by the MicroCapital Team - Africa, Deals, Eastern Europe and Central Asia, Investment Funds, Key Players, Latin America & Caribbean -

ResponsAbility Global Microfinance Fund Makes Microfinance Investments Totaling $4.7 Million into Multiple Microfinance Institutions

Recently, the ResponsAbility Global Microfinance Fund invested: $2 million into ProCredit Georgia, $1.5 million into Ecuadorian Banco Solidario, $500,000 into FINCA Georgia, $500,000 into Sinapi ABA Trust in Ghana, and $200,000 into Fondo de Desarrollo in Nicaragua. (Last week we also reported on another investment by ResponsAbility; please refer to the blog dated October 28, 2005 for more information on the fund).

ProCredit Georgia is one of the 19 microbanks—all in different countries—that make up the ProCredit Group. Established in 1999 to provide financial services to micro and small businesses, ProCredit Georgia has since then disbursed close to 38,500 loans totaling $185 million, and currently has total assets of $122.992 million as of June 2005.

Banco Solidario Ecuador, established in 1995, provides financial services to rural and urban microentrepreneurs and small businesses. At the end of 2004, Banco Solidario had a gross loan portfolio of over $177 million and total assets close to $260 million.

FINCA Georgia began microfinance operations in 1998 as a member of the international microfinance network FINCA International. FINCA Georgia has total outstanding loans of $5.37 million for almost 10,000 clients in village banking programs.

The Sinapi ABA Trust (SAT) in Ghana is a Christian non-government organization (NGO) established in 1994. The organization provides individual and group loans to rural and urban microentrepreneurs. At the end of 2003, SAT had an outstanding loan portfolio of $3.26 million for 41,800 clients and operates 14 branches in Ghana.

Nicaragua’s Fondo de Desarrollo (FDL) was established in 1992 as a non-profit organization providing loans to rural and urban microentrepreneurs. At the end of 2004, FDL had a gross loan portfolio of $19.5 million and total assets of $24.3 million.

Additional Resources

1) Consultative Group to Assist the Poor (CGAP): “Microfinance Capital Markets Update” is the best source for monthly updates on debt and equity deals in microfinance.
2) MicroCapital Blog: “FINCA Kyrgyzstan Receives $500,000 Microfinance Investment from Swiss ResponsAbility Fund.”
3) “ResponsAbility: Welcome to ResponsAbility.”
4) “ProCredit Holding: ProCredit Institutions.”
5) “ProCredit Bank History.”
6) “Balance Sheet (June 2005).”
7) MIX Market: “Banco Solidario: General Information.”
8) “Sinapi ABA Trust.”
9) MIX Market: “FDL: General Information.”
10) MIX Market: “FDL: Financial Data.”
11) “FINCA International: Where We Work.”
12) MicroCapital Blog: “Microfinance Networks (wholesale transnational): Defined and Listed.”

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