The Overseas Private Investment Corporation, a self-sustaining agency of the US government, recently agreed to lend USD 20 million to the WaterCredit Investment Fund 3, which will invest in microfinance institutions (MFIs) and other organizations that facilitate the deployment of safe water and sanitation systems. The goal of the fund is to raise USD 50 million to reach 4.6 million people in South and Southeast Asia over
The Sanad Technical Assistance Facility, an affiliate of the Sanad Fund for MSME (Micro-, Small and Medium-sized Enterprises) that supports lenders to
C-Quadrat Asset Management, an arm of Austrian fund manager C-Quadrat, recently informed MicroCapital that its Dual Return Vision Microfinance funds lent a total approximately equivalent to USD 10 million to unidentified microfinance institutions (MFIs) in Guatemala, India, Kazakhstan, Nicaragua and
MicroCapital: The Mastercard Foundation is organizing a session at SAM (Semaine Africaine de la Microfinance) on “Envisioning agriculture as a business for youth in Africa.” What tools do youth need to be successful in agriculture?
Ann Miles: Learning and training is critical for youth to succeed in whatever they undertake, so we offer scholarships for talented but underprivileged youth to obtain secondary and university education. Once they graduate, we assist young people in finding work in agriculture; accessing finance or training for entrepreneurship; or developing the “soft skills” necessary to succeed in any job, such as networking, communication, or demonstrating reliability and resourcefulness.
Studies consistently have shown that
An arm of Austrian fund manager C-Quadrat, C-Quadrat Asset Management, recently informed MicroCapital that its Dual Return Vision Microfinance and Dual Return Vision Microfinance-Local Currency funds lent a total approximately equivalent to USD 12.5 million to unidentified microfinance institutions (MFIs) in four Latin American countries – Bolivia, El Salvador, Guatemala and Peru – as well as
Three Canadian NGOs, World Vision Canada, a unit of US-based Christian NGO World Vision; Développement international Desjardins (DID), a provider of access to financial services and financial education; and Enablis Canada, a consultant to small and medium enterprises (SMEs), recently collaborated to launch
Event Name: Third African International Conference on Islamic Finance
Event Location: Transcorp Hilton Abuja; Abuja, Nigeria
Summary of Event: This conference aims to highlight the ethics and impact of Islamic finance, primarily in West Africa. The agenda topics include ethical investment; regulations; financial technology; the alignment between Islamic finance and United Nations Sustainable Development Goals; and Islamic capital markets, including sukuk (bond) markets. One of the major ways that Islamic lending differs from mainstream loans is the use of mechanisms such as the sharing of profit and loss in lieu of conventional interest payments.
The Alliance for Microfinance in Myanmar, a Mandalay-based microfinance institution, recently received equity investments totaling USD 5 million from
The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral development institution, is considering
The Ghana Association of Microfinance Companies (GAMC) , an “umbrella” organization with 708 members, recently opened talks with the Bank of Ghana (BoG), the nation’s central bank, arguing for the loosening of regulations for
Intesa Sanpaolo Bank Albania, a subsidiary of Italy-based Intesa Sanpaolo, recently partnered with the Albania Agribusiness Support Facility (AASF), a funding vehicle established by
Myanmar’s Internet Wallet Limited reportedly has received a mobile financial services license from the Central Bank of Myanmar to cover the operations of its subsidiary, OK Dollar,
MicroCapital: What is your perspective on the theme of SAM (Semaine Africaine de la Microfinance) this year, “Creating Value for SMEs: A New Frontier for Inclusive Finance”?
Saleh Usman Gashua: Small and medium-sized enterprises (SMEs) in Africa are facing numerous challenges, especially in accessing finance. SMEs, particularly those in the “missing middle,” comprise a segment whose growth and development will go a long way in generating jobs for young Africans. With 11 million youth entering Africa’s labour market each year, we cannot ignore SMEs. Microfinance institutions (MFIs) and other organizations serving these enterprises therefore have a major role to play in the future of Africa. I hope this edition of SAM will generate a range of concrete solutions for this segment.
MC: Your organization, the African Rural & Agricultural Credit Association (AFRACA), is one of several networks that collaborated to create SAM.
SUG: Organizing a forum of this magnitude is by no means an easy task! Given the experience of AFRACA organizing similar forums in the past, we know that a partnership approach is necessary. The coordination process so far has been seamless, with the lead institution, ADA, facilitating
VisionFund Myanmar, a microfinance institution serving rural Myanmar, recently received a two-year loan of USD 4 million from
ResponsAbility Investments, a Swiss for-profit investor in developing countries, recently informed MicroCapital that it has disbursed a five-year loan of
Moeda, a cooperative funded by Brazil-based Cresol, Green Cross Brazil and Unicafes, recently announced the launch
Bharat Sanchar Nigam Limited (BSNL), a telecommunications company owned by the government of India, and Indian “mobile wallet platform provider” Mobikwik recently announced a
Event Name: Seventh Global Islamic Microfinance Forum: “Evidence of Impact – Financial Inclusion”
Event Dates: Conference: November 24 – November 25, 2017; Post-conference workshop: November 27 – November 28, 2017
Event Location: Istanbul Lütfi K?rdar International Convention and Exhibition Center; Istanbul, Turkey
Summary of Event: The primary objective of this event is to “create awareness of Islamic microfinance for the benefit of humankind.” Islamic microfinance consists of services conducted according to Shariah law, which includes a prohibition on charging interest in favor of concepts such as the sharing of profit and loss. The event will feature approximately 40 speakers from 30 countries covering topics including: the potential of Islamic microfinance; funding challenges faced by Islamic microfinance institutions (MFIs); the “Qarz-e-Hasan” model of Islamic microfinance; and “Micro Takaful, Waqf and Zakat – Supportive elements for Islamic microfinance.” AlHuda will also host a two day post-conference workshop called “Islamic Agriculture and Rural Finance.”