Bank of America, a US-based financial services provider, is investing USD 10 million in Calvert Foundation, a US-based nonprofit organization specializing in social-impact investment, to provide loans to organizations that increase financial access for women entrepreneurs in Africa, Asia, Eastern Europe and Latin America [1]. Calvert Foundation launched the Women Investing in Women Initiative (WIN-WIN) in 2012 to invest in organizations that supports the financial empowerment of women.
Founded in 1995, the Calvert Foundation has approximately USD 180 million invested in 200 community organizations as of 2013. As of the same year, Bank of America reported total assets of USD 2.17 trillion and operations in approximately 40 countries.
By Nisha Koul, Research Associate
About Calvert Foundation: Founded in 1995, Calvert Foundation, a US-based nonprofit Community Development Financial Institution (CDFI), provides loans to organizations that provide affordable housing, microfinance, small business loans and community facilities. Calvert Foundation’s fund is offered by the Calvert Social Investment Foundation, a private US-based foundation launched in 1995 with the support of the Ford, MacArthur and Mott Foundations. Investment in the fund comes in the form of donations and notes held by individuals and organizations, including Washington Mutual Bank, Ameritas Life Insurance Corporation and Gray Ghost Microfinance Fund. As of January 2014, MicroVest Capital Management, a US-based private microfinance investment firm, manages the microfinance investment portfolio of the foundation, which is worth USD 50 million. The Calvert Foundation has approximately USD 180 million invested in 200 community organizations as of 2013.
Sources and Additional Resources:
[1] Calvert Foundation Press Release, “Calvert foundation and Bank of America partner to invest in women,” http://www.calvertfoundation.org/press/releases/477-bank-of-america-women-investment
MicroCapital Story, January 26, 2014, “MicroVest to Manage Calvert Foundation’s $50m Microfinance Investment Portfolio,” https://www.microcapital.org/microcapital-brief-microvest-to-manage-calvert-foundations-50m-microfinance-investment-portfolio/
MicroCapital Story, March 20, 2012, “Calvert, Citi Foundations Launch Women Investing in Women Initiative (WIN-WIN) Channeling $20m to Microfinance,” https://www.microcapital.org/microcapital-brief-calvert-citi-foundations-launch-women-investing-in-women-initiative-win-win-channeling-20m-to-microfinance/
MicroCapital Universe Profile, Calvert Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Calvert+Foundation
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