The Ghanaian Government recently loaned GHS 300,000 (USD 303,797) via its Micro-finance and Small Loans Centre (MASLOC). The GHS 300,000 was divided into loans of between GHS 2,500 (USD 2,532) and GHS 3,000 (USD 3,038), to be distributed to 164 groups of the Upper West Region of Ghana. The loans were given to groups throughout each district of the region. The government aims at providing for both small business and farming activities of 2,270 individuals. Continue Reading »

Ecobank, an African regional banking group, is currently in the process of closing a deal in Kenya to acquire a 75 percent interest in Kenya’s East African Building Society (EABS) bank. In order to close the deal, and begin transactions, Ecobank must wait for official legalization. The deal’s value is estimated to total the equivalent of USD 19.3 million. Continue Reading »

Scotiabank Peru recently announced that it will take 100 percent interest in Banco del Trabajo, a Peruvian unit of Grupo Altas Cumbres, a Chilean financial group that offers financial services throughout Latin America. Previously the third largest bank in Peru, Scotiabank will become the “number one” bank in consumer finance. As the “number two” bank for micro-lending in Peru, Scotiabank aims to use this acquisition to expand its micro-enterprise and consumer finance services. The agreement will also allow Scotiabank Peru to participate in co-branding with Jockey Plaza, another asset of Grupo Altas Cumbres and the countries largest mall. Continue Reading »

Austin-based Whole Planet Foundation and Silverton Foundation recently announced a collaborative commitment of USD 600,000 to microfinance institution (MFI) Moris Rasik of Timor-Leste for rural micro-lending projects. The Democratic Republic of Timor-Leste (East Timor) is the poorest country in Asia. The funding for Moris Rasik will be augmented by an additional USD 400,000 from Triodos Bank of the Netherlands. Continue Reading »

Through the equivalent of USD 604,473 in grants, Toronto-based MasterCard Foundation recently initiated the Scholars Program to provide 200 scholarships for microfinance leaders in developing countries. The Foundation aims to increase access to management and professional development courses via six institutes: the Boulder Institute of Microfinance, the Frankfurt School of Finance and Management, the HBS-ACCION Program for Strategic Leadership in Microfinance, the Microfinance Centre, the Microfinance Management Institute and the School of Applied Microfinance. Each organization will receive a grant of the equivalent of USD 100,740. Continue Reading »

President Gloria Macapagal-Arroyo of the Philippines recently signed Republic Act (RA) 9501, an amendment to RA 6977, the “Magna Carta for Small and Medium Enterprises” (SMEs) into law. The amendment was necessitated by the fact that the original “Magna Carta” signed in 1991, did not distinguish micro-enterprises and that its provision (section 13) for all private and public lending institutions to help finance SMEs expired in 2007. Continue Reading »

Citi Handlowy, a Warsaw-based bank and member of international financial conglomerate Citigroup, has begun offering the “CitiBusiness for Start-Ups” (CitiBusiness na Start) package with the aim to provide stable financing for CitiBusiness microentrepreneurs. The small and medium-sized enterprises (SMEs) that comprise CitiBusiness customers are marked by annual sales less than the equivalent of USD 3.7 million. To qualify for “CitiBusiness na Start” the company may not have been on the market for more than a year. Continue Reading »

In its Microfinance Capital Markets Update, CGAP (Consultative Group to Assist the Poor) reports that responsAbility Mikrofinanz-Fonds fund recently made investments totaling USD 2.7 million in four microfinance institutions (MFIs). In the Europe and Central Asia Region, Mikrofinanz-Fonds invested USD 300,000 in MicroInvest of Tajikistan and USD 1.5 million in AgroInvest of Serbia and Montenegro. In the Latin America and Caribbean Region, USD 500,000 was invested in Prestanic of Nicaragua and USD 400,000 in Peruvian MFI Fondesurco. Continue Reading »

The Inter-American Development Bank (IDB) recently approved two loans worth a total of USD 75 million to Banco Pichincha of Ecuador. The IDB cites that the loan will be directed towards expanding housing finance and lending to micro, small and medium enterprises. Continue Reading »

In its Microfinance Capital Markets Update, CGAP (Consultative Group to Assist the Poor) reports that responsAbility Global Microfinance Fund has recently made investments in microfinance institutions (MFIs) in Peru and Cambodia. Two Peruvian institutions EDPYME Confianza and EDPYME Alternativa received USD 1 million and USD 1.2 million respectively. Cambodian institutions Hattha Kaksekar Limited (HKL) and Cambodia Rural Economic Development Initiatives for Transformation (CREDIT) each received USD 1 million. Continue Reading »

In its Microfinance Capital Markets Update, CGAP (Consultative Group to Assist the Poor) reports that Calvert Social Investment Foundation invested USD 1.6 million in three microfinance organizations. Calvert invested USD 400,000 in Banco Solidario, USD 500,000 in Unitus and USD 650,000 in Pro Mujer. CGAP reports that in transacting with Pro Mujer, Calvert made two separate investments, one totaling USD 150,000, directed “worldwide”, the other totaling USD 500,000 directed towards Latin America and the Caribbean. Continue Reading »