Category: Investment Funds

MICROCAPITAL BRIEF: Deutsche Bank Announces Closing of $50m Social Enterprise Fund “Essential Capital Consortium” (ECC)

Germany-based Deutsche Bank’s Global Social Finance Group, which specializes in socially responsible investing, recently announced the closing of a five-year, USD 50 million Essential Capital Consortium (ECC) social enterprise fund. Continue reading

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MICROCAPITAL BRIEF: World Bank’s International Development Association (IDA) to Loan $60m for Affordable Housing in Tanzania

The Board of Executive Directors of the World Bank Group has approved USD 60 million in new financing to be disbursed by the International Development Association (IDA), a lending arm of the World Bank, to support its ongoing Housing Finance Project (HFP) in Tanzania, which seeks to support affordable housing in the urbanizing country by providing “medium- and long-term liquidity to lenders.” Continue reading

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MICROCAPITAL BRIEF: EBRD Loans $9m – Part in Local Currency – to FINCA, AccessBank for MSMEs in Tajikistan

The European Bank for Reconstruction and Development (EBRD), a multilateral financial institution that operates in Eastern Europe, Central Asia and North Africa, has expanded its support for on-lending for micro-, small and medium-sized enterprises (MSMEs) in Tajikistan with multi-currency loans to FINCA Tajikistan (FINCA TJK) and AccessBank Tajikistan (AccessBank) in amounts equivalent to USD 4 million and USD 5 million, respectively. Continue reading

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MICROCAPITAL BRIEF: C-Quadrat Asset Management, Formerly Absolute Portfolio Management, Loans $2.5m for Microfinance in Benin, Cambodia, Georgia

During February 2015, Austria’s Absolute Portfolio Management disbursed loans totaling USD 2.5 million to unspecified microfinance institutions in Benin, Cambodia and Georgia. Continue reading

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MICROFINANCE PUBLICATION ROUND-UP: Assessment of Deutsche Bank’s VG Microfinance Fund, SMEs in Latin America and the Caribbean, Bridging the Entrepreneurship Gender Gap

“VG Microfinance – Invest Nr. 1 GmbH Fund Assessment Study;” by Rocio Cavazos and Melanie Meslay; 2015; 33 pages; available at https://www.db.com/usa/content/en/vg-microfinance-invest-1.html

This study presents a quantitative and qualitative analysis of VG Microfinance-Invest Nr. 1 GmbH, a fund launched by Germany’s Deutsche Bank in 2007 with the support of the German government’s Kreditanstalt für Wiederaufbau Entwicklungsbank (KfW) that provided subordinated debt to 21 microfinance institutions (MFIs) in 15 different countries. Continue reading

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MICROCAPITAL BRIEF: EBRD Loans $2.3m to UniCredit Bank Banja Luka of Bosnia and Herzegovina as Part of $23m Advisory, Financing Package for Women-led SMEs in the Balkans

The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral institution, has partnered with UniCredit Bank Banja Luka (UB), the unit of Italy’s UniCredit Group that operates in Bosnia and Herzegovina, to launch EBRD’s “Western Balkans Women in Business” program with a EUR 2 million (USD 2.3 million) credit provided to UB. Continue reading

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MICROCAPITAL BRIEF: European Fund for Southeast Europe Loans $23m to AccessBank of Azerbaijan for Rural MSMEs

The European Fund for Southeast Europe (EFSE), a Luxembourg-based investor in the development of local financial sectors in Southeast Europe and parts of Central Asia, recently informed MicroCapital that it has loaned EUR 20 million (USD 23 million) to AccessBank, an organization founded in 2002 to provide credit and other financial services to Azerbaijan’s smaller businesses and low-income families. The funds are to be on-lent to micro-, small and medium-sized enterprises in rural areas of the country. Continue reading

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MICROCAPITAL BRIEF: Triodos Fair Share, Triodos Microfinance Funds to Invest Debt, Equity in India’s Janalakshmi, Kazakhstan’s KazMicroFinance, Kyrgyzstan’s Kompanion

Two microfinance investment vehicles managed by a unit of the Netherlands’ Triodos Bank, the Triodos Fair Share Fund (TFSF), and the Triodos Microfinance Fund (TMF), have agreed to invest jointly in the following organizations: (1) Janalakshmi Financial Services (JFS), a Bangalore-based microfinance institution (MFI) that will borrow USD 11.4 million to expand its financing of small and medium-sized enterprises (SME) in India; (2) KazMicroFinance (KMF), which is reportedly the largest MFI in Kazakhstan and will sell the Triodos funds stakes totaling 13.7 percent of the organization’s shares; and (3) Kompanion Financial Group, an MFI in Kyrgyzstan that will sell the funds stakes totaling 17.5 percent of the organization’s shares as it seeks to transform from a community development financial institution into a microfinance bank [1] [2] [3]. Kompanion also sold a 17.5-percent stake to Dutch public-private development bank FMO; Mercy Corps, the founder of Kompanion, is retaining 65-percent ownership of the institution. The prices paid for the equity stakes in KMF and Kompanion have not been released. Continue reading

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MICROCAPITAL BRIEF: AccessHolding Enters Latin America Acquiring 93% Equity Stake in Accion Microfinancas of Brazil

Access Microfinance Holding AG (AccessHolding), a German company that invests in microfinance institutions (MFIs), recently announced that it has acquired 93 percent of the equity in Accion Microfinancas SCMEPP SA, a Brazilian MFI that operates as a subsidiary of US-based nonprofit Accion. Continue reading

