MicroVest first invested in Apoyo Integral in early 2005 with a short-term loan of $500,000. MicroVest has now increased its level of funding and offered a $1 million increase and extended the term of the loan to five years (Annual Report 2006, p. 10)
Continue reading “US MicroVest Loans $1.5 Million to Apoyo Integral of El Salvador”
Another deal coming to us this month courtesy of the CGAP-MIX MCM Newsletter, the Fundación para Alternativas de Desarrollo (FADES) of Bolivia received a $500,000 loan from the responsAbility Global Microfinance Fund.
Continue reading “FADES of Bolivia Receives $500,000 Loan from the ResponsAbility Global Microfinance Fund.”
Published by the International Relations and Security Network, October 5, 2006, 4 pages, view here: http://www.isn.ethz.ch/news/sw/details.cfm?ID=16752
In the article, “Capturing Remittances in Central America”, author Sam Logan presents a short exposition about the role microfinance may play in channeling worker remittances into the formal financial sector. This is the second in a three-part series presented by the International Relations and Security Network’s (ISN) publication, Security Watch, on the impact of microfinance programs in the region containing the Andes, Central America, and the US-Mexico border area of northern Mexico.
Continue reading “Capturing Remittances in Central America by Sam Logan”
Another deal coming to us this month courtesy of the CGAP-MIX MCM Newsletter, the Asociación Fondo Nicaraguense Para el Desarollo Comunitario, better known as Prestanic, Nicaragua, received a $400,000 loan from the responsAbility Global Microfinance Fund.
Continue reading “Prestanic of Nicaragua Receives $400,000 Loan from the ResponsAbility Global Microfinance Fund.”
The Inter-American Development Bank (IDB) announced recently that it will be loaning the government of Honduras $30 million for the promotion of low-income housing. Most notably, the bank announced that the loan is the first step in a multiphase program that may include a second $30 million loan for the establishment of a microcredit housing fund. The project falls under the IDB’s new Building Opportunity for the Majority initiative. The loan will be repaid over the course of 40 years, with a 10 year grace period. It has an annual interest rate of 1% during the first decade and 2% over the rest of its life. The money will be distributed to low income families as subsidies toward the purchase, construction or renovation of new and existing homes. Additionally, municipal governments will receive subsidies for the development of infrastructure in poverty-stricken areas. Others involved in the project include the World Bank, the Central American Bank for Economic Integration (CABEI), Germany’s Kreditanstalt f̹r Wiederaufbau (KfW) and the Swedish International Development Agency (Sida).
Continue reading “IDB Provides Loan to Honduran Government for Support of Low-Income Housing”
Luis Alberto Moreno, president of the IDB, suggested that the sector should grow to have annual operations of US$15 billion by 2011, citing the fact that “microfinance institutions in Latin America currently only serve about 8% of estimated demand.” The comments were part of his opening speech to the Ninth Annual Inter-American Forum on Microenterprise in Quito,Ecuador, which was attended by 1200 microfinance practitioners from around the world and centered around the topic of Financial Democracy.
MIBANCO is Peru’s largest microfinance bank. Established in 1992, it had over 150,000 active borrowers at year end 2005. The gross loan portfolio was over $200 million. Total assets reported to the MIX Market were $250.5 million, with a return of 6.74%. $275,599 worth of shares in the bank were purchased by the Triodos-Doen Foundation, the Hivos-Triodos Fund and Triodos Fair Share Fund, all managed by Triodos International Fund Management, part of the Triodos Bank Group of the Netherlands.
Edpyme Confianza of Peru sold shares worth 875,000 in Peruvian Nuevo Sol (PEN), or approximately US$282,100 to Incofin. This increased Incofin’s shares in Confianza from 10 to 15%.
