Source: Daily News Egypt

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The Inter-American Development Bank (IDB) has approved a USD 1 billion loan to the Brazilian Development Bank (BNDES), the country’s federal public bank for development. The 20 year loan will go towards financing long-term credit to microenterprises and small and medium-size businesses . It is the third loan of the same size by the IDB made from a USD 3 billion conditional credit line launched in 2004 for BNDES. Continue Reading »

Pro Mujer, an international microfinance organization serving women in Latin America will hold its 2008 benefit celebration in New York City on October 30th. The event will celebrate Pro Mujer’s 18 years of operation and over one million women served. Continue Reading »

The Overseas Private Investment Corporation (OPIC), a United States federal agency, has announced a USD 350 million financing plan towards private equity investments in Latin America. The plan was approved by OPIC’s Board of Directors to finance three approved new funds in order to provide capital across several economic sectors, including microfinance. The private equity funds are the Greylock Latin America Opportunity Fund, the Latin Power and Infrastructure IV Fund, and the Altra Private Equity IV Fund (APEF). The investment will allow these funds to achieve a combined capitalization of USD 1.45 billion. Continue Reading »

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MICROFINANCE EVENT

NOVEMBER 12 – 14 2008, ABBAYE NEUMÜNSTER, LUXEMBOURG

The European Microfinance Platform (eMFP), a microfinance information exchange network for European financial institutions, government agencies, NGOs, consultancy firms, researchers and universities with interests in developing countries, will host its third annual Microfinance Week. The theme this year is “Frontier Issues in Microfinance – Opportunities and Challenges for European Actors” and will focus on working group sessions for participants on Rural Outreach, Social Performance and MFI Networks, among other matters. Continue Reading »

MICROFINANCE INDIA SUMMIT 2008

NOVEMBER 11 -13 2008, HOTEL ASHOK, NEW DELHI

The fifth annual Microfinance India Summit is organized by ACCESS Development Services and will feature “The Poor First” as its central theme. Issues discussed will pertain to the quality of products and services provided to the poor, client protection, community based models and the challenges of inclusive finance. Continue Reading »

Unitus Equity Fund L.P., a Seattle-based private equity investment firm announced a funding of Rs 22 Crores (USD 4.52 million) to Madura Micro Finance Limited (MMFL) an Indian microfinance institution. Madura is a non-banking finance company servicing India’s rural poor population. It has credit networks throughout the 182 branches within the rural Tamil Nadue province, and mostly works in association with large commercial banks as sources of credit. Continue Reading »

MICROINSURANCE CONFERENCE 2008

NOVEMBER 5^th – 7^th 2008, CONVENTION CENTER IN CARTAGENA, COLOMBIA

This event is the fourth international Microinsurance Conference jointly hosted by the CGAP Working Group on Microinsurance and the Munich Re Foundation. It will focus on the four themes of technology, capacity building, regulatory and policy issues, and innovative products and distribution channels. The conference will have plenary panel discussions on key topics addressing an interdisciplinary audience and will have in attendance over 300 experts in key areas relevant to microfinance.

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The Inter-American Development Bank (IDB), Corporación Andina de Fomento (CAF), a Latin American multilateral institution, and the Economist Intelligence Unit (EIU), a specialized information service, have partnered together to report on the conditions of microfinance within Latin America and the Caribbean. The report highlights the results of the EIU-developed Microscope index – a tally of weighted factors relevant to the industry, and was presented at the Microenterprise Forum held in Paraguay this past month. Continue Reading »

The Lagos Chamber of Commerce and Industry organized a seminar on private sector partnerships titled “Fostering the World Bank and SMEs Partnership in Nigeria to Enhance Economic Growth.” Ismail Radwan, Senior Economist of World Bank Africa spoke at the event and disclosed that worldwide small and medium enterprises have been projected to grow as a sector to USD 250 billion from its present size of USD 17 billion within ten years, further adding that the findings reflect a vast untapped market not only for SMEs, but for microfinance institutions as well. He cited that the potential for microfinance in Africa and Nigeria remains largely unexploited. Continue Reading »

Barclays bank has announced a three year, USD 20 million funding plan to support microfinance programs in ten countries across Africa, Asia and Latin America. The program will include the expansion of existing community-based financial services, as well as the introduction of new microfinance programs in collaboration with CARE International, Plan International and Accenture consultancy firm. Continue Reading »

The Community Development Authority of Dubai (CDA) and the PlaNet Finance Group have held talks on collaborative opportunities within Dubai’s microfinance sector. Established as a government entity in July 2008, the CDA is responsible for the social development frameworks within Dubai. Its goals are to complete the objectives of Dubai’s Strategic Plan of 2015 which was unveiled in February of the same year. The Strategic Plan is expected to generate an annual GDP growth of 11 percent to Dh396.36 billion (USD 108 billion) by 2015 from the country’s current  GDP of Dh137.25 billion (USD 37.4 billion). Continue Reading »

Fondo Para el Desarrollo, Inc. (FONDESA), a microfinance institution operating in the Dominican Republic, has signed a partnership agreement with the Cisneros Foundation, a Venezuelan private philanthropic institution. The agreement will center on the Dominican town of Miches, which is primarily dependent on tourism as its main revenue source. The strategic alliance between the two groups will present a cooperative approach to further the areas of education and microfinance in the town. Continue Reading »

The European Bank for Reconstruction & Development (EBRD) held a conference in Azerbaijan in September focusing on the progress of its microfinance initiatives within the country to date. The event hosted international investors as well as government officials and entrepreneurs in the SME and microenterprise sectors within Azerbaijan. Continue Reading »

Fina Bank, a Kenyan-based commercial firm will be expanding its branches into Uganda starting October 2008. This decision by the bank comes as part of a larger regional expansion which began when they first ventured outside of Kenya into Rwanda in 2004. Since then Fina Bank has expanded upon this strategy and plans to open five branches within Uganda within five months. It is also on a domestic expansion, as 12 new branches will be opened in Kenya by the end of 2008. Branches in Rwanda will be renovated and placed in areas where more microenterprises have been established. Continue Reading »

Financiera Independencia, a microfinance lending firm based in Mexico, has appointed Didier Mena Campos as its new Chief Financial Officer (CFO). Mr. Mena Campos’ previous experience includes seven years at Credit Suisse Mexico, an expansive branch of the multiservice bank which holds USD 355.5 million total assets in the country. As Managing Director, he was co-responsible of investment banking in Central America and parts of Mexico, as well as strategic partnerships and mergers among larger financial institutions such as HSBC and GE Money. Continue Reading »

Dr Shamshad Akhtar, Governor of the State Bank of Pakistan (SBP) has announced an increase in the credit disbursement target for the country’s agricultural sector to Rs250 billion; up from Rs200 billion in the 2007- 08 year. Pakistan’s agricultural sector has been experiencing a high volume of growth, and as such is seeing an increased demand for credit. This past year banks surpassed the 2007 -08 credit target of Rs200 billion by Rs12 billion. This higher demand for credit is also characterized by an increased diversity in the funds. The non-farm sector of agriculture made up 25 percent of credit disbursements in 2008 and credit to less developed rural provinces has also been growing during the past couple of years. Continue Reading »