While existing investors including Lok Capital, India Financial Inclusion Fund, Sequoia Capital, Mauritius Unitus Corporation and Elevar Equity have participated in this round of funding, the majority of the new funds came from two institutions that are investing in Ujjivan for the first time: INR 326 million (USD 6.37 million) from the Netherlands Development Finance Company (FMO in Dutch) and INR 400 million (USD 7.82 million) from Wolfensohn Capital Partners (WCP) Mauritius Holdings III. FMO, a public-private development bank, supports financial institutions and countries through “loans, participations, guarantees and other investment promotion activities.” WCP Maurituis Holdings III is an affiliate of Wolfensohn Capital Partners, a US-based private investment fund that specializes in growth equity investments in emerging markets.

Sanjiv Kapur, managing director of Wolfensohn India Advisors, said, “This is the first investment for Wolfensohn in the Indian microfinance sector, endorsing our faith in the sector and in Ujjivan’s financial inclusion model.”

Mohit Bhatnagar, managing director of Sequoia Capital, Ujjivan’s largest stakeholder, said, “India continues to be a preferred investment destination for [foreign institutional investors,] and it is heartening to see that fundamentally strong organisations in the microfinance sector are a key focus.”

As of September 30, 2011, Ujjivan reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 129 million, a gross loan portfolio of USD 121 million, return on assets (ROA) of -1.86 percent and 744,000 active borrowers.

By Kristha Abores, Research Associate

About Ujjivan Financial Services:

Ujjivan Financial Services is a microfinance institution (MFI) based in Bangalore, India, that offers loans and insurance products. It was founded in 2004 and focuses on low-income women in urban and semi-urban areas. Its products include business loans, educational loans, emergency loans and life insurance. As of September 30, 2011, Ujjivan reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 129 million, a gross loan portfolio of USD 121 million, return on assets (ROA) of -1.86 percent and 744,000 active borrowers.

About Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden N.V. (Netherlands Development Finance Company, FMO):

The Netherlands Development Finance Company (FMO in Dutch) is a public-private development bank which supports financial institutions and countries through “loans, participations, guarantees and other investment promotion activities.” It was founded in 1970 by the “Dutch government, private sector, employers and employee organizations.” It has access to government funds and therefore can take higher risks with its investments including long-term finance. It also specializes in local-currency finance. In 2010, FMO distributed approximately EUR 2.5 million (USD 3.3 million) in loans.

About Wolfensohn Capital Partners:

Wolfensohn Capital Partners is a New York-based private investment fund that specializes in growth equity investments in emerging markets. Founded in 2005 by James D Wolfensohn, who served as president of the World Bank from 1995 to 2005, it seeks to provide financial returns to its clients while supporting sustainability and poverty alleviation. Financial information on the organization is not available.

Sources and Additional Resources:

[1] “Ujjivan raises Rs.127.9 Crores (USD 25.5 Mn.) equity ,” http://www.ujjivan.com/news_ujjivan_raises_127_crores_equity.htm

MicroCapital.org article, September 16, 2011, “MICROCAPITAL BRIEF: Indian Microfinance Institution (MFI) Ujjivan Looking to Raise $138m from Private, Public Sector Banks,” http://www.microcapital.org/microcapital-brief-indian-microfinance-institution-mfi-ujjivan-looking-to-raise-138m-from-private-public-sector-banks/

MicroCapital.org article, January 10, 2011, “MICROCAPITAL BRIEF: Ujjivan Financial Services Raises $8.8m of Debt Capital Through Non-Convertible Debenture (NCD) Issuance to Developing World Market’s Member Company DWM (Cyprus) Limited,” http://www.microcapital.org/microcapital-brief-ujjivan-financial-service…

MicroCapital Universe Profile: Ujjivan Financial Services, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ujj…

MicroCapital Universe Profile: Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden N.V. (Netherlands Development Finance Company, FMO), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Nederlandse+Financierings-Maatschappijvoor+Ontwikkelingslanden+N.V.+%28Netherlands+Development+Finance+Company%2C+FMO%29…

MicroCapital Universe Profile: Wolfensohn Capital Partners (WCP), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Wolfensohn+Capital+Partners

MicroCapital Universe Profile: Lok Capital LLC, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Lok+Capital+LLC…

MicroCapital Universe Profile: The India Financial Inclusion Fund (IFIF), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=India+Financial+Inclusion+Fund+%28IFIF%29…

MicroCapital Universe Profile: Sequoia Capital, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Seq…

MicroCapital Universe Profile: Unitus Equity Fund I, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Uni…

MicroCapital Universe Profile: Elevar Equity Advisors, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ele…

MicroCapital Universe Profile: Reserve Bank of India, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Reserve+Bank+of+India+%28RBI%29…

Browse the MicroCapital Universe and add your entry to the wiki at: http://www.microcapital.org/microfinanceuniverse/

TPC was launched in 1994 in Cambodia as part of the Small Enterprise Development program of US-based nonprofit organization Catholic Relief Services (CRS). In 2002, the initiative was incorporated as a limited liability company and given the name Thaneakea Phum (Cambodia) Limited. In 2003, TPC received its license from the National Bank of Cambodia to operate officially as a microfinance institution. As of December 2010, TPC reported to US-based data provider Microfinance Information Exchange (MIX) return on assets (ROA) of 2.78 percent and return on equity (ROE) of 14.7 percent. As of September 30, 2011, it reported to MIX a gross loan portfolio of USD 29.2 million and 91,033 active borrowers.

