At the request of a local self-help group, the Japanese Government gave USD 84,000 through its embassy in Thailand for a microcredit initiative on the border of Thailand and Burma. The Government of Japan is extending THB 2.97 million (USD 84,000) to the Grassroots Human Security Projects scheme (GGP), a part of Japan’s Official Development Assistance (ODA) agency since 1989, under the “Micro Credit for Low Income Families on the Thai-Burmese Border” project. The Kyoji Komachi, the Ambassador of Japan to the Kingdom of Thailand, and Sakda Netek, Director of the Kwai River Christian Hospital Staff Self-Help Group, signed a contract on March 12, 2009 at the Embassy of Japan. Continue Reading »

The CEO of Equity Bank, Dr. James Mwangi, announced that in two months, the bank intends to cross-list on the Uganda Securities Exchange (USE). In April of 2008, Equity Bank bought 100% stake in Uganda Microfinance Limited, therefore forming Equity Bank Uganda. For more details on this acquisition, please read this Microcapital article. The bank has already lodged its application with the USE and the Capital Markets Authority, Kenya’s market regulator. Continue Reading »

Globe, a leading telecommunications company in the Philippines, plans to introduce a mobile microfinance banking facility in partnership with Bank of the Philippines Islands (BPI) and Ayala Corporation, a large holding company in the Philippines. This will be the Globe’s first foray into microfinance. Chairman Jaime Augusto Zobel de Ayala announced the mobile microfinance banking facility at Globe’s annual stockholders meeting as part of the company’s plan to remain focused on its core business while creating new sources of growth by tapping into adjacent sectors that allow it to leverage off the company’s resources. Continue Reading »

Boulder Microfinance Training Program

July 20, 2009 to Aug. 7, 2009, Turin, Italy Continue Reading »

RURAL MICROFINANCE: STRATEGIES FOR REACHING THE UNDERSERVED

JUNE 17- 18, 2009, MEXICO CITY, MEXICO Continue Reading »

SIXTH EUROPEAN MICROFINANCE NETWORK ANNUAL CONFERENCE

JUNE 4-5, 2009, MILAN, ITALY Continue Reading »

Rizal Commercial Banking Corporation (RCBC) plans to infuse a total of PHP 375 million (USD 7.8 million) into JP Laurel Rural Bank Corporation over three years starting in 2009 through a shareholder advance facility, thus buying 99% of the rural bank. RCBC has set a date of February 13, 2009 for the first installment of PHP 125 million (USD 2.6 million). Existing shareholders will end up owning just 1% of the rural bank once the RCBC acquisition is completed. No information is available as to the terms of the sale. The acquisition is still pending approval by the Monetary Board of Bangko Sentral ng Pilipinas (BSP), the Central Bank of the Philippines. Continue Reading »

ANNUAL MICROFINANCE SYMPOSIUM- FROM INFORMATION TO INNOVATION: HARNESSING SOCIAL DATA TO EMPOWER CHANGE

APRIL17, 2009, WASHINGTON, DC Continue Reading »

The International Finance Corporation (IFC), a member of the World Bank Group, plans to lend USD 450 million to Peru, Colombia, and Ecuador over a 12-month period through to June 2009; however, in light of the global financial crisis that that amount may increase. The IFC is also increasing its support of microfinance institutions (MFIs) because they have been deemed an efficient way to lift people from poverty. Continue Reading »

The Microfinance Information Exchange (MIX), the microfinance information clearinghouse, has sent a questionnaire to over 1,300 microfinance institutions (MFIs) throughout Asia, Eastern Europe, Africa and Latin America in an attempt to develop a standardized measurement of social performance. Designed to evaluate social performance, the survey consists of 22 core indicators covering topics such as client poverty level, progress out of poverty, product design, and institutional policies and procedures. Continue Reading »

The Inter-American Development Bank (IDB), a Latin America focused microfinance institution (MFI), and Corporación Financiera de Desarrollo (Cofide), a government-run development bank created in 1992, have developed a financing facility, which would allow Peruvian MFIs to support the country’s low-income housing market. Peru’s low-income housing deficit currently stands between 1.7 million and 2.1 million units. Both IDB and Cofide have allocated USD 10 million to supporting the program, which could potentially help six to ten micro-lenders and finance thousands of home loans. Continue Reading »

In Nigeria, the Anambra State Government has initiated moves to prosecute farmers who have defaulted in the repayment of microcredit loans given to them by the government. In 2008, the Anambra State Government had given NGN 150 million (USD 1 million) worth of loans to some 2,339 farmers in the form of revolving loans. According to the Anambra State Government, a number of the farmers are refusing to repay the loans. Continue Reading »

Nguon Sovan and George Mcleod, writers for Cambodian newspaper The Phnom Penh Post, reported in March 2009 that although the microfinance institutions (MFIs) have so far avoided the worst of the current economic recession, they are expecting slower growth rates and higher interest rates as the global credit crunch hits foreign lenders who have been a key source of funding in the past. This is a new perspective on the Cambodian microfinance market, as in February 2009, The Phnom Penh Post published a far more optimistic article stating that although the growth of the microfinance sector this year would be at a slower pace than previous years, the industry is still stable and expected to grow at double-digit rates. For more on The Phnom Penh Post’s February 2009 article, please read this MicroCapital article. Continue Reading »

Nigerian president Umaru Musa Yar’Adua has approved that the construction of a NGN 200 billion (USD 1.35 billion) agricultural fund to be disbursed to commercial farmers in Kano at an interest rate of nine percent through commercial banks. The Central Bank of Nigeria (CBN) is responsible for overseeing and creating guidelines for the distribution of the fund. For more on the CBN, please read this MicroCapital article. CBN will also collaborate with the Federal Ministry of Agriculture and Water Resources to monitor the fund’s implementation. Continue Reading »

Source: Inter-American Development Bank.

Continue Reading »

A microcredit program called Danone Microcredit Foundation has been started in Beijing in order to give small loans to families affected by the 2008 Sichuan earthquake. The project is a collaboration between three parties, the State Council Leading Group Office of Poverty Alleviation and Development of China (CPAD), a government office tasked with organizing research, drafting policies and programs to solve major issues in China’s developing areas, Grameen Trust, a sister organization of Grameen Bank, and Danone Group, a global food conglomerate. Six cities and counties were chosen as trial areas for the program, including cities of Mianzhu and Shifang, which were hugely affected by the earthquake, and as of 2008, the program gave over 100 families their first loans. Continue Reading »

International Finance Corporation (IFC) acquired a 16.5% stake in Peruvian life insurer Protecta, a microinsurance company. In February 2009, Protecta sold 3.17 million new shares to IFC at one sol each for a total of PEN 3.17 million (USD $1million). IFC stated in its official press release that the deal was made in order to help expand Protecta’s capital base and extend its insurance services to lower-income households and smaller businesses. Continue Reading »

GLOBAL MICROFINANCE INVESTMENT CONGRESS

MAY 19-20, 2009, NEW YORK, NEW YORK

Global Microfinance Investment Congress 2009 is being co-hosted by PlaNet Finance Group and American Conference Institute. The conference consists of workshops, case studies, and panels focused on the latest strategies for success in microfinance investing. Continue Reading »