Source: Pro Pakistani.

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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 »

Source: The Times of India.
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Comat, a technology company providing services to rural India, recently raised INR 60 crore (USD 12.5m) from the Omidyar Network and the Unitus Equity Fund (UEF). According to a Business Standard article, the new investment will allow “Comat to expand to new States, accelerate service delivery for training and financial services [and] strengthen management bandwidth.” Continue Reading »

Source: Daily News & Analysis.
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Source: Press Information Bureau, Government of India.
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Source: Sify Technology.
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Source: Doing Business.
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The Microfinance Information Exchange (MIX) has released two benchmarking reports in conjunction with local partners - one with REDCAMIF covering Central America and one with the Azerbaijan Micro-finance Association (AMFA) covering that country. Continue Reading »

Source: Turkish Daily News.
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According to the Azeri Press Association, the Micro Finance Bank of Azerbaijan (MFBA) has been officially renamed Access Bank. The name stems from Access Holding, which controls a 16.53 percent stake in the microfinance institution (MFI). The news comes after MFBA recently attracted increased funding from the IFC and British Petroleum (BP). Continue Reading »

HSBC Turkey, the Turkish arm of the global bank HSBC, announced the allocation of USD 5 million toward microcredit loans until 2010 in Turkey. According to Piraye Antika, the CEO of HSBC Turkey, the microcredit loans will be evenly split between urban areas, rural areas and young university-graduate entrepreneurs. In disbursing the loans, HSBC will work with three non-government organizations: the Turkish Waste Prevention Foundation, the Community Volunteers, and the Female Labor Assessment Foundation. Continue Reading »

The International Finance Corporation (IFC), a member of the World Bank Group, announced a pair of microfinance and mortgage initiatives in the Krygyz Republic. On the microfinance side, IFC is extending a USD 5 million loan to the Kyrgyz Investment and Credit Bank (KICB), a full-service commercial bank in the Krygyz Republic. The proceeds will be directed toward expanding lending to micro, small and medium businesses in remote areas of the Krygyz Republic, as well as supporting agricultural projects. Continue Reading »

Fitch Ratings has assigned the Micro Finance Bank of Azerbaijan (MFBA) a long-term issue default rating of BB+, a short-term issue default rating of B and a long-term outlook of ‘stable.’ This rating qualifies MFBA as investment grade and makes it the highest rated private bank in Azerbaijan. Continue Reading »

The European Fund for Southeast Europe (EFSE), an investment firm that seeks returns from a portfolio of social enterprises, has made a USD 15 million loan to Bosnian-Herzegovinian nonprofit microlender Partner Microcredit Foundation. The loan will be used by Partner to expand its on-lending activities to small and micro enterprises. The loan’s term and rate were not disclosed. Continue Reading »

Source: European Fund for Southeast Europe (EFSE).

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XacBank, Mongolia’s largest microfinance institution, and the Consultative Group to Assist the Poor (CGAP), a microfinance think tank housed at the World Bank, announced the launch of a new mobile phone banking service with a target audience of 300,000. CGAP is providing XacBank with financial and technical support. Continue Reading »