By Kristha Abores, Research Associate

About United States Agency for International Development (USAID): The United States Agency for International Development (USAID) is a government agency that provides international economic and humanitarian assistance. It focuses on areas such as economic growth, agriculture, trade, health, democracy, conflict prevention and humanitarian assistance. Under the Development Credit Authority (DCA), it provides credit guarantees that cover up to 50 percent of defaults on wholesale loans made by private financial institutions to institutions that lend on a retail basis to underserved borrowers. USAID had a total of USD 23.8 billion in budgetary resources in 2011.

About Thaneakea Phum (Cambodia) Limited (TPC): TPC was launched in 1994 in Cambodia as part of the Small Enterprise Development program of US-based nonprofit organization Catholic Relief Services (CRS). In 2002, the initiative was incorporated as a limited liability company and given the name Thaneakea Phum (Cambodia) Limited. In 2003, TPC received its license from the National Bank of Cambodia to operate as an official microfinance institution. As of September 30, 2011, it reported to US-based data provider Microfinance Information Exchange (MIX) a gross loan portfolio of USD 29.2 million and 91,033 active borrowers. As of December 2010, it reported to MIX return on assets (ROA) of 2.78 percent and return on equity (ROE) of 14.7 percent.

Sources and Additional Resources:

[1] The Phnom Penh Post: “USAID injects cash in MFI,” http://www.phnompenhpost.com/index.php/2012013054210/Business/usaid-inje…

MicroCapital.org article, January 3, 2011, “MICROCAPITAL BRIEF: Grameen Credit Agricole Microfinance Foundation Makes $1.8m Local-Currency Loan to Koperasi Mitra Dhuafa (Komida) of Indonesia and Thaneakea Phum Cambodia (TPC), Chamroeun Microfinance of Cambodia,”http://www.microcapital.org/microcapital-brief-grameen-credit-agricole-m…

MicroCapital.org article, June 27, 2011, “MICROCAPITAL BRIEF: USAID, VEGA/IESC Announce Second Phase of “Lebanon Investment in Microfinance” Program,” http://www.microcapital.org/microcapital-brief-usaid-vegaiesc-announce-s…

MicroCapital Universe Profile: United States Agency for International Development (USAID), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Uni…

MicroCapital Universe Profile: Thaneakea Phum (Cambodia) Limited (TPC), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Tha…

Browse the MicroCapital Universe and add your entry to the wiki at: http://www.microcapital.org/microfinanceuniverse/

ACBA-Credit Agricole Bank CEO Stepan Gishyan was quoted as having said, “The new loan will further increase our capacity for lending to micro and small and medium enterprises, including agribusiness.… This is a new stage in our successful cooperation with IFC. With this new loan IFC significantly emphasizes its role as one of our largest lenders. During these challenging economic times, lending to micro and small businesses is very important for both of our institutions.”

As of 2010, ACBA reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 462 million, a gross loan portfolio of USD 261 million, return on assets of 2.34 percent and return on equity of 10.8 percent.

By Kristha Abores, Research Associate

About International Finance Corporation:

A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects.

About ACBA Credit Agricole Bank:

Agricultural Cooperative Bank of Armenia (ACBA) was founded by the Agricultural Cooperative Regional Unions of the three Armenian provinces of Shirak, Armavir and Ararat and obtained a full banking license on March 29, 1996. ACBA was initially created to finance small and medium-sized agricultural enterprises and individual farmers. In the next few years the bank began to finance non-agricultural programs in the agricultural sector. Since 1999, ACBA has extended loans for small and medium-sized business development. In 2006, Credit Agricole SA France, made an investment in ACBA and the bank was reorganized into ACBA-Credit Agricole Bank CJSC. As of 2010, ACBA reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 462 million, a gross loan portfolio of USD 261 million, return on assets of 2.34 percent and return on equity of 10.8 percent.

Sources and Additional Resources:

[1] “Armenia: IFC Loan Helps Armenia’s ACBA-Credit Agricole Boost Lending to Small Businesses, Farmers,” http://www.syminvest.com/news/armenia-ifc-loan-helps-armenias-acbacredit…

MicroCapital.org article, March 31, 2011, “MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $20m to Agricultural Cooperative Bank of Armenia (ACBA)-Credit Agricole Bank to Increase Lending to Micro-, Small and Medium-Sized Enterprises (MSMEs),” http://www.microcapital.org/microcapital-brief-international-finance-cor…

MicroCapital Universe Profile: ACBA Credit Agricole Bank, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ACB…

MicroCapital Universe Profile: International Finance Corporation, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Int…

Browse the MicroCapital Universe and add your entry to the wiki at: http://www.microcapital.org/microfinanceuniverse/

The funding from AFD will go to a TA facility that has been built in parallel with the Incofin Rural Impulse Fund II with the intent of improving operational, financial, strategic and organizational aspects of investee microfinance institutions. AFD, through the grant, looks to support microfinance institutions in “Priority Solidarity Zones” identified by the French government, which are Southeast Asia; the Mediterranean Region; and the African, Caribbean and Pacific Group of States (ACP). The TA interventions funded by AFD will be implemented between 2012 and 2014 [1].

