Germany-based Invest In Visions (IIV) recently loaned USD 10 million to Alternativa 19 del Sur, a microfinance institution (MFI) in Mexico. The investment is one of a group of loans totaling
Category: South Asia, East Asia and Pacific
SPECIAL REPORT: Climate-change Resilience Takes Centre Stage at European Microfinance Week 2019
As a proud co-organiser of the EUR 100,000 European Microfinance Award (EMA), e-MFP leverages European Microfinance Week to spot-light the theme of the Award each year. With EMA 2019 focused on Strengthening Resilience to Climate Change, the many ways that financial inclusion stakeholders are helping vulnerable populations adapt to climate change are at the forefront of the European Microfinance Week programme. If your work involves addressing climate change through financial inclusion, #EMW2019 is not to be missed!
The opening plenary, titled Strengthening Resilience to Climate Change, features the three finalists for EMA 2019:
MICROCAPITAL BRIEF: Fiji, IFC Partnering on Access to Insurance Against Cyclones
The government of Fiji and the International Finance Corporation (IFC), a member of the World Bank Group, recently signed an agreement to provide payments to disadvantaged families affected by cyclones in Fiji. Registered households that are impacted by future cyclones will be
MICROFINANCE EVENT: Sankalp Global Summit; November 26-27, 2019; Mumbai, India
For the 10th year running, this conference acts as a platform to connect small and medium-sized enterprises (SMEs) in India with potential funders,
MICROCAPITAL BRIEF: RBI Raises Caps on Microfinance Loan Size, Microborrower Income
The Reserve Bank of India (RBI), India’s central banking authority, recently raised the income limit for households to be eligible for microfinance loans from INR 100,000 (USD 1,400) to INR 125,000 (USD 1,760) in rural areas and from INR 160,000 (USD 2,250) to INR 200,000 (USD 2,800) in urban areas. RBI also increased the
MICROCAPITAL BRIEF: Maj Places $10.6 in Equity in BASIX Group’s Sub-K, Business Correspondent Providing Microfinance on Behalf of Banks in India
Sub-K, a unit of India’s BASIX Social Enterprise Group, recently secured an equity investment of INR 750 million (USD 10.6 million) from Maj Invest, an asset manager based in Denmark. Sub-K is a financial technology (fintech) company that acts as an intermediary between financial institutions and their individual and microenterprise customers. It delivers lending, saving and payment services by “recruiting, training and equipping local entrepreneurs as Business Correspondent agents who serve as human
MICROFINANCE EVENT: Inclusive Finance India Summit; December 4-5, 2019; New Delhi, India
This conference series began in support of India’s national financial inclusion strategy, which first was introduced in 2005 under Dr Y Venugopal Reddy, who was then governor of the Reserve Bank of India. This year, the event will cover issues related to
MICROFINANCE EVENT: FinovateAsia; October 14-16, 2019; Singapore
FinovateAsia is part of a conference series that focuses on financial technology (fintech). The first two days of the event offer keynote addresses and panel discussions on disruptive fintech innovations, such as
MICROCAPITAL BRIEF: Arohan Financial Services Borrows $9m from BNP Paribas for Microfinance in India
BNP Paribas, a France-based bank, recently informed MicroCapital that it has issued a two-year loan to Arohan Financial Services in the amount of INR 650 million (USD 9.1 million). The Kolkata-based microfinance institution (MFI), is to repay the loan in
MICROFINANCE EVENT: 15th International Conference on Inclusive Insurance; “Coping with Climate Risk;” November 5-7, 2019; Dhaka, Bangladesh
This conference offers the opportunity to share information on how to accelerate the outreach of microinsurance services to foster
SPECIAL REPORT: APA of Kenya, ASKI of the Philippines, FDL of Nicaragua Named Finalists for European Microfinance Award 2019: Strengthening Resilience to Climate Change
From the European Microfinance Platform (e-MFP): On the 19th of September, the Selection Committee for the European Microfinance Award 2019, “Strengthening Resilience to Climate Change,” chose the three finalists who will go on to compete for the EUR 100,000 (USD 110,000) prize: APA, ASKI and FDL. Through the initiatives these outstanding organisations have put in place to increase vulnerable populations’ resilience to climate change, they demonstrate the innovation and dynamism of this most critical area of financial inclusion.
This year’s Award couldn’t be timelier. Extreme events – including drought, flooding, storms, fluctuating temperatures, and other climatic changes – are occurring with greater frequency and intensity, increasing risks to health, livelihoods, food security, water supply, economic growth and human rights. It is the poor in developing countries who feel the brunt of these climatic changes and
MICROCAPITAL BRIEF: The Philippines Passes Law to Encourage Islamic Finance
President Rodrigo Duterte of the Philippines recently signed a law mandating Bangko Sentral ng Pilipinas (BSP), the nation’s central bank, to provide for the regulation and supervision of Islamic banks. An Interagency Working Group on Islamic Banking and Finance will work to
MICROCAPITAL BRIEF: Grameen Crédit Agricole Foundation Loans $2.4m to Vision Fund Myanmar, Phare Performing Social Enterprise of Cambodia
The Luxembourg-based Grameen Crédit Agricole (GCA) Foundation recently issued loans of EUR 1.8 million (USD 2.0 million) to VisionFund Myanmar, a member of VisionFund International, and the equivalent of USD 367,000 to
MICROCAPITAL BRIEF: Cholamandalam of India to Borrow $185m from Citibank, Guaranteed by OPIC, for Vehicle Finance for SMEs
Cholamandalam Investment and Finance Company, a member of India’s Murugappa Group, recently agreed to borrow USD 185 million from US-based financial services firm Citibank. The Overseas Private Investment Corporation (OPIC), an agency of the US government that promotes economic partnerships in countries deemed important to US interests, is guaranteeing repayment of the loan. Chola plans to use the proceeds to extend
MICROCAPITAL BRIEF: Grameen Crédit Agricole Foundation, CA-CIB Loan $6.1m to Fusion Microfinance of India
The Grameen Crédit Agricole (GCA) Foundation and the Crédit Agricole Corporate and Investment Bank (CA-CIB) recently established a loan guarantee scheme in the amount of EUR 5.5 million (USD 6.1 million) on behalf of Fusion Microfinance Limited, a microfinance institution based in northern India. This agreement is part of a program to secure approximately
MICROCAPITAL BRIEF: Creation Investments Social Ventures Fund IV Closes with $184m to Invest in Microfinance, SME Finance
US-based Creation Investments Capital Management LLC recently met its goal of securing commitments totaling USD 184 million for its Social Ventures Fund IV. The investors were a mix of “existing and new investors including corporate pension plans, funds of funds, insurance companies, endowments and foundations, public pension funds, and family offices.”
With approximately USD 700 million in assets under management as of September 2019, Creation Investments seeks to “serve the
MICROCAPITAL BRIEF: Suicides in Sri Lanka Blamed on Microfinance Loans, Regulation Criticized
At least 170 people in Sri Lanka reportedly took their own lives during 2018 after being unable to repay their microloan debt. Interest rates in the country have ranged up to
MICROCAPITAL BRIEF: CDC, Omidyar Network, Accel Lead $21m Equity Funding Round for Indifi Technologies, Lender to SMEs in India
The CDC Group, the UK’s development finance institution, recently invested USD 15 million as part of a USD 21 million fundraising round for Indifi Technologies, a digital lender to small and medium-sized enterprises (SMEs) in India. Two US-based investors, Omidyar Network and Accel, also