responsAbility, a Swiss-based microfinance investment vehicle (MIV) manager, recently reported to MicroCapital that it has executed debt investments totaling USD 3.3 million in two microfinance institutions (MFIs) in Armenia. Agricultural Cooperative Bank of Armenia (ACBA) Credit Agricole Bank, a microfinance bank that is partially held by Credit Agricole of France, will receive USD 1 million from responsAbility Mikrofinanz-Fonds and USD 2 million from the responsAbility Global Microfinance Fund. Nor Horizon United Credit Organization (UCO) Limited Liability Company (LLC), a regulated MFI, will receive USD 300,000 from responsAbility Global Microfinance. The investment funds are two of four funds operated by responsAbility, the others being responsAbility Base of the Pyramid and responsAbility Microfinance Leaders.
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MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund and responsAbility Mikrofinanz-Fonds Disburse $2.5m to Bank Constanta and Credo, Microfinance Institutions in Georgia
responsAbility, a Swiss-based microfinance investment vehicle (MIV) manager, recently reported to MicroCapital that it has executed debt investments totaling USD 2.5 million in two microfinance institutions (MFIs) in Georgia. Joint Stock Company (JSC) Bank Constanta, a microfinance bank in Georgia, will receive USD 375,000 from responsAbility Mikrofinanz-Fonds and USD 1.25 million from the responsAbility Global Microfinance Fund. Limited Liability Company (LLC) Microfiance Organization (MFO) Credo, a non-bank financial institution, will receive USD 400,000 from responsAbility Mikrofinanz-Fonds and USD 600,000 from responsAbility Global Microfinance Fund. The investment funds are two of four funds operated by responsAbility, the others being responsAbility Base of the Pyramid and responsAbility Microfinance Leaders.
MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund Disburses $2.5m to AgroInvest in Montenegro
The responsAbility Global Microfinance Fund, a microfinance investment vehicle (MIV) founded in 2003, recently reported to MicroCapital that it has provided debt financing totaling USD 2.5 million to AgroInvest Holding of Montenegro.
MICROCAPITAL BRIEF: responsAbility Mikrofinanz-Fonds and responsAbility Global Microfinance Fund Loan Total of $500,000 to Microfinance Institution Sinapi Aba Trust (SAT) in Ghana
responsAbility, a Swiss-based microfinance investment vehicle (MIV) manager, recently reported to MicroCapital that it has executed debt investments totaling USD 500,000 in Ghana. Sinapi Aba Trust (SAT), a private non-governmental organization (NGO) established in Ghana in 1994, will receive USD 350,000 from responsAbility Global Microfinance Fund and USD 150,000 from responsAbility Mikrofinanz-Fonds. The investment funds are two of four funds operated by responsAbility, the others being responsAbility Base of the Pyramid and responsAbility Microfinance Leaders.
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: responsAbility Global Microfinance Fund and responsAbility Microfinance Leaders Fund Disperse Total of $750k to Indian Microfinance Investment Vehicles Indian Financial Inclusion Fund and LOK Capital Fund
responsAbility Microfinance Leaders Fund and responsAbility Global Microfinance Fund have executed respective equity investments of USD 411,000 and USD 339,000 in MIVs that invest primarily in Indian microfinance institutions (MFIs) according to a report submitted to MicroCapital.
MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund Invests total of $4.6m in Microfinance Banks Inencobank of Armenia, Lazika Capital of Georgia, Aregak of Armenia and Centurion of Russia
The responsAbility Global Microfinance Fund, based in Switzerland founded in 2003, has executed debt investments totaling USD 4.6 million in four microfinance banks. The 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: responsAbility Mikrofinanz-Fonds and responsAbility Global Microfinance Fund Invest Total of $2m in Tanzanian Microfinance Bank PRIDE
responsAbility Mikrofinanz-Fonds and responsAbility Global Microfinance Fund have executed respective debt investments of USD 500,000 and USD 1.5 million in PRIDE (Promotion of Rural Initiative and Development Enterprises Limited), a Tanzanian microfinance institution. PRIDE was founded in 1994 and reports total assets of USD 36.8 million, a gross loan portfolio of USD 27.9 million and a return on assets of 1.93 percent. PRIDE has been primarily funded by Norad, the Norwegian Agency for Development Cooperation [1, 2]. Through a mix of loans and grants, Norad has committed USD 7.3 million to PRIDE. The organization uses a “modified Grameen” methodology where borrowers form groups to guarantee each group member’s loan. Loans range from TZS 50,000 (USD 36) to TZS 100 million (USD 72,706).
MICROCAPITAL BRIEF: responsAbility to Stop Issuing Shares for Global Microfinance Fund
Effective May 26, 2010, the responsAbility Global Microfinance Fund (rAGMF), which directly invests in microfinance institutions (MFIs) and microfinance investment vehicles (MIVs), will temporarily stop accepting investment. A statement released by responsAbility suggests high liquidity, resulting from steadily high net investment inflows and slowing demand for microfinance credit from MFIs driven by the global economic crisis, as the cause of the stoppage [1].
MICROCAPITAL BRIEF: Luxembourg Fund Labelling Agency for Microfinance Investment Vehicles, LuxFLAG, Announces 2010 Renewal, Adds BlueOrchard Fund
LuxFLAG, a microfinance institution vehicle (MIV) certification organization founded in 2006, has recertified eight MIVs while adding a ninth, BlueOrchard Fund – Microfinance Fund for US Investors. The label is applied to MIVs that invest directly or indirectly in the microfinance sector and are deemed reputable by LuxFLAG and receiving a basic level of financial supervision from their home country. The nine labeled firms manage a total of USD 2.24 billion. LuxFLAG reports an unspecified number of applicants for 2010 [1].