Fundación Mundo Mujer Popayan received a $4.14 million loan from Global Commercial Microfinance Consortium. The Colombia-based Fundación lets women access credit services such as basic loans, dwelling improvement loans, and automatic loans for repeat customers. MIX Market reported that at year end 2005 it returned 14%, on assets of $50.1 million. In addition, the seventeen year old organization’s loan portfolio totaled $45.4 million and had a debt to equity ratio of 96%.
In his inaugural speech this month, Colombia’s President Alvaro Uribe outlined plans to create a new microcredit bank. Capitalized with 120 billion Colombian pesos (equivalent to $50 million) from the state-owned bank, Bancafe, the new Banco de las Oportunidades will focus on low-income groups and microlending. President Uribe promised that this will create credit opportunities for more than six million low-income Colombians.
MicroCapital recently reported on Aavishkaar India Micro Venture Capital Fund’s support of businesses which need start-up capital greater than those provided by microfinance institutions (MFIs) but smaller than those provided by venture capitalists. Agora Partnerships carries this mission beyond India with its operations in Nicaragua. It seeks to fill this gap between $25,000 and $200,000, making it a vanguard in the micro venture field.
The International Finance Corporation (IFC) will loan $5 million to Financiera Nicaraguense de Desarrollo S.A. (FINDESA), a Nicaraguan microfinance institution (MFI). The two-part financing åö a senior loan of $2 million and a subordinated convertible loan of $3 million åö will aid FINDESA’s transformation to a commercial bank.
Banco de la Microempresas S.A., or MIBANCO, will be receiving a long term loan up to $29 million from The International Finance Corporation (IFC). The loan was disbursed in both U.S. dollars and Peruvian soles. While the IFC has worked with MIBANCO for more than five years, this is the first local currency disbursement in the country by the IFC. By allowing MIBANCO to provide longer term loans in the local currency, this will help to mitigate foreign currency risk.
Continue reading “MIBANCO of Peru Receives $29 million Microfinance Investment from IFC”
The Grameen Foundation and Global Partnerships recently announced a new alliance that is designed to expand microfinance services in Latin America and the Caribbean. This alliance represents an unusual pattern of systematic co-investment from multiple non-profits, and a positive event for the industry.
The International Finance Corporation loaned 13.8 billion Colombian pesos (USD $5.4 million) repayable in five years to Fundación Mundo Mujer (FMM), a Colombian non-profit established in 1989. FMM reported a gross loan portfolio of $45.4 million, total assets of $50.1 million, total equity of $25.6 million, return on assets of 12.97%, and return on equity of 24.79% to the MIX Market last year. FMM, with its client base of 60% women, is an affiliate of Women’s World Banking, a global network of 24 MFIs.
Continue reading “International Finance Corporation Makes $5.4 Million Debt Investment in Microfinance Institution (MFI) Fundación Mundo Mujer in Colombia”
In a great example of how subsidies can be effectively applied in supporting the Microcredit sector, The Ford Foundation is again co-sponsoring the third Central American Conference on Microfinance. The conference will be held August 16-18, 2006 in Tegucigalpa, Honduras. The conference is organized by REDCAMIF (Red Centroamericana de Microfinanzas) and REDMICROH (Red de Instituciones de Microfinanzas de Honduras), regional and national microfinance trade associations, respectively.
Continue reading “Tegucigalpa 2006: Ford Foundation Continues Integrated Microfinance Investment Strategy to Foster Strong Managers with Soft Skills”
responsAbility Global Microfinance Fund loaned $750,000 to Fundacion Jose Nieborowski, a non-profit established in 1993 to promote development in the province of Boaca, Nicarauga. Fundacion Nieborowski reported a gross loan portfolio of $15.6 million, total assets of $17.7 million, total equity of $4 million, return on assets of 4.21%, and return on equity of 19.4% to the MIX Market. MicroCapital recently reported on the $1 million syndicated loan it received from the Triodos-Doen fudn.
responsAbility Global Microfinance Fund loaned $250,000 to Edpyme Alternativa and $500,000 to Edpyme Crédito de Alcance Regional Tacna (Crear Tacna).
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