Latin America | MicroCapital - Page 31
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Thursday, October 22, 2009

PRESS RELEASE: MicroFinance Transparency Launches True-Cost Pricing Data Website

Source: MicroFinance Transparency. Continue Reading »

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Tuesday, October 20, 2009

MICROCAPITAL.ORG STORY: International Finance Corporation (IFC) Purchases Bonds Worth 11.5 Billion Colombian Pesos (USD 6.2 Million) to be Loaned by Remittance Distributor ‘Giros y Finanzas’

International Finance Corporation (IFC), the investment arm of the World Bank, has invested in Giros y Finanzas, a remittance distributor and loan provider based in Colombia, by purchasing bonds worth 11.5 billion Colombian pesos, the equivalent of over USD 6.2 million [1,2,3]. The investment will mainly be used to provide loans to clients who receive remittances (money transfers from friends or family in other areas or countries) through Giros y Finanzas for the purposes of small business development or home ownership [1]. Continue Reading »

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Monday, October 19, 2009

MICROCAPITAL.ORG STORY: Banco Compartamos SA Applies for Banking License to Accept Deposits from Clients

Banco Compartamos SA, a publicly traded Mexican bank and the largest microfinance institution (MFI) in Latin America with USD 587.8 million in total assets, plans to apply for a license to expand its banking services [1, 2, 3]. The license will allow the bank to take deposits by offering savings accounts to clients. It will also allow third parties to use the deposits to issue credit to and take interest payments from some of Compartamos´ 1.2 million customers. Continue Reading »

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Monday, October 19, 2009

NEWS WIRE: Peru: Banco de Credito buys another 8.5% of Microfinance Institution Financiera Edyficar

Source: Andina. Continue Reading »

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Sunday, October 18, 2009

NEWS WIRE: Australia: Government Donates $2m to Inter-American Development Bank for Peruvian Microenterprise Training Effort

Source: The Gov Monitor. Continue Reading »

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Sunday, October 18, 2009

NEWS WIRE: Peru: Banco de Credito Buys 5.4% Stake in Financiera Edyficar from IFC for $5.2m

Source: LivinginPeru.com. Continue Reading »

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Friday, October 16, 2009

PRESS RELEASE: MIX Releases “Does Loan Type Matter for Microfinance Performance in Latin America?”

Source: Microfinance Information Exchange (MIX). Continue Reading »

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Wednesday, October 14, 2009

PRESS RELEASE: Global Partnerships, PATH, Pro Mujer Launch Microfinance-Health Initiative

Source: Pro Mujer. Continue Reading »

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Monday, October 12, 2009

MICROCAPITAL.ORG STORY: IFC Extends USD 15 Million Loan to Brazil’s Tribanco

The International Finance Corporation (IFC), the investment arm of the World Bank, has extended a loan of USD 15 million to Brazil’s Tribanco to support microentrepreneurs [1,2,3]. The loan has a five-year tenor, and comes after a USD 10 million loan in 2004 [1]. Tribanco’s Board President Juscelino Martins points out that ” it provides a longer tenor than is available normally in Brazil, and further diversifies the bank’s funding sources” [1]. The main beneficiaries of Tribanco’s loans will be “small retail outlets that provide basic goods and services to Brazil’s low-income population in small cities and remote rural areas” [1]. In addition to financing, the IFC will provide training to Tribanco’s staff including “financial literacy modules” in the form of “booklets and e-learning”. Continue Reading »

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Monday, October 12, 2009

MICROCAPITAL.ORG STORY: The Inter-American Development Bank’s (IDB) Multilateral Investment Fund (MIF) Provides $4m Grant for Microfinance Technology Projects in Latin America and Caribbean

The Inter-American Development Bank’s (IDB) Multilateral Investment Fund (MIF) has approved a USD 3.95 million grant for a program promoting the use of technologies by microfinance institutions (MFIs) in Latin America and the Caribbean (LAC). The program, set to begin early next year, will cost a total of USD 10 million. MFIs in the region are invited to submit proposals, whereupon selected MFI proposals with the most “innovation and capacity to achieve measurable results” will receive support to develop and implement a technology strategy [1]. Continue Reading »

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Tuesday, October 6, 2009

MICROCAPITAL.ORG STORY: Inter-American Development Bank (IDB), Overseas Private Investment Corporation (OPIC), Inter-American Investment Corporation (IIC), BlueOrchard and Other Investors Establish Microenterprise Growth Facility to Loan $250m to Latin America and Caribbean MFIs

