Kushki, a digital payment processor that is active in Latin America, recently raised USD 86 million in its Series B funding round. The investors – not all of which have been named – include Spain-based Conexo Ventures, Mexico-based Dila Capital,
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MICROCAPITAL BRIEF: EIB to Loan $8.3m to Banco ADOPEM, Targeting Women Microentrepreneurs in Dominican Republic
The EU’s European Investment Bank (EIB) recently agreed to loan approximately DOP 480 million (USD 8.33 million) to Banco de Ahorro y Crédito ADOPEM, a microfinance institution (MFI) in the Dominican Republic, targeting microentrepreneurs as they adjust to the COVID-19 pandemic. The wholesale loan will allow ADOPEM to provide approximately 27,000 re
MICROCAPITAL BRIEF: Oikocredit Lending up to $8.6m Along Cocoa Value Chain in Côte d’Ivoire
Netherlands-based cooperative investor Oikocredit recently opened credit lines for entities involved in the cocoa industry in Côte d’Ivoire with ceilings of: EUR 3.5 million (USD 4.3 million) for Entreprise Coopérative Kimbe (Ecookim), a union of
SPECIAL REPORT: European Microfinance Week Closes, Looking to Future of Financial Inclusion: Wooing Regulators, Women Leveraging Loans by Factor of 5, Investor Collaboration, New Customers for MFIs
Claudio 
Gonzalez-Vega, a board member of Spain’s BBVA Microfinance Foundation, spoke of the huge impact of the COVID-19 pandemic at the closing plenary of European Microfinance Week, with life expectancy falling and an estimated 115 million people being pushed into extreme poverty. Despite the difficulties for microfinance institutions (MFIs), he said they may soon find a larger, very appropriate market for their services, given that many of these newly poor people have business experience. Dr Gonzalez-Vega argued that the “pandemic will make microfinance more important,” as – given MFIs’ “intimate knowledge of clients – the role of microfinance will be appreciated in a new light.”
Dina Pons of Belgium’s Incofin Investment Management agreed that microfinance clients have gotten
MICROCAPITAL BRIEF: Paraguay Borrows $15m from IDB, Seeking to Boost Productivity Among 8,500 MSMEs
The Inter-American Development Bank (IDB), whose membership comprises 48 nations, recently issued a 24-year loan of USD 15 million to the government of Paraguay with the goal of increasing the productivity of 8,500 micro-, small and medium-sized enterprises (MSMEs). Paraguay plans to use the funds for technology innovation and a national network of “productivity centers” providing
MICROCAPITAL BRIEF: Eco-Business Fund, IFC to Loan $40m to Banco Agromercantil (BAM) to Help MSMEs in Guatemala Manage COVID-19 Pandemic
The International Finance Corporation (IFC), a member of the World Bank Group, recently agreed to lend Banco Agromercantil (BAM), a subsidiary of Colombia-based Grupo Bancolombia, USD 20 million, thus mobilizing an equal amount from the Eco-Business Fund, which is domiciled in Luxembourg. BAM is to use the liquidity to support
MICROFINANCE PAPER WRAP-UP: “Digital Technology in Social Assistance Transfers for COVID-19 Relief: Lessons from Selected Cases;” by Alan Gelb, Anit Mukherjee; Published by Centre for Global Development
In this paper, the authors analyze the use of digital technology to implement government-to-person (G2P) social transfer programs in response to the COVID-19 pandemic in Brazil, Colombia, India, Namibia, Pakistan, South Africa and Togo. The analysis is organized around the following steps in the process:
MICROCAPITAL BRIEF: IFC Lending Banco Agricola $330m for Women, MSMEs, “Climate-smart” Investments, COVID-19 Relief in El Salvador
The International Finance Corporation (IFC), a member of the World Bank Group, recently issued a financing package of USD 330 million to Banco Agricola of El Salvador to support micro-, small and medium-sized enterprises (MSMEs), including those owned by women; housing for people with lower incomes; and “climate-smart” investments, including in buildings with lower environmental impacts. About 10 percent of the funding is
MICROCAPITAL BRIEF: US Development Finance Corporation (DFC) Approves $1b for Health, Food Security, Financial Services, Small Business
The government-backed US International Development Finance Corporation (DFC) recently approved the disbursal of a total of USD 1 billion to 12 projects in emerging markets in Africa, Latin America and the Indo-Pacific region that seek to strengthen health systems; food security; employment opportunities; technology; education; and access to financial services for underserved groups such as women and small and medium-sized enterprises (SMEs). Sixty percent of the funding is