In 2010, AFD reportedly invested approximately EUR 6.8 billion (USD 9.6 billion) in the Southern Hemisphere providing primary schooling for 13.4 million children, improving drinking water supplies for 33 million people and disbursing microloans to 700,000 people.

By Natalie Baer, Research Associate

About the Incofin Rural Impulse Funds (RIF): The Incofin Rural Impulse Funds (RIF) were launched by Incofin Investment Management to invest in rural microfinance institutions (MFIs) that are deemed commercially viable. The two funds include Rural Impulse Fund I and Rural Impulse Fund II. They target both farm and non-farm populations in small towns and villages. The funds invest primarily through loans, though they make equity investments and guarantees as well. As of October 31, 2011, Rural Impulse Fund I has outstanding investments of EUR 25.7 million (USD 35.9 million) and a fund size of EUR 30 million (USD 38 million), while Rural Impulse Fund II has outstanding investments of EUR 33.1 million (USD 46.0 million) and a fund size of EUR 120 million (USD 173 million).

About Incofin Investment Management (Incofin IM): Incofin Investment Management is a private Belgian company that develops and manages funds investing in microfinance institutions (MFIs) in developing countries. As of June 2011, Incofin manages six facilities with total outstanding investments of USD 425 million in 39 countries.

About Agence Française de Développement (AFD): Established in 1941, Agence Française de Développement (AFD) is a bilateral development finance institution whose public mandate is to finance development according to the overseas development assistance policies of the French government. In 2011, AFD reportedly committed approximately EUR 7 billion (USD 9.2 billion) to financing aid activities in developing and emerging countries and the French Overseas Communities. These investments involved providing primary schooling for 13.4 million children, improving drinking water supplies for 33 million people and disbursing microloans to 700,000 people.

Sources and Resources:

[1]  Incofin Press Release, “AFD grants 1.8 million EUR to TA facility of Incofin IM’s Rural Impulse Fund II.”
MicroCapital Universe Profile: Incofin Rural Impulse Funds (RIFs I and II), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Incofin+Rural+Impulse+Funds+%28RIFs%29

MicroCapital Universe Profile: Incofin Investment Management, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Incofin+Investment+Management+%28Incofin+IM%29

MicroCapital Universe Profile: Agence Francaise de Developpement (AFD), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Agence+Francaise+de+Developpement+%28AFD%29

Browse the MicroCapital Universe and add your entry to the wiki at: http://www.microcapital.org/microfinanceuniverse/

Rural Impulse Fund II, which is managed by Belgium’s Incofin Investment Management, and Triple Jump’s ASN-Novib Microkredietfonds, have acquired an equity stake in Azercredit, an Azerbaijani microfinance institution (MFI) with a rural focus. While the amounts paid and the sizes taken have not been made public, Incofin IM and Triple Jump will have seats in Azercredit’s board of directors.

Azercredit was initially created in 1996 as a program of World Vision, a US-based worldwide relief and development organization. As of June 30, 2010, AzerCredit reports to the US-based NGO Microfinance Information Exchange (MIX) total assets of USD 24.7 million, a gross loan portfolio of USD 22.6 million and 32,827 active borrowers.

As of July 31, 2011, Rural Impulse Fund I has outstanding investments of EUR 22.8 million (USD 32.7 million), while Rural Impulse Fund II has outstanding investments of EUR 26.5 million (USD 37.7 million).

Triple Jump manages five microfinance investment funds, with total assets approximately equivalent to USD 300 million as of March 31, 2011. Its investments span 132 MFIs in 52 emerging markets in Latin America, Eastern Europe, Africa and Asia.

About VisionFund International

VisionFund International was created in the UK in 2003 as a wholly owned subsidiary of US-based World Vision. VisionFund is tasked with managing World Vision’s microfinance institutions (MFIs). As of 2010, VisionFund supported 40 affiliate MFIs, which together held assets of USD 418 million and an aggregate gross loan portfolio of USD 341 million and served approximately 638,000 active borrowers. Based in the US, VisionFund fully owns four MFIs: VisionFund CREDO of Georgia, AgroInvest of Serbia, AgroInvest of Montenegro, and VisionFund Cambodia.

About World Vision

World Vision is a US-based, Christian organization dedicating to reducing poverty through activity providing immediate disaster relief; developing long-term, sustainable development programs; and sponsoring children in need. According to 2008 data from World Vision, the organization served 100 million people across 98 countries. Total operating expenses during 2011 amounted to USD 1.13 billion. In 2003, World Vision created VisionFund International, a wholly owned subsidiary of World Vision with the responsibility for managing its microfinance institutions (MFIs).

