The Multilateral Investment Fund, an autonomous fund administered by the US-based Inter-American Development Bank, has approved an equity investment of an undisclosed amount in Haitian microfinance institution (MFI) Association pour la Cooperation avec la Micro Enterprise (ACME). MIF will also provide ACME with a technical assistance grant of USD 600,000. The equity investment will be used to help ACME expand and improve its outreach outside of the country’s capital, Port-au-Prince, while the grant will be used to strengthen the MFI’s governance, operations and service provision.
As of 2011, ACME reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 24.5 million, a gross loan portfolio of USD 19.8 million, return on assets (ROA) of 4.68 percent, return on equity (ROE) of 17.54 percent and approximately 30,300 borrowers. Since its inception in 2003, MIF reports having approved 1,600 projects in 19 countries, disbursing approximately USD 100 million per year in grants, equity and loans.
By Charlotte Newman, Research Associate
About Association pour la Cooperation avec la Micro Enterprise (ACME)
Association pour la Cooperation avec la Micro Enterprise (ACME) is a microfinance institution that was established in Port-au-Prince, Haiti, in 1997. ACME provides microloans to individuals in the “medium and lower part of the informal sector.” As of 2011, ACME reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 24.5 million, a gross loan portfolio of USD 19.8 million, return on assets (ROA) of 4.68 percent, return on equity (ROE) of 17.54 percent and approximately 30,300 borrowers.
About Multilateral Investment Fund
Multilateral Investment Fund (MIF) is an autonomous fund that was founded in 1993 by the US-based Inter-American Development Bank (IDB). Now a member of the IDB Group, MIF has 39 donating member countries from the Americas, Europe and Asia. Since its inception, MIF reports having approved 1,600 projects in 19 countries, disbursing approximately USD 100 million per year in grants, equity and loans.
Sources and Additional Resources:
Multilateral Investment Fund Press Release: “Increased Access to Credit for Micro, Small Businesses in Haiti; MIF to make first equity investment in a Haitian microfinance institution,” http://www5.iadb.org/mif/HOME/News/PressReleases/ProjectACME/tabid/599/language/en-US/Default.aspx
MicroCapital.org story, August 3, 2012, “MICROCAPITAL BRIEF: Multilateral Investment Fund Places $5m in Equity in Mexican SMEs,” https://www.microcapital.org/microcapital-brief-multilateral-investment-fund-places-5m-in-equity-in-fund-for-mexican-smes/
MicroCapital.org story, July 10, 2011, “MICROCAPITAL BRIEF: Incofin Loans $10.5m to Microfinance Institutions (MFIs) FINCA Guatemala, FINCA Azerbaijan, LAPO of Nigeria; Makes Equity Investment of $350k in ACME of Haiti,” https://www.microcapital.org/microcapital-brief-incofin-loans-10-5m-to-microfinance-institutions-mfis-finca-guatemala-finca-azerbaijan-lapo-of-nigeria-makes-equity-investment-of-350k-in-acme-of-haiti/
MicroCapital Universe Profile: Multilateral Investment Fund
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Multilateral+Investment+Fund+%28MIF%29
MicroCapital Universe Profile: Association pour la Cooperation avec la Micro Enterprise
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Association+pour+la+Cooperation+avec+la+Micro+Enterprise+%28ACME%29
MicroCapital Universe Profile: Inter-American Development Bank
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Inter-American+Development+Bank+%28IDB%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: EBRD Loans $4.4m to KEP Trust of Kosovo with Focus on Rural, Women-led MSMEs
- MICROCAPITAL BRIEF: ADB Issues $8.5m Bond to Fund On-lending to Women, Agricultural MSMEs in Azerbaijan
- MICROCAPITAL BRIEF: Agents for Impact Disburses $8m from Invest in Visions (IIV) to Microfinance Institutions Digamber of India, Imon of Tajikistan
- SPECIAL REPORT: October 28 is Deadline for MFIs to Apply to Partner with CGAP via “Microfinance Digitization” Community of Practice
- MICROCAPITAL BRIEF: EIB Lends Credo Bank $10m for MSMEs in Georgia