MICROCAPITAL STORY: CreSud SpA Invests $900K in Comixmul of Honduras, UMF Arariwa of Peru, and Proempresa Edpyme of Peru
CreSud SpA, a socially responsible Italian private investment company, has reported three microfinance investments in the past three months to the CGAP Microfinance Dealbook, a monthly report on microfinance capital market transactions. In February 2009, CreSud SpA granted a loan of USD 250,000 to Comixmul of Honduras. In March 2009, CreSud SpA loaned USD 250,000 to Unidad Microfinanza Arariwa (UMF Arariwa) of Peru. In April 2009, CreSud SpA closed an equity investment of USD 400,000 in Proempresa Edpyme of Peru. CreSud SpA invests in companies with a minimum portfolio of USD 500,000 and three years of operational history. As of 2006, 88 percent of CreSud SpA’s investments were in Latin America and the Caribbean.
MICROCAPITAL STORY: FINCA Azerbaijan to Increase Microlending to Farmers
FINCA Azerbaijan has announced plans to increase microlending to farmers in an effort to support food security in the face of an emerging world food shortage. Currently, 30 percent of the nonprofit’s loan portfolio represent agricultural microenterprises, about USD 17 million. In his statement announcing the plan, FINCA Azerbaijan Director Jeff Flowers indicated that the increase in farm crediting is intended to ensure food security, but he did not offer any projections on the size of the increase.
MICROCAPITAL STORY: Swiss responsAbility Lends $600k to Honduran COMIXMUL and Peruvian Frontera
CGAP (Consultative Group to Assist the Poor) recently reported that responsAbility Global Microfinance Fund (rAGMF) made two USD 300,000 loans to Latin American Cooperativa Mixta Mujeres Unidas Limitadas (COMIXMUL) and Frontera de San Ignacio.
MICROCAPITAL STORY: Swiss responsAbility Loans $6.4m to Eastern European and Central Asian Microfinance Institutions
CGAP (Consultative Group to Assist the Poor) recently reported that responsAbility Global Microfinance Fund (rAGMF) made loans to several Eastern European and Central Asian microlenders: USD 221,112 to Mikro Aldi, USD 400,000 to HUMO, USD 737,040 to AgroInvest, USD 1,000,000 to Kompanion, USD 1,000,000 to Constanta, USD 1,500,000 to Bai Tushum and USD 1,500,000 to Eskhata Bank.
MICROCAPITAL STORY: Launched in July 2006, the Luxembourg Fund Labelling Agency (LuxFLAG) has Awarded its Microfinance Label to Five Microfinance Investment Vehicles (MIVs) and Attained Listing on the Centrale de Communications Luxembourg (CCLux) Database
Earlier this year, the Centrale de Communications Luxembourg (CCLux), a subsidiary of the Luxembourg Stock Exchange, began listing the Luxembourg Fund Labelling Agency (LuxFLAG) Microfinance Label as a searchable classification on its online Consultation Portal. For users of CCLux, this means that they can now quickly and easily identify microfinance investment vehicles (MIVs) which have been approved by LuxFLAG.
MICROCAPITAL STORY: responsAbility Microfinance Leaders Fund (rAMLF) of Luxembourg Lends $500k to Thaneakea Phum (Cambodia) (TPC), $303k to Catalyst Microfinance Investors (CMI), $929k to ASP Financiera (ASP), and $750k to the Foundation for International Community Assistance Azerbaijan (FINCA Azerbaijan)
The Consultative Group to Assist the Poor (CGAP) reports in its list of recent transactions that the responsAbility Microfinance Leaders Fund (rAMLF) financed USD 500,000 in loans to Thaneakea Phum (Cambodia) (TPC) on February 6, 2008, USD 303,092 to Catalyst Microfinance Investors (CMI) on February 7, 2008, USD 929,000 to ASP Financiera (ASP) on February 20, 2008, and USD 750,000 to the Foundation for International Community Assistance Azerbaijan (FINCA Azerbaijan) on February 27, 2008.
MICROCAPITAL STORY: responsAbility Global Microfinance Fund Invests $4.2m in EDPYME Confianza, EDPYME Alternativa, Hattha Kaksekar Ltd. and CREDIT
In its Microfinance Capital Markets Update, CGAP (Consultative Group to Assist the Poor) reports that responsAbility Global Microfinance Fund has recently made investments in microfinance institutions (MFIs) in Peru and Cambodia. Two Peruvian institutions EDPYME Confianza and EDPYME Alternativa received USD 1 million and USD 1.2 million respectively. Cambodian institutions Hattha Kaksekar Limited (HKL) and Cambodia Rural Economic Development Initiatives for Transformation (CREDIT) each received USD 1 million.
MICROCAPITAL STORY: Luxembourg-based responsAbility Global Microfinance Fund Loans $3m to FINCA Kyrgyzstan
The Consultative Group to Assist the Poor (CGAP) recent list of transactions reported Luxembourg-based responsAbility Global Microfinance Fund invested USD 3 million in loans to the Foundation for International Community Assistance (FINCA) Kyrgyzstan this past January 18, 2008.