About AzerCredit

AzerCredit LLC (AzerCredit), initially created in 1996 as a program of World Vision, is a non-bank financial institution that operates in Azerbaijan. AzerCredit provides individual and group loans and grants to poor people in Azerbaijan. As of June 30, 2010, AzerCredit reports to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 24.7 million, a gross loan portfolio of USD 22.6 million and 32,827 active borrowers.

About The Incofin Rural Impulse Funds (RIF)

The Incofin Rural Impulse Funds (RIF) were launched by Incofin Investment Management to invest in rural microfinance institutions (MFIs) that are deemed commercially viable. The two funds include Rural Impulse Fund I and Rural Impulse Fund II. They target both farm and non-farm populations in small towns and villages in developing countries. The funds invest primarily through loans, though they make equity investments and guarantees as well. As of July 31, 2011, Rural Impulse Fund I has outstanding investments of EUR 22.8 million (USD 32.7 million), while Rural Impulse Fund II has outstanding investments of EUR 26.5 million (USD 37.7 million).

About Incofin Investment Management

Incofin Investment Management is a private Belgian company that develops and manages funds investing in microfinance institutions (MFIs) in developing countries. As of June 2011, Incofin manages six facilities with total outstanding investments of USD 425 million in 39 countries. The six facilities include Rural Impulse Fund I, Rural Impulse Fund II, Impulse Microfinance Investment Fund, VDK Loan Portfolio, and Volksvermogen.

About Triple Jump

Triple Jump was founded in 2006 to support the expansion of microfinance institutions (MFIs) through the provision of capital and advisory services. Triple Jump was established by the NOTS Foundation, a Dutch development organization; Oxfam Novib, a Dutch organization for international cooperation and development; and ASN Bank, a “sustainability-driven” Dutch bank. Its shares are divided among these organizations and Triple Jump’s management team. Triple Jump is comprised of Triple Jump Fund Management (TJFM) and Triple Jump Advisory Services (TJAS). TJFM provides its clients with four investment options: hard and local currency loans, equity, guarantees and subordinated loans. TJAS is an independent foundation that provides consulting services and technical assistance to tier-3 and tier-4 MFIs. Triple Jump manages five microfinance investment funds, with total assets approximately equivalent to USD 300 million as of March 31, 2011. Its investments span 132 MFIs in 52 emerging markets in Latin America, Eastern Europe, Africa and Asia.

By Ariana Malushi, Research Associate

Sources and Additional Resources

Data Submitted to MicroCapital by Incofin, January 2012

MicroCapital.org Story, October 12, 2011, “MICROCAPITAL BRIEF: Incofin Lends $3.6m to Microfinance Institutions Finance for Development of Azerbaijan, Asian Credit Fund of Kazakhstan, Kompanion of Kyrgyzstan”
http://www.microcapital.org/microcapital-brief-incofin-lends-3-6m-to-microfinance-institutions-finance-for-development-of-azerbaijan-asian-credit-fund-of-kazakhstan-kompanion-of-kyrgyzstan/

MicroCapital.org Story, November 17, 2011, “MICROCAPITAL BRIEF: Triple Jump Makes Equity Investments For ASN-Novib Microkreditfonds in Microfinance Institutions (MFIs) in Tanzania, Zambia, Panama”
http://www.microcapital.org/microcapital-brief-triple-jump-makes-equity-investments-for-asn-novib-microkreditfonds-in-microfinance-institutions-mfis-in-tanzania-zambia-panama/

MicroCapital Universe Profile: Incofin Rural Impulse Funds (RIFs I and II)
http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Incofin+Rural+Impulse+Funds+%28RIFs%29

MicroCapital Universe Profile: Incofin IM
http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Incofin+Investment+Management+%28Incofin+IM%29

MicroCapital Universe Profile: Triple Jump
http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Triple+Jump

MicroCapital Universe Profile: AzerCredit
http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=VF+AzerCredit+LLC

MicroCapital Universe Profile: VisionFund International http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=VisionFund+International

MicroCapital Universe Profile: World Vision http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=World+Vision

Browse the MicroCapital Universe and add your entry to the wiki at: http://www.microcapital.org/microfinanceuniverse/

As of 2010, TRM provides loans and saving services to approximately 3,800 clients and has total assets of USD 1.4 million, a gross loan portfolio of USD 921,000, return on assets (ROA) of 10.7 percent and return on equity (ROE) of 17.9 percent as reported to US-based nonprofit Microfinance Information Exchange (MIX).

Arvand is a deposit-taking MFI that provides microcredit, deposit and microleasing services to low-income individuals in urban areas in Tajikistan. As of 2010, Arvand reported to MIX total assets of USD 11.5 million, a gross loan portfolio of USD 8.5 million, approximately 12,200 borrowers, ROA of 5.49 percent and ROE of 21.7 percent.