In April, MicroCapital reported that President Obama, in response to the global financial crisis, announced the launch of a Microfinance Growth Fund for the Western Hemisphere to provide lending to small businesses in the region [1]. In response to this announcement, the following organizations have signed an agreement establishing the Microenterprise Growth Facility (MIGROF), a public-private partnership intended to provide USD 250 million in lending to microfinance institutions (MFIs) in Latin America and the Caribbean (LAC): BlueOrchard Finance S.A., a Swiss microfinance investment management company, which has been appointed to exclusively manage the facility; The Inter-American Development Bank (IDB), a development financial institution; the Overseas Private Investment Corporation (OPIC), an independent U.S. government agency which aims to facilitate investment in developing countries; the Inter-American Investment Corporation (IIC), an affiliate of the IDB which supports private sector and capital market development in LAC countries; and the Corporación Andina de Fomento (CAF), a multilateral financial institution which supports sustainable development in LAC countries [2]. Continue Reading »

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Tuesday, October 6, 2009

MICROCAPITAL.ORG STORY: Peru Ranks First in 2009 Microscope Microfinance Index, A Global Index on Business Environment for Microfinance Developed by the Economist Intelligence Unit (EIU), Released by the Inter-American Development Bank (IDB), the Corporación Andina de Fomento (CAF), the International Finance Corporation (IFC), and the EIU

Peru has been named the best country for microfinance in terms of business climate by the 2009 Microscope microfinance ranking from the Economist Intelligence Unit (EIU), the research arm of the Economist Magazine that provides “country, industry and management analysis” [1,2,3]. The 2009 Microscope was published jointly by the Inter-American Development Bank (IDB), the “main source of multilateral financing” in Latin America and the Caribbean, the Corporación Andina de Fomento (CAF) the primary source of multilateral financing in the Andean region, the International Finance Corporation (IFC), the investment arm of the World Bank, and the EIU [4,5,6]. Last year, Peru was named the best country for microfinance in Latin America and the Caribbean. This was covered by Microcapital in October of 2008 [7,8,9]. This year, the rankings were made globally and Peru still topped the list of 55 countries [1]. Continue Reading »

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Friday, October 2, 2009

PRESS RELEASE: BlueOrchard to Manage $250m Microfinance Facility Previously Announced by US President Barack Obama

Source: BlueOrchard. Continue Reading »

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Friday, October 2, 2009

PRESS RELEASE: IDB, CAF, OPIC, BlueOrchard, ACCION, FONIDI, FMO Sign on to $250m Latin American Microfinance Fund

Source: Inter-American Development Bank. Continue Reading »

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Tuesday, September 29, 2009

MICROCAPITAL.ORG STORY: Inter-American Development Bank (IDB) Approves USD 7 Million Loan for Salvadorian Housing Fund Fondo Nacional de Vivienda Popular’s (FONAVIPO)

The Inter-American Development Bank (IDB), a development financial institution (DFI), has approved a USD 7 million loan for the Fondo Nacional de Vivienda Popular (National Fund for Housing a.k.a. FONAVIPO) in El Salvador. The program was established to assist low-income individuals and families in acquiring homes. The IDB has invested USD 70 million in housing for low income families in El Salvador since 2001 [1]. Continue Reading »

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Tuesday, September 29, 2009

MICROCAPITAL.ORG STORY: Mexican Business Tycoon Carlos Slim Helú’s Carlos Slim Foundation and Grameen Trust Launch “Grameen-Carso”, Mexican Micro-Lending Program With USD 5 Million Donation and USD 40 Million Guaranteed as Credit Line

Mexican entrepreneur Carlos Slim Helú (Carlos Slim), through his charitable Carlos Slim Foundation, has teamed with Grameen Trust, an organization charged with supporting and promoting poverty-alleviating activities, to begin “Grameen-Carso” a micro-lending program in Mexico started with a Carlos Slim Foundation donation of USD 5 million for initial assets, and a guaranteed USD 40 million from the Carlos Slim Foundation as a credit line [3]. The terms and conditions of this credit line have not been disclosed. Grameen Trust will assume a management role for the program, bringing in experienced employees in the field of microfinance from Grameen Bank, the microfinance institution (MFI) whose model Grameen Trust attempts to promote in its ventures [1,3]. The managers will then, in the long term, “capacitate local managers in order to be in charge of procedures in Mexico” [3]. Continue Reading »

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Tuesday, September 29, 2009

PRESS RELEASE: United States: Grameen Trust and Fundacion Carlos Slim Launch the $45 Million Grameen Carso Microfinance Program

Source: PR Newswire. Continue Reading »

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Tuesday, September 29, 2009

NEWS WIRE: Costa Rica: Nicaraguan Microfinance Sector Gets Riskier

Source: Business News Americas. Continue Reading »

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