The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has signed an agreement with ACCION International, a US-based nonprofit organization, to invest USD 1 million in ACCION’s Chinese affiliate, ACCION Microfinance China (AMC). The investment will enable AMC to expand financial services in its primary region of operation, inner Mongolia, with loans amounts starting at USD 150. In consideration of the investment, IFC will take an 18.9 percent equity interest in AMC. No financial information is available for AMC.
As of 2010, ACCION has a loan portfolio of USD 3.81 billion and serves 3.18 million active clients in 22 countries.
As of June 30, 2010, IFC reports net income of USD 1.75 billion, total assets of USD 61 billion, return on assets of 3.1 percent and total investment mobilization of USD 18.4 billion to 528 projects.
About ACCION International:
ACCION International is a private, US-based nonprofit organization with the mission of alleviating poverty by providing financial products such as microenterprise loans and business training to its clients. ACCION was founded in 1961 and issued its first microloan in 1973 in Brazil. ACCION’s partner microfinance institutions provide loans to men and women entrepreneurs in 22 countries in Latin America, Asia, Africa and the United States.
About IFC:
A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries that drive its policies and approve disbursements. As of June 30, 2010, IFC reports net income of USD 1.75 billion, total assets of USD 61 billion, return on assets of 3.1 percent and total investment mobilization of USD 18.4 billion to 528 projects.
By: Ariana Malushi, Research Associate
Sources and Additional Resources
Data Submitted to MicroCapital by ACCION International, December 2011
MicroCapital.org Story, November 7, 2011 “MICROCAPITAL BRIEF: Microfinance Initiatives of EcoBank, ACCION Win International Awards in Nigeria, Ghana”
https://www.microcapital.org/microcapital-brief-microfinance-initiatives-of-ecobank-accion-win-international-awards-in-nigeria-ghana/
MicroCapital.org Story, November 22, 2011 “MICROCAPITAL BRIEF: International Finance Corporation Launches $60m Cleantech Innovation Facility to Support Green Businesses in Developing Countries”
https://www.microcapital.org/microcapital-brief-international-finance-corporation-launches-60m-cleantech-innovation-facility-to-support-green-businesses-in-developing-countries/
MicroCapital Universe Profile, IFC
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
MicroCapital Universe Profile, ACCION International
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ACCION+International
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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