Founded in 2004 by the local affiliate of Switzerland-based nongovernmental organization CARE International, Humo and Partners is a microfinance institution that serves micro- and small businesses in Tajikistan. As of 2010, Humo reported to MIX total assets of USD 6.8 million, a gross loan portfolio of USD 5.7 million, approximately 9,300 borrowers, ROA of 7.0 percent and ROE of 24.1 percent.

GCAMF was founded in 2008 with an endowment of EUR 50 million (approximately USD 64 million) provided by Crédit Agricole SA, a French retail bank, and Grameen Trust (GT), a nonprofit microfinance organization affiliated with the Grameen Bank of Bangladesh.

By Nisha Koul, Research Associate

About Tuba Rai Metin (TRM): Tuba Rai Metin (TRM) of East Timor aims to provide “microfinance and allied services for a large number of poor in a sustainable and regulated manner to improve the quality of lives of families and empower women.” As of 2010, TRM reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 1.4 million, gross loan portfolio of USD 921,000, approximately 3,800 clients, return on assets (ROA) of 10.7 percent and return on equity (ROE) of 17.9 percent.

About Arvand: Established in Tajikistan in 2002 by ACDI/VOCA, a US-based nonprofit, Arvand was set up to provide microcredit to low-income individuals in urban areas. In addition to microcredit, Arvand provides deposit and microleasing services to its clients. As of 2010, Arvand reported to the US-based nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 11.5 million, a gross loan portfolio of USD 8.5 million, approximately 12,200 borrowers, return on assets (ROA) of 5.49 percent and return on equity (ROE) of 21.7 percent.

About Humo and Partners: Founded in 2004 in Tajikistan by the local affiliate of Switzerland-based nongovernmental organization CARE International, Humo and Partners is a microfinance institution (MFI) that serves micro- and small businesses. In addition to microcredit services, Humo offers consulting services relating to cash-flow analysis and business plans. In 2010, Humo reported to the US-based nonprofit data provider Microfinance Information Exchange (MIX) total assets of USD 6.8 million, a gross loan portfolio of USD 5.7 million, approximately 9,300 borrowers, return on assets (ROA) of 7.0 percent and return on equity (ROE) of 24.1 percent.

About Grameen Crédit Agricole Microfinance Foundation (GCAMF): The Grameen Crédit Agricole Microfinance Foundation (GCAMF) was founded in 2008 with an endowment of EUR 50 million (approximately USD 64 million) provided by Crédit Agricole SA, a French retail bank, and Grameen Trust (GT), a nonprofit microfinance organization affiliated with Grameen Bank of Bangladesh. GCAMF offers a range of financing products to microfinance institutions (MFIs), focusing on MFIs dedicated to rural development that primarily serve women and those that prioritize transparency and consumer protection. As of December 31, 2011, GCAMF reports 45 investment projects in 19 countries that support 30 microfinance institutions (MFIs), four social-business projects and one fund to cover foreign-exchange risk.

Sources and Additional Resources:

[1] Information provided to MicroCapital, January 2012.

MicroCapital.org story, November 22, 2011, “MICROCAPITAL BRIEF: Grameen Crédit Agricole Microfinance Foundation Issues $330k Loan Guarantee for Microfinance Institution TIAVO of Madagascar,” http://www.microcapital.org/microcapital-brief-grameen-credit-agricole-microfinance-foundation-issues-330k-loan-guarantee-for-microfinance-institution-tiavo-of-madagascar/

MicroCapital.org story, November 21, 2011, “MICROCAPITAL BRIEF: Grameen Crédit Agricole Microfinance Foundation Lends $2m to Microfinance Institutions Hekima of Congo; Findev of Azerbaijan; Chamroeun, TPC of Cambodia,” http://www.microcapital.org/microcapital-brief-grameen-credit-agricole-microfinance-foundation-lends-2m-to-microfinance-institutions-hekima-of-congo-findev-of-azerbaijan-chamroeun-tpc-of-cambodia/

MicroCapital Universe Profile: Tuba Rai Metin (TRM): www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Tuba+Rai+Metin

MicroCapital Universe Profile: Arvand, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Arvand

MicroCapital Universe Profile: Humo and Partners, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=HUMO+and+Partners

MicroCapital Universe Profile: Grameen Crédit Agricole Microfinance Foundation (GCAMF), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Credit+Agricole+Microfinance+Foundation

Browse the MicroCapital Universe and add your entry to the wiki at http://www.microcapital.org/microfinanceuniverse/

Full closing of the fund is expected at the end of March 2012. Habitat for Humanity partners with microfinance organizations in approximately 30 countries including Uganda, Kenya, Bangladesh, Brazil and India [3]. As of June 30, 2010, Habitat for Humanity reported total net assets of USD 274 million.

By Natalie Baer, Research Associate

About the Overseas Private Investment Corporation (OPIC): The Overseas Private Investment Corporation (OPIC) is an agency of the US government that was established in 1971 as a development finance institution. OPIC works with private-sector firms in the US to identify opportunities in emerging markets and create an enabling environment for private enterprise in developing countries. OPIC provides financing through direct loans as well as guarantees, political risk insurance and investment funds. As of September 30, 2010, OPIC reports total assets of USD 7 billion deployed in approximately 150 countries.