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MICROCAPITAL BRIEF: Sanad Fund for MSME Expands into Yemen with $3m Loan to Al-Amal Microfinance Bank

The Sanad Fund for MSME (micro-, small and medium-sized enterprise), a Germany-based fund providing medium- and long-term debt and equity financing in the Middle East and North Africa, recently disbursed a senior loan of USD 3 million to Al-Amal Microfinance Bank (AMB), a nonprofit minority-held by the government of Yemen, to support micro- and small enterprises (MSE) in the country. Continue reading

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MICROFINANCE PUBLICATION ROUND-UP: e-MFP Survey of Investors in Tier 2/3 Microfinance Institutions; The Business of Doing Good; Benchmarking Inclusive Growth and Development

“Annual Survey 2014, e-MFP Action Group of Investors in Tier 2/3 MFIs;” prepared by Gabriela Erice, Daniel Rozas and e-MFP in collaboration with the e-MFP Action Group of Investors in Tier-2/3 Microfinance Institutions; published by the European Microfinance Platform (e-MFP); 2015; 22 pages, available at http://www.e-mfp.eu/sites/default/files/resources/2015/01/Annual%20Survey%202014%20-%20final.pdf

The “Investors in Tier 2/3 MFIs Action Group” of the European Microfinance Platform (e-MFP), a Luxembourg-based network of approximately 130 microfinance organizations and individuals, has released the results of its third annual survey detailing the analysis of investments of the action group members for the year 2013 [1]. Continue reading

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MICROCAPITAL BRIEF: Grameen Credit Agricole Microfinance Foundation Loans $936k to Jordan’s Microfund for Women, $1.7m to Georgia’s JSC MFO Crystal

The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based provider of financial services to microfinance institutions (MFIs) and other social businesses, recently informed MicroCapital that it has issued the following two loans: (1) EUR 825,000 (USD 936,000) to Microfund for Women, a microfinance institution (MFI) in Jordan that was founded in 1994 as a program of UK-based NGO Save the Children; and (2) EUR 1.5 million (USD 1.6 million) to Joint Stock Company Microfinance Organization Crystal (JSC MFO Crystal), an MFI that was established in Tbilisi, Georgia, in 1998 as the Crystal Fund. Continue reading

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MICROCAPITAL BRIEF: Triodos Investment Management Invests in Tunisia’s Enda Inter-Arabe, Uganda’s Entrepreneurs Financial Centre

Triodos Investment Management, a subsidiary of Netherlands-based Triodos Bank, recently disbursed loans of unspecified sizes to Enda Inter-Arabe, a Tunisian financial services provider that is part of Senegal-based non-governmental organization Enda Third-World, and Entrepreneurs Financial Centre (EFC) Uganda, a microfinance institution that provides financial services to micro-, small and medium-sized enterprises (MSMEs).  Continue reading

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MICROCAPITAL BRIEF: CDC, Creation Investments, DEG, International Finance Corporation (IFC), FMO Acquire 40% Equity Stake in India’s Equitas for $51.4m

The Commonwealth Development Corporation (CDC), which is owned by the UK government; Creation Investments Capital Management (Creation Investments), a US-based alternative investment management company; Deutsche Investitions-und Entwicklungsgesellschaft GmbH (DEG), a German development finance institution offering long-term project and company financing; the International Finance Corporation (IFC), the private-investment arm of the World Bank Group; and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch development bank, recently announced that they will invest a total of INR 325 cores (USD 51.4 million) to acquire 40 percent of the shares of Equitas Holdings, an Indian microfinance lender. Continue reading

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MICROCAPITAL BRIEF: Absolute Portfolio Management’s Vision Microfinance Funds Invest $11m in Microfinance Institutions in Cambodia, Costa Rica, Ecuador, Kyrgyzstan, Mexico, India

Absolute Portfolio Management (APM), an arm of Austria-based asset management group C-Quadrat, recently informed MicroCapital that it disbursed credits totaling approximately USD 11 million from its two Vision Microfinance funds, the Dual Return Fund-Vision Microfinance and the Dual Return Fund-Vision Microfinance Local Currency, to unspecified microfinance institutions (MFIs) in Cambodia, Costa Rica, Ecuador, Kyrgyzstan, Mexico and India. Continue reading

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MICROCAPITAL BRIEF: Desjardins Fund for Inclusive Finance Acquires Stake in Microfinance Institution Humo & Partners of Tajikistan

The Desjardins Fund for Inclusive Finance, a unit of Canada’s Desjardins Group, recently acquired shares in Humo and Partners, a microfinance institution (MFI) based in Dushanbe, Tajikistan, to support the expansion of the MFI in rural parts of the country. Continue reading

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MICROCAPITAL BRIEF: Triodos Sells 14.5% Equity Stake in K-rep Bank of Kenya to Existing Shareholders Centum Investment, K-rep Group

The Triodos Sustainable Finance Foundation, a unit of the Netherlands-based Triodos Bank, recently sold its entire 14.5-percent equity stake in K-rep Bank of Kenya, a commercial bank founded in 1999 that provides services to low-income people. Continue reading

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MICROCAPITAL BRIEF: FairTrade Access Fund (FAF) Issues Trade Finance Loan Worth $931k to Ecookim of Cote D’Ivoire

FairTrade Access Fund (FAF), an affiliate of German NGO Fairtrade International that provides loans to farmers in developing countries, recently announced that it has issued a trade finance loan of EUR 750,000 (USD 931,000) to Ecookim, a union of cooperatives based in Cote d’Ivoire, to support the purchase of cocoa beans from 3,700 local suppliers in Central and Western Cote d’Ivoire. Continue reading

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