MICROCAPITAL BRIEF: responsAbility Loans $8m to Banco Pichincha of Ecuador

ResponsAbility Social Investments, a Swiss investment company, has notified MicroCapital that it recently disbursed loans totaling USD 8 million to Banco Pichincha of Ecuador, a commercial bank that offers financial services to corporations; retailers; and micro-, small and medium-sized enterprises.

MICROCAPITAL BRIEF: Hasal Microfinance Bank of Nigeria Leases $37k in Farming Equipment to Integrated Rice Farmers Association

Hasal Microfinance Bank Limited, a Nigerian microfinance institution (MFI), reportedly has provided NGN 6 million (USD 37,900) in asset financing to the Integrated Rice Farmers Association of Nigeria, a group of rice farmers based in the Nigerian state of Nassarawa, for farming equipment intended to boost productivity.

MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Launches $100m Credit Line for Russian Residential Energy Efficiency Improvements, Center-Invest Bank Borrows $24m

The UK-based European Bank for Reconstruction and Development (EBRD) recently launched an energy efficiency credit line valued at USD 100 million to be on-lent via local private banks to benefit individual Russian households, housing associations, management companies, maintenance service providers, condominiums and energy service companies (ESCOs).

MICROCAPITAL BRIEF: US-Based Sequoia Capital Invests $2m in Equity in Electronic Payment Platform, Citrus Pay

Citrus Pay, a Mumbai-based digital payments service provider, and Ezetap Mobile Solutions, a Bangalore-based mobile payments service provider, have developed electronic payment platforms that address internet security and connectivity challenges, both of which have discouraged Indian consumers from using digital payment methods.

MICROCAPITAL BRIEF: Stree Nidhi to Loan $308m to Self-help Groups in Indian State of Andhra Pradesh in 2013

Stree Nidhi Credit Cooperation Federation Limited, a microfinance bank established by the government of the Indian state of Andhra Pradesh, recently agreed to loan INR 16.9 billion (USD 308 million) to self-help groups (SHGs) in Andhra Pradesh during the fiscal year ending March 2014.

MICROCAPITAL BRIEF: Mennonite Economic Development Associates (MEDA) Maroc Launches “Financial Solutions Youth” Project in Morocco

Mennonite Economic Development Associates (MEDA), a Canada-based nonprofit that aims to alleviate poverty through financial investment via 227 partner institutions in 56 countries, and its Morocco division, MEDA Maroc, are launching the “Financial Solutions Youth” project in an effort to support Moroccan microfinance institutions (MFIs) in improving access to financial services for youth.

MICROCAPITAL BRIEF: Ghana Association of Microfinance Companies, Star Microinsurance to Help Microbanks Offer Insurance

Ghana Association of Microfinance Companies (GAMC), an association with 560 member microfinance institutions (MFIs), and Star Microinsurance Services Limited, a Ghana-based insurance provider that serves approximately 550,000 clients, recently signed a memorandum of understanding regarding the provision of microinsurance products to clients of various MFIs.

MICROCAPITAL BRIEF: Deutsche Investitions-und Entwicklungsgesellschaft, International Finance Corporation, African Capitalization Fund Buy 34% of UT Bank of Ghana for $23m

Deutsche Investitions-und Entwicklungsgesellschaft GmbH (DEG), a German development finance institution; the International Finance Corporation (IFC), the commercial arm of the US-based World Bank Group, and the African Capitalization Fund (ACF), a US-based investment fund managed by IFC subsidiary IFC Asset Management Company, recently placed an equity investment totaling approximately GHS 46 million (USD 23.3 million) in UT Bank Limited, a publicly-traded Ghanaian bank that offers microfinance services and was formerly known as Unique Trust Financial Services.

MICROCAPITAL BRIEF: Caspian Advisors Launches $40m Caspian Impact Investments (CII) Fund for Microfinance, Affordable Housing, Agriculture

Caspian Advisors Private Ltd., an Indian investment management and advisory services company specializing in the socially-responsible arena, recently launched the Caspian Impact Investments (CII) fund, which is targeted to raise USD 40 million for projects in the areas of microfinance, small business financing, affordable housing and agriculture.