About Habitat for Humanity: Habitat for Humanity is a nonprofit, ecumenical Christian ministry whose mission is to provide poor people with clean, safe and affordable places to live. Since its inception in 1976, Habitat for Humanity has engaged the services of homeowners and volunteers to build houses under the supervision of trained builders. In the United States, the organization offers no-interest mortgage loans directly to low-income families, and outside of the United States it partners with microfinance institutions to distribute and service loans. Habitat for Humanity operates in all fifty US states and six continents. As of June 30, 2010, Habitat for Humanity reported total net assets of USD 274 million.

Sources and Resources:

[1] OPIC signs for MicroBuild (Triple Jump) http://www.triplejump.eu/good_news_about_triple_jump/OPIC+signs+for+Micr

[2] MicroBuild Fund
http://www.habitat.org/hw/inside_habitat/MicroBuild_Fund.aspx

[3] Housing Microfinance and Habitat http://www.habitat.org/hw/inside_habitat/Housing_microfinance_Habitat.aspx

MicroCapital Universe Profile: Overseas Private Investment Corporation (OPIC):
http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Overseas+Private+Investment+Corporation+%28OPIC%29

MicroCapital Universe Profile: Habitat for Humanity
http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Habitat+for+Humanity+International

MICROCAPITAL BRIEF: Habitat for Humanity Receives $45m Loan from Overseas Private Investment Corporation (OPIC), to Be On-Lent to Microfinance Institutions Through Housing Finance Programs, July 16, 2011
http://www.microcapital.org/microcapital-brief-habitat-for-humanity-receives-45m-loan-from-overseas-private-investment-corporation-opic-to-be-on-lent-to-microfinance-institutions-through-housing-finance-programs/

Browse the MicroCapital Universe and add your entry to the wiki at: http://www.microcapital.org/microfinanceuniverse/

As of 2011, GUARDIAN reported a gross loan portfolio of INR 51.2 million (USD 966,000) and approximately 24,400 borrowers. GUARDIAN does not report to the US-based nonprofit Microfinance Information Exchange (MIX).

Based in New York City, the Acumen Fund was founded in 2001 with seed capital from the Rockefeller Foundation, the Cisco Systems Foundation and individual philanthropists. It focuses on early-stage debt and equity investments in enterprises that provide low-income customers with access to healthcare, water, housing, alternative energy or agricultural inputs.

By Kristha Abores, Research Associate

About The Acumen Fund:

Founded in 2001 with seed capital from the Rockefeller Foundation, the Cisco Systems Foundation and individual philanthropists, the Acumen Fund is a nonprofit venture fund based in New York City. It advocates the use of entrepreneurial approaches to tackle poverty, focusing on early-stage debt or equity investments in enterprises that provide low-income customers with access to healthcare, water, housing, alternative energy or agricultural inputs. Commitments generally range from USD 300,000 to USD 2.5 million per investee with an expected payback timeframe of five to seven years.

About Gramalaya:

Gramalaya, established in 1987, is a nongovernmental organization (NGO) based in the Indian state of Tamil Nadu. Its mission involves “promoting water, sanitation, hygiene and overall improvement of the rural, urban, coastal and tribal population in India.” It subsidiaries include Gramalaya Urban and Rural Development Initiatives and Network (GUARDIAN), which aims to provide “easy access to water and sanitation facilities at household level through micro credit;” Gramalaya Entrepreneurs Associates (GREAT), which offers training and financial linkage especially to women’s self-help groups; and Gramalaya Microfin Foundation (GMF), which aims to “eradicate poverty through livelihood promotion activities through increased access to financial services.” As of March 2009, Gramalaya reported total assets of INR 14.6 million (USD 277,200).

About Gramalaya Urban and Rural Development Initiatives and Network (GUARDIAN):

Gramalaya Urban and Rural Development Initiatives and Network (GUARDIAN), a microfinance institution (MFI) created by Indian nongovernmental organization Gramalaya in 2007, aims to provide “easy access to water and sanitation facilities at household level through micro credit.” As of 2011, GUARDIAN reported a gross loan portfolio of INR 51.2 million (USD 966,000) and approximately 24,400 borrowers. Guardian does not report to the US-based nonprofit Microfinance Information Exchange (MIX).

