by Stephen Son -

MICROCAPITAL STORY: International Finance Corporation (IFC), a Member of the World Bank Group, to Invest $10.9m in I&P Capital II, a Private Equity Fund for Microfinance in Africa’s Indian Ocean Nations

The International Finance Corporation (IFC), a member of the World Bank Group, has announced a EUR 7 million (USD 10.9 million) investment in I&P Capital II, a private equity fund that finances small-and-medium enterprises (SMEs) in Africa’s Indian Ocean nations.

by Jennifer Lee -

MICROCAPITAL STORY: Indian Microfinance Institution Grama Vidiyal Microfinance (GV) Plans Expansion and Receives USD 3.5 Million from Unitus Equity Fund and Vinod Khosla

Indian non-banking finance company, Grama Vidiyal Microfinance (GV), will look to increase its branches by 115 for its current 100. Currently GV operates in 18 districts of the southern state of Tamil Nadu. By December of 2009, the company expects to open branches in Andhra Pradesh and then in northern India.

by Jennifer Lee -

MICROCAPITAL STORY: The Confederation of Indian Industry Reviews a Survey of MSMEs

The Confederation of Indian Industry (CII) published a 2008 Business Outlook Survey on the micro, small, and medium enterprises (MSMEs) sector in India. Providing a general overview of MSMEs, the survey also prioritized key policy initiatives and discussed future scenarios for the sector. Furthermore, the CII National SME Forum changed its 2007-2008 theme to “Building MSMEs, Building India”.

by Melissa Duscha -

MICROCAPITAL STORY: Microfinance Institution, IFFCO-TOKIO General Insurance (ITGI) of India Launches Microinsurance Product

IFFCO-TOKIO General Insurance Co. Ltd. (ITGI) recently launched a microinsurance policy targeting India’s low-income rural population. The policy will cover people from 18-60 years of age and will be available at an affordable premium of USD 2.46 (including taxes) for a couple, covering the areas of property insurance (household contents) and critical illness (stroke, cancer, heart disease, loss of limbs, and coma), with USD 245 to be available in coverage per area. Children can be included in the policy for an additional premium of USD 0.61 per child. 

by Jennifer Lee -

MICROCAPITAL STORY: Indian MFI BISWA Sells $5.9mn of its Agri-Assets to Indian Private Banks

East Indian microfinance institution (MFI) Bharat Integrated Social Welfare Agency (BISWA) sold USD 5.9 million of its agricultural assets, otherwise known as agri assets. The sale was arranged by Grameen Capital India (GCI), who was also responsible for identifying a pipeline of potential purchasers among domestic, private Indian banks.

by the MicroCapital Team -

MICROCAPITAL STORY: India’s ACCESS Development Services and French NGO ACTED to Build Capacity of South Asian Microfinance Institutions with Funding from the European Commission

ACCESS Development Services (ACCESS) of India and the Agency for Technical Cooperation and Development (ACTED), an independent French non-governmental organization, will be working with 20 microfinance institutions (MFIs) from southern Asia with the goal of increasing economic co-operation between the region and Europe. Partially funded by the European Commission, this 18-month project will provide intensive capacity-building support, including development of business plans, best practice exchanges among regional MFIs and exposure to European banking standards. Other benefits are to include an opportunity to receive investment or loans from European companies and access to loan tracking software.

by Melissa Duscha -

MICROCAPITAL STORY: Annual Policy Conference on Indian Microfinance Held in New Delhi

The Annual Policy Conference on Indian Microfinance, organized by Sa-Dhan, the Association of Community Development Finance Institutions, and the Minister of State for Finance of the Government of India was held this past April 2nd-3rd in New Delhi.

by Melissa Duscha -

MICROCAPITAL STORY: Oikocredit of the Netherlands Invests USD 4.7 million in Microfinance Institutions in India and Ghana

 The Consultative Group to Assist the Poor (CGAP) recently reported Oikocredit, a Dutch cooperative fund invested USD 4.7 million in loans to microfinance institutions in India and Ghana this past February 2008. A loan of USD 1.2 million went to Semam Microfinance Investment Literacy and Empowerment PVT (SMILE) of Madurai, India. Gram-Utthan, a CARE CASHE project in Orissa, India received a loan of USD 1.5 million, and Amalgamated Bank Limited of Ghana was granted a loan of USD 2 million.