MICROCAPITAL BRIEF: Deutsche Bank Announces Closing of $50m Social Enterprise Fund “Essential Capital Consortium” (ECC)

Germany-based Deutsche Bank’s Global Social Finance Group, which specializes in socially responsible investing, recently announced the closing of a five-year, USD 50 million Essential Capital Consortium (ECC) social enterprise fund. ECC will disburse debt financing to 25 microfinance institutions (MFIs) and other social enterprises in the energy, health and base-of-the-pyramid financial services sectors. The fund has disbursed its first round of loans in unspecified amounts to three organizations: US-based Sproxil, which offers a mobile service that verifies the authenticity of consumer products; Tiaxa, a Chilean company that provides “nanocredits” to mobile phone users in developing countries; and Arvand, a Tajikistan-based MFI whose products include loans for energy efficient products. The remaining 22 organizations to receive funding have not yet been named.

Investors in ECC include the French government’s Agence Francaise de Developpement; the US-based nonprofit Calvert Foundation; and the Multilateral Investment Fund, a member of the US-based Inter-American Development Bank (IDB), among others. In addition, the Swedish International Development Cooperation is providing unspecified credit enhancement support to the fund.

As of March 31 2014, Deutsche Bank reports total assets of EUR 1.63 trillion (USD 1.73 trillion).

By the MicroCapital Team

About Deutsche Bank

Founded in 1870, Deutsche Bank has assets totaling EUR 1.63 trillion (USD 1.73 trillion) as of March 2014. Headquartered in Germany, the bank has employees in approximately 70 countries around the world.

Sources and Additional Resources:

Direct contact with Deutsche Bank

MicroCapital Universe Profile: Deutsche Bank

MicroCapital Universe Profile: French Development Agency

MicroCapital Universe Profile: Calvert Foundation

MicroCapital Universe Profile: Multilateral Investment Fund

MicroCapital Universe Profile: Inter-American Development Bank

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