by Mihaela Grindeanu -

MICROFINANCE EVENT: Citi, Pearson Foundations; Financial Times Host 9th Citi-FT Financial Education Summit, December 5-6, 2012, Manila, Philippines

Event Name: Financial Capability as a 21st Century Life Skill

Event Date: December 5-6, 2012

Event Location: Makati Shangri-La Hotel, Manila, Philippines

by Charlotte Newman -

MICROCAPITAL BRIEF: Sanad Fund for MSME Loans $1.5m to FINCA Jordan to Boost Microfinance Services

The Sanad Fund for MSME (Micro-, Small a Medium-Sized Enterprise), an initiative of KfW Entwicklungsbank that provides medium- and long-term debt and equity to financial institutions in the Middle East, recently made a local-currency loan equivalent to USD 1.5 million to FINCA Jordan Specialized Microloans, a Jordanian microfinance institution (MFI) that is part of the US-based FINCA International microfinance network.

by Sarah Benali -

MICROFINANCE PAPER-WRAP UP: “Emerging Perspectives on Youth Savings;” by Tanaya Kilara and Alexia Latortue; published by CGAP

By Tanaya Kilara and Alexia Latortue; published by CGAP (Consultative Group to Assist the Poor); July 2012; 10 pages; available at: http://www.cgap.org/sites/default/files/CGAP-Focus-Note-Emerging-Perspectives-on-Youth-Savings-Aug-2012.pdf

by Chioma Okwudiafor -

MICROCAPITAL BRIEF: At AFI Global Policy Forum, Bangladesh Bank Governor Endorses Financial Inclusion to Boost GDP

Governor Atiur Rahman of Bangladesh Bank, the central bank and industry regulator in Dhaka, has reportedly called for stakeholders in the global finance sector to adopt financial inclusion strategies as a means to enhance gross domestic product (GDP) amidst a weak financial environment [1].

by Sarah Benali -

MICROCAPITAL BRIEF: IFC Invests $10m in CoreCo Central America Fund to Support SMEs

CoreCo Central America Fund I, a private equity fund based in Guatemala that invests in small and medium-sized enterprises (SMEs) in Central America, recently received an equity investment of USD 10 million from the International Finance Corporation (IFC), the private-investment arm of the World Bank Group.

by Sarah Benali -

MICROCAPITAL BRIEF: LeapFrog Takes 15% Stake in Mahindra Insurance Brokers for $15m in Effort to Boost Impact in Rural India

LeapFrog Investments, a for-profit private equity fund that invests in microinsurance, recently made its second investment in India in the past year by taking a 15-percent equity stake in Mahindra Insurance Brokers Limited (MIBL), an Indian insurance brokerage firm dedicated to serving rural Indians.

by Charlotte Newman -

MICROCAPITAL BRIEF: Intellecap’s IntelleCash Microfinance Network Purchases 56% Stake in Arohan Financial Services of India

IntelleCash Microfinance Network, a subsidiary of the India-based social-sector advisory firm Intellectual Capital Advisory Services (Intellecap), reportedly has purchased a 56-percent stake in Arohan Financial Services, an Indian microfinance institution (MFI), for INR 520 million (USD 10 million).

by Charlotte Newman -

MICROCAPITAL BRIEF: Citibank Indonesia, Overseas Private Investment Corporation Share Risk on $18m Loan to Bank Andara to Support Microfinance Institutions

Citibank Indonesia, a branch of US-based financial services conglomerate Citigroup; the Overseas Private Investment Corporation (OPIC), a US–based development finance institution; and Bank Andara, an Indonesian company that provides wholesale services to microfinance institutions (MFIs) and savings services to individuals, have announced the disbursement of a USD 18.5 million term loan to finance the growth of Bank Andara’s wholesale microfinance lending.

by Sarah Benali -

MICROCAPITAL BRIEF: India’s Insurance Regulatory and Development Authority May Require Insurers to Sign Up All Poor Families Within 5 Years

The Insurance Regulatory and Development Authority (IRDA), India’s insurance regulator, recently drafted a proposal intended to achieve complete outreach to families with incomes below the poverty line.

by Charlotte Newman -

MICROCAPITAL BRIEF: SKS Microfinance of India Posts Portfolio Growth of 21% Outside Andhra Pradesh; Royal Bank of Scotland, Morgan Stanley Asia Purchase Stakes as Deutsche Securities Mauritius Cashes Out

Since India’s SKS Microfinance experienced average losses per quarter of INR 2 billion (USD 37.8 million) during the year ending March 2012, the Indian microlender has been able to borrow approximately INR 10 billion (USD 189 million) from banks.

by Charlotte Newman -

MICROCAPITAL BRIEF: Sonata Finance of India Raises $6m in Equity from Creation Investments, Michael and Susan Dell Foundation, Individual Investors

Sonata Finance Private Limited, an Indian microfinance institution (MFI) that serves India’s northern states, recently announced that it has closed a Series D equity raise of INR 350 million (USD 6.71 million).

by Sarah Benali -

MICROCAPITAL BRIEF: India’s Ujjivan Raises $9m in Equity from International Finance Corporation (IFC), Netherlands Development Finance Company (FMO)

Ujjivan Financial Services, a microfinance institution (MFI) based in India, recently raised INR 450 million (USD 8.55 million) in equity capital from the International Finance Corporation (IFC), the private-investment arm of the World Bank Group.

by Mihaela Grindeanu -

MICROCAPITAL BRIEF: ResponsAbility Invests $1.9m in Advans of Cameroun, $1.2m in MicroCred of Senegal

ResponsAbility Social Investments, a Swiss investment company, recently disbursed the approximate equivalent of USD 1.9 million in subdebt to Advans Cameroun and the equivalent of USD 1.2 million in debt to MicroCred Senegal.

by Sarah Benali -

MICROCAPITAL BRIEF: India’s Life Insurance Corporation, Mobile Operator Robi Axiata of Bangladesh Launch Microinsurance Offerings

Life Insurance Corporation (LIC), an insurance company owned by the Indian government, recently launched Jeevan Deep, its third microinsurance policy offering.