MICROCAPITAL BRIEF: African Guarantee Fund (AGF) Guarantees $3.5m in Loans from Commercial Bank of Africa, Investments & Mortgages Limited to SMEs in East Africa

The African Guarantee Fund (AGF), a Kenya-based organization that aims to increase financial access by underwriting commercial bank lending to small and medium-sized enterprises (SMEs) in Africa, recently reached an agreement with Commercial Bank of Africa (CBA), a bank based in Kenya, for a KES 200 million (USD 2.3 million) guarantee and with Kenya-based bank Investments & Mortgages Limited (I&M Bank) for a guarantee of KES 100 million (USD 1.2 million) to support the banks’ on-lending to SMEs.

MICROCAPITAL BRIEF: Tameer Microfinance, Pakistan Mercantile Exchange to Offer Gold-based Investment Product

Tameer Microfinance Bank Limited (TMFB), a Pakistani organization majority-held by Norwegian telecom Telenor, and Pakistan Mercantile Exchange Limited (PMEX), a Pakistani commodity exchange company owned by six stock exchanges and banks affiliated with the Pakistani government, recently signed a memorandum of understanding (MoU) to offer a gold-based investment product.

MICROCAPITAL BRIEF: CGAP, Grameen Foundation, Mobile Telecommunications Network (MTN) Uganda to Finance $1m Mobile Finance Product Research and Development Initiative

CGAP (Consultative Group to Assist the Poor), a US-based nonprofit research and policy center, the Grameen Foundation, a US-based nonprofit that seeks to increase business opportunities and telecommunication services for poor people in rural areas, and Mobile Telecommunications Network (MTN) Uganda, the Ugandan arm of South African telecommunications company MTN Group, recently announced plans to launch an initiative to research and develop new mobile financial products.

MICROCAPITAL BRIEF: Investors Commit $73m to as Yet Unapproved Government-backed India Inclusive Innovation Fund, Target Size is $918m

Undisclosed investors have reportedly committed approximately INR 4 billion (USD 73.4 million) to the India Inclusive Innovation Fund, a government-sponsored fund intended to provide capital to early-stage ventures serving low-income clients.

MICROCAPITAL BRIEF: Indian Microfinance Institution Satin Creditcare Sells 20% Equity Stake for $8m from Danish Microfinance Partners, MicroVest II, ShoreCap II; Lok Capital Exits

Indian microfinance institution (MFI) Satin Creditcare Network Limited recently raised INR 410 million (USD 7.5 million) by selling a stake of approximately 20 percent to three microfinance investment funds in undisclosed portions: Danish Microfinance Partners K/S (DMP), MicroVest II LP and ShoreCap II Limited.

MICROCAPITAL BRIEF: SKS Microfinance of India Completes Two Securitizations Totaling $41m

Indian microfinance institution (MFI) SKS Microfinance Limited recently completed two securitizations totaling INR 2.3 billion (USD 41.2 million), reportedly bringing the company’s total to 12 securitizations worth INR 12.1 billion (USD 220 million) during 2012 and 2013.

MICROCAPITAL BRIEF: International Finance Corporation (IFC), Netherlands’ Ministry of Foreign Affairs Partner with Fundacion para el Desarrollo Socioeconomico Rural (FUNDESER) of Nicaragua to Increase Financial Access for Micro, Small Entrepreneurs

The International Finance Corporation (IFC), a member of the US-based World Bank Group, and the Netherlands’ Ministry of Foreign Affairs recently partnered with Fundacion para el Desarrollo Socioeconomico Rural (FUNDESER), a microfinance institution (MFI) in Nicaragua, to improve its credit risk management system as part of the MFI’s ongoing transition into a regulated financial entity under Nicaragua’s Superintendency of Banks and Other Financial Institutions, known by the Spanish acronym SIBOIF.

MICROCAPITAL BRIEF: International Finance Corporation (IFC) Acquires 15% Stake in National Bank of Vanuatu for $2.2m

The International Finance Corporation (IFC), the commercial arm of the World Bank Group, recently paid USD 2.2 million to acquire a 15-percent stake in the National Bank of Vanuatu, a financial institution that offers traditional banking services, microfinance and rural banking services in Vanuatu.