Sources and Additional Resources:

[1] “Acumen Fund Announces Investment in GUARDIAN to Finance Water and Sanitation Needs in India,”http://blog.acumenfund.org/2011/11/30/acumen-fund-announces-investment-i…

[2] GUARDIAN: Vision, Mission, http://www.guardianmfi.org/vision_mission.php

MicroCapital.org article, January 10, 2012, “MICROCAPITAL BRIEF: Indian NGO Gramalaya Creates Microfinance Institution Gramalaya Microfin Foundation,” http://www.microcapital.org/microcapital-brief-indian-ngo-gramalaya-crea…

MicroCapital.org article, May 16, 2011, “MICROCAPITAL BRIEF: Acumen Fund, Grameen Foundation Make $1.7m Quasi-Equity Investment in Kenyan Microfinance Institution Juhudi Kilimo,” http://www.microcapital.org/microcapital-brief-acumen-fund-grameen-found…

MicroCapital.org article, April 18, 2011, “MICROCAPITAL BRIEF: Acumen Fund Makes Equity Investment of $1.9m in Pakistani National Rural Support Program (NRSP) Microfinance Bank,” http://www.microcapital.org/microcapital-brief-acumen-fund-makes-equity-…

MicroCapital Universe Profile: The Acumen Fund, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Acu…

MicroCapital Universe Profile: Gramalaya, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Gra…

MicroCapital Universe Profile: Gramalaya Urban and Rural Development Initiatives and Network (GUARDIAN),http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Gra…

Browse the MicroCapital Universe and add your entry to the wiki at: http://www.microcapital.org/microfinanceuniverse/

UIG Chairman Mian Shahid says that the acquisition will give UIG the opportunity to serve the unbanked population, and that it will focus on providing financial services to farmers, the agricultural market, microenterprises and individuals. NMB will be renamed Apna Microfinance Bank [1].

For the year 2010, NMB had a gross loan portfolio of USD 719,847 and 5,734 borrowers. Its total assets were reported at USD 2.9 million with a return on assets of -6.10 percent. The US-based nonprofit Microfinance International Exchange (MIX) offers data on 31 microfinance institutions in Pakistan that held a total gross loan portfolio of USD 279 million as of 2010. Financial details on UIG are unavailable.

About Network Microfinance Bank
Network Microfinance Bank Limited (NMB) of Pakistan was established in January 2005 as a public limited company listed on the Karachi Stock Exchange. It was formerly known as Network Leasing Corporation Limited, which was a micro-leasing institution established in 1995. The mission of NMB is “to provide access to a complete range of formal banking services to micro entrepreneurs engaged in income generating activities and to under privileged people on an ongoing basis.” In January 2010, NMB, previously a part of a Pakistani financial services institution, JS Group, was bought by United International Group and was to be renamed Apna Microfinance Bank. For the year 2010, NMB had a gross loan portfolio of USD 719,847, providing loans to 5,734 borrowers. Its total assets were reported at USD 2.9 million with a return on assets of -6.10 percent.

By Charlotte Newman, Research Associate

Sources and Additional Resources:

[1] “Network Microfinance Bank: United International Group Completes Buy,” http://tribune.com.pk/story/322498/network-microfinance-bank-united-international-group-completes-buy/

MicroCapital.org story, December 27, 2011, “MICROCAPITAL BRIEF: Asasah of Pakistan to Collect Microloan Repayments via Easypaisa Service of Tameer Microfinance Bank, Telenor Pakistan,” http://www.microcapital.org/microcapital-brief-asasah-of-pakistan-to-collect-microloan-repayments-via-easypaisa-service-of-tameer-microfinance-bank-telenor-pakistan/

Microfinance International Exchange: Microfinance in Pakistan: Country Profile http://www.mixmarket.org/mfi/country/Pakistan

MicroCapital Universe Profile: Apna Microfinance Bank http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Apna+Microfinance+Bank+%28formerly+Network+Microfinance+Bank%29

Browse the MicroCapital Universe and add your entry to the wiki at http://www.microcapital.org/microfinanceuniverse/

ACLEDA Bank provides a range of banking services including deposits, loans, cash management and trade services. As of 2010, ACLEDA reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 1.16 billion, return on assets (ROA) of 2.56 percent and return on equity (ROE) of 22.4 percent. As of September 30, 2011, ACLEDA reported a gross loan portfolio of USD 905 million and 264,000 active borrowers.

HKL’s financial supporters have included Oikocredit, Norfund, Triple Jump, the French Development Agency (AFD) and Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ). As of June 30, 2011, HKL reported to MIX a gross loan portfolio of USD 56.4 million and approximately 53,500 borrowers. As of 2010, HKL reported ROA of 4.43 percent and ROE of 21.2 percent.

Managed by responsAbility, rAGMF invests in microfinance institutions (MFIs) and other MIVs, mostly through short- to medium-term debt securities. rAMLF, which is also managed by responsAbility, invests in large MFIs through debt securities and equity investments. rAMF, which is managed by responsAbility and is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf, invests in short- to medium-term income-bearing debt securities of MFIs. In April 2011, all three MIVs’ annual labels were renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to MIX fund assets of USD 532 million in 2011. For the same period, rAMLF reported fund assets of USD 155 million, and rAMF reported fund assets of USD 141 million.

By Kristha Abores, Research Associate

About ACLEDA Bank:

ACLEDA Bank is a public limited company based in Cambodia. It was originally founded in January 1993 as THE Association of Cambodian Local Economic Development Agencies (ACLEDA), a non-governmental organization aiming to raise the standards of living of poor people by promoting economic activities ranging from self-employment to medium-sized business. It was licensed by the National Bank of Cambodia as a Specialized Bank in October 2000 and as a Commercial Bank in December 2003, when it was renamed ACLEDA Bank. It provides a range of banking services including deposits, loans, cash management and trade services. As of 2010, ACLEDA reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 1.16 billion, return on assets of 2.56 percent and return on equity of 22.4 percent. As of September 30, 2011, ACLEDA reported a gross loan portfolio of USD 905 million and 264,000 active borrowers.

