ResponsAbility Social Investments, a Swiss investment company, recently issued loans totaling USD 6.3 million to microfinance institutions (MFIs) in Peru and Bolivia. ResponsAbility Global Microfinance Fund (rAGMF), a microfinance investment fund (MIV) that invests in MFIs and other MIVs, made a local-currency debt investment equivalent to USD 4.4 million in Financiera Creditos Arequipa (Financiera Crear), a Peruvian MFI. Two other investments were made through responsAbility SICAV Mikrofinanz-Fonds (rAMF), another MIV managed by responsAbility Social Investments. rAMF loaned the local-currency equivalent of USD 1.4 million to Financiera Crear and USD 500,000 to Ecofuturo, a Bolivian MFI.
As of the end of 2011, Financiera Crear reported to the US-based, nonprofit Microfinance Information Exchange (MIX) total assets of USD 203 million, a gross loan portfolio of USD 178 million, return on assets (ROA) of 4.71 percent, return on equity (ROE) of 33.5 percent, total deposits of USD 21.2 million and 106,000 borrowers. For the same year Ecofuturo reported total assets of USD 165 million, ROA of 2.95 percent, ROE of 29.42 percent, total deposits of USD 110 million and a gross loan portfolio of USD 146 million disbursed to approximately 46,000 borrowers.
As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. rAGMF reported to MIX assets of USD 532 million, and Mikrofinanz-Fonds reported assets of USD 141 million for the same year.
By Charlotte Newman, Research Associate
About Financiera Creditos Arequipa
Financiera Creditos Arequipa SA (Financiera Crear) is a Peruvian microfinance institution that was founded in 1998 by the NGO “Habitat Arequipa Siglo XXI”. As of the end of 2011, Financiera Crear reported to the US-based, nonprofit Microfinance Information Exchange (MIX) total assets of USD 203 million, a gross loan portfolio of USD 178 million, return on assets of 4.71 percent, return on equity of 33.5 percent, total deposits of USD 21.2 million and 106,000 borrowers. In 2011, Banco Compartamos of Mexico purchased a majority stake in Financiera Crear.
About EcoFuturo
Ecofuturo is a regulated Bolivian microfinance institution whose mission is to be a competitive, efficient, innovative and sustainable financial entity that supports the development of micro- and small enterprises in urban and rural areas. Ecofuturo was created by a group of financial NGOs (ANED, FADES, IDEPRO, UNITAS), together with a group of businessmen with the help of the Swiss government. In 2011, Ecofuturo reported to the US nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 165 million, return on assets of 2.95 percent, return on equity of 29.42 percent, total deposits of USD 110 million and a gross loan portfolio of USD 146 million disbursed to approximately 46,000 borrowers.
About responsAbility Social Investments
Founded in 2003, responsAbility Social Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.
About responsAbility Global Microfinance Fund
The responsAbility Global Microfinance Fund (rAGMF) is a microfinance investment vehicle (MIV) managed by responsAbility Social Investments that invests in microfinance institutions (MFIs) and other MIVs, mostly through short- to medium-term debt securities. rAGMF also invests up to 10 percent of its assets in the equity of MFIs. As of 2012, the fund holds a label from the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 532 million in 2011.
About responsAbility Mikrofinanz-Fonds
Mikrofinanz-Fonds is a microfinance investment vehicle (MIV) that was launched in 2007, is managed by responsAbility Social Investments AG of Switzerland and is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf. It invests in short- to medium-term income-bearing debt securities of microfinance institutions (MFIs). As of 2012, the fund holds a label from the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. Mikrofinanz-Fonds reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 141 million in 2011.
Sources and Additional Resources:
Data submitted by responsAbility to MicroCapital.
MicroCapital.org story, June 22, 2012, “MICROCAPITAL BRIEF: Indian Microfinance Institution Grameen Koota Raises $5m from responsAbility through Nonconvertible Debentures,” https://www.microcapital.org/microcapital-brief-indian-microfinance-institution-grameen-koota-raises-5m-from-responsability-through-nonconvertible-debentures/
MicroCapital.org story, June 16, 2012, “MICROCAPITAL BRIEF: responsAbility Loans $3.3m to Microfinance Institutions D-Miro of Ecuador, Fielco of Paraguay, Nueva Vision of Peru,” https://www.microcapital.org/microcapital-brief-responsability-loans-3-3m-to-microfinance-institutions-d-miro-of-ecuador-fielco-of-paraguay-nueva-vision-of-peru/
MicroCapital Universe Profile: responsAbility Social Investments
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital Universe Profile: responsAbility Global Microfinance Fund
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29
MicroCapital Universe Profile: responsAbility Mikrofinanz-Fonds
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds
MicroCapital Universe Profile: Financiera Creditos Arequipa
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Financiera+Creditos+Arequipa+SA+%28Financiera+Crear%29
MicroCapital Universe Profile: Ecofuturo
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=EcoFuturo
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