Total of $2.76m in Microfinance Banks Crezcamos Colombia and Coomuldesa of Colombia and Nueva Vision of Peru
The responsAbility Global Microfinance Fund, headquartered in Switzerland and founded in 2003, has executed debt investments totaling the equivalent of USD 2.76 million to three microfinance banks, according to a report submitted by responsAbility to MicroCapital. The microfinance investment vehicle (MIV) reports total assets of USD 358 million as of 2009 and is one of four funds operated by responsAbility, the others being responsAbility Base of the Pyramid, responsAbility Mikrofinanz-Fonds and responsAbility Microfinance Leaders Fund.
MICROCAPITAL BRIEF: Fundacion Mundo Mujer (FMM) to Become Regulated Financial Institution in Colombia Specializing in Microfinance with $6m Loan from International Finance Corporation (IFC)
he International Finance Corporation (IFC), the lending arm of the World Bank, recently announced that it would provide advisory services and a USD 6 million loan to Fundacion Mundo Mujer (FMM), a Colombian nongovernmental organization (NGO) that offers microcredit services, in order to help FMM transform into a regulated financial institution.
MICROCAPITAL BRIEF: Microfinance Information Exchange (MIX) Releases Reports on Peru, Bolivia and Colombia
The nonprofit Microfinance Information Exchange (MIX) has released two benchmarking reports and one microfinance sector analysis report.