About Hattha Kaksekar Limited:

Hattha Kaksekar Limited is a microfinance institution (MFI) based in Phnom Penh, Cambodia. It was founded in 1994 by two charitable organizations, the Organisation Canadienne pour la Solidarité et le Développement (OCSD) and UK-based Oxfam International. It was transformed into a non-governmental organization (NGO) in 1996 and then into a private liability company in 2001. Its financial supporters have included Oikocredit, Norfund, Triple Jump, the French Development Agency (AFD) and Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ). As of June 30, 2011, HKL reported to MIX a gross loan portfolio of USD 56.4 million and approximately 53,500 borrowers. As of 2010, HKL reported return on assets (ROA) of 4.43 percent and return on equity (ROE) of 21.2 percent.

About responsAbility:

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 (rAGMF):

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. In April 2011, its annual label was renewed by 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 Microfinance Leaders Fund (rAMLF):

The responsAbility Microfinance Leaders Fund (rAMLF) invests in large microfinance institutions (MFIs) through debt securities and equity investments. In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAMLF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 155 million in 2011.

About responsAbility Mikrofinanz-Fonds (rAMF):

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). In April 2011, its annual label was renewed by 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.

About Bank im Bistum Essen eG (BiB):

Founded in 1966, Bank im Bistum Essen eG (BiB) is an “ethically oriented” German cooperative bank. Since 2007, BiB has supported poverty alleviation through global financial inclusion by funding microfinance institutions directly as well as through its microfinance investment vehicles KCD-Mikrofinanzfonds I “Global” and KCD Mikrofinanzfonds II “Lateinamerika,” both of which are certified by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. Total outstanding microfinance investments managed directly by BiB reportedly total approximately USD 100 million. BiB is also co-initiator of the responsAbility Mikrofinanz-Fonds and investment advisor to the Dual Return – Vision Microfinance funds.

Sources and Additional Resources:

[1] Information submitted by responsAbility Social Investments AG to MicroCapital

MicroCapital.org article, December 9, 2011, “MICROCAPITAL BRIEF: responsAbility Lends $6.2m to Mutual Alajuela of Costa Rica, Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL) of Honduras, Lift Above Poverty Organisation (LAPO) of Nigeria,” http://www.microcapital.org/microcapital-brief-responsability-lends-6-2m-to-mutual-alajuela-of-costa-rica-cooperativa-mixta-mujeres-unidas-limitada-comixmul-of-honduras-lift-above-poverty-organisation-lapo-of-nigeria/

MicroCapital.org article, November 14, 2011, “MICROCAPITAL BRIEF: responsAbility Lends $4.3m to Microfinance Institutions (MFIs) Banco Solidario of Ecuador, Interactuar of Colombia”, http://www.microcapital.org/microcapital-brief-responsability-global-mic…

MicroCapital.org article, November 15, 2011, “MICROCAPITAL BRIEF: responsAbility Lends $8.2m to Microfinance Institutions (MFIs) FINCA DRC, Bandhan of India, Opportunity Microcredit Romania,” http://www.microcapital.org/microcapital-brief-responsability-lends-8-2m…

MicroCapital.org article, October 17, 2011, “MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund Lends $2.3m to Microfinance Institutions (MFIs) Coopronaranjo of Costa Rica, Fundación Amanecer of Colombia, COAC Esperanza y Progreso Del Valle of Ecuador”, http://www.microcapital.org/microcapital-brief-responsability-global-microfinance-fund-lends-2-3m-to-microfinance-institutions-mfis-coopronaranjo-of-costa-rica-fundacion-amanecer-of-colombia-coac-esperanza-y-progreso-del-v/

MicroCapital.org article, September 26, 2011, “MICROCAPITAL BRIEF: responsAbility Loans $9.2m to Microfinance Institutions FINCA of Mexico, IDEPRO of Bolivia, EDPYME Alternativa of Peru, D-Miro of Ecuador”,http://www.microcapital.org/microcapital-brief-responsability-loans-9-2m…

MicroCapital Universe Profile: ACLEDA Bank, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ACLEDA+Bank

MicroCapital Universe Profile: Hattha Kaksekar Limited, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Hattha+Kaksekar+Limited

MicroCapital Universe Profile: responsAbility Social Investments AG,http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility…

MicroCapital Universe Profile: responsAbility Global Microfinance Fund (rAGMF),http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29…

MicroCapital Universe Profile: responsAbility Mikrofinanz-Fonds, http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds…

MicroCapital Universe Profile: Bank im Bistum Essen eG (BiB), http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bank+im+Bistum+Essen+eG+%28BiB%29

Browse the MicroCapital Universe and add your entry to the wiki at: http://www.microcapital.org/microfinanceuniverse/