MICROCAPITAL BRIEF: BBVA Microfinance Foundation (BBVAMF) Offers Repayment Flexibility, New Loans to Clients in 5 Countries in Latin America, Caribbean in Response to COVID-19 Pandemic
The nonprofit BBVA Microfinance Foundation, which was launched by the Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) in 2007, recently responded to the COVID-19 pandemic by offering clients of its six microfinance institutions (MFIs) grace periods of two to four months on outstanding loans, rescheduling of outstanding loans and additional funding. They can also access
MICROFINANCE PAPER WRAP-UP: “Her Home: Housing Finance for Women,” published by IFC
By Henriette Kolb et al, published by the International Finance Corporation (IFC), November 2019, 68 pages, available at https://www.ifc.org/wps/wcm/connect/industry_ext_content/ifc_external_corporate_site/financial+institutions/resources/her+home+-+housing+finance+for+women
The authors of this paper analysed the housing finance markets in Colombia, India and Kenya, identifying barriers that women face in accessing loans for purchases, construction and improvements of housing. The authors observed that the rate of
MICROCAPITAL BRIEF: IFC Lends $16m to BT Mic for MSEs in Romania, With a Focus on Female-owned Enterprises
The World Bank Group’s International Finance Corporation (IFC) recently loaned USD 16 million to BT Mic, a lender to small businesses that is controlled by Romania’s Transilvania Bank Group. The funding is intended to
MICROCAPITAL BRIEF: Wells Fargo, OPIC Commit $108m to Banco Pichincha for MSMEs Supporting, Controlled by Women in Ecuador
The Overseas Private Investment Corporation (OPIC), an agency of the US government that promotes economic partnerships in countries deemed important to US interests, recently committed to loan USD 100 million to Banco Pichincha of Ecuador for on-lending to micro-, small, and medium-sized enterprises (MSMEs) that are “owned by, led by, or support women.” Wells Fargo, a US-based financial services provider, also has committed USD 8.5 million to the project, which is expected to reach
MICROFINANCE EVENT: Foromic: Reinventing Inclusion; October 30 – November 1, 2019; Punta Cana, Dominican Republic
The 22nd edition of Foromic will focus on innovative digital solutions for Latin America and the Caribbean in the financial services, clean energy, agricultural technology (agtech), and water and sanitation sectors. Sample panel topics include: (1) Investing in
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $225m to Banco Agromercantil de Guatemala (BAM) to Expand Lending for Housing; Small, Medium-sized Enterprises (SMEs)
The International Finance Corporation (IFC), a member of the World Bank Group, recently disbursed a loan of USD 225 million to Banco Agromercantil de Guatemala (BAM), a subsidiary of Colombia-based Grupo Bancolombia. The loan is for on-lending by BAM for housing as well as
MICROCAPITAL BRIEF: Accion Venture Lab Exits from, Maj Invest Buys Equity in Microfinance Institution Aye of India
Accion Venture Lab, the “seed stage investment arm” of US-based NGO Accion, recently sold part of its stake in Aye Finance, an Indian non-banking financial company – microfinance institution (NBFC-MFI). Meanwhile, Maj Invest Group, a Danish asset management company, bought a stake in Aye Finance through its Financial
MICROCAPITAL BRIEF: Belize Credit Union League, IDB Partner on Green Microfinance as Part of Caribbean EcoMicro Program
The US-based multilateral Inter-American Development Bank (IDB) recently signed a four-year deal with the 11-member Belize Credit Union League (BCUL) to provide 380 farmers and fishermen with access to “climate-smart” technologies intended to increase food productivity and reduce greenhouse-gas emissions. The partners
MICROCAPITAL BRIEF: Banco Sudameris, OPIC, Citi Cooperate on $125m Loan Package for SMEs in Paraguay, Focusing on Women Entrepreneurs
As part of its 2X Women’s Initiative, the US government’s Overseas Private Investment Corporation (OPIC) has partnered with Colombia-based Banco Sudameris and US-based Citi to assemble USD 125 million for Banco Sudameris to lend to small and medium-sized enterprises (SMEs) in Paraguay. This includes USD 23.44 million