MICROCAPITAL BRIEF: Oikocredit Invests Equivalent of $3.95m in IMON International of Tajikistan, The First Microcredit Company of Kyrgyzstan and Credit Union ABN of Kyrgyzstan

Oikocredit, a Dutch cooperative investment fund, recently reported to MicroCapital the details of recent investments in three microfinance institutions (MFIs) in Central Asia: IMON International of Tajikistan, The First Microcredit Company of Kyrgyzstan and Credit Union ABN, also of Kyrgyzstan. The details of these transactions are as follows.

Oikocredit loaned TJS 7.89 million (the equivalent of USD 1.8 million) to IMON International LLC, an MFI serving vulnerable populations in Tajikistan through loans, leasing and consulting and advisory services. According to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, as of year-end 2009 IMON International reports assets of USD 37.2 million, a gross loan portfolio of USD 29 million and approximately 26,600 borrowers.

Oikocredit also loaned KGS 96.2 million (the equivalent of USD 1.5 million) to the First MicroCredit Company (FMCC), a microfinance bank based in Kyrgyzstan. As of year-end 2009, FMCC reports to the MIX total assets of USD 8.8 million, a gross loan portfolio of USD 8.8 million and 11,987 active borrowers.

Finally, Oikocredit loaned USD 650,000 to Credit Union ABN, a credit union based in Kyrgyzstan that provides microcredit and voluntary savings to its clients. As of year-end 2007, ABN reported to MIX assets of USD 1.2 million, a gross loan portfolio of USD 1.06 million, 432 active borrowers, a return on assets of 14.37 percent and a return on equity of 37.95 percent.

As of year-end 2009, Oikocredit reported USD 665 million in total assets with 790 active investments, of which 543 were in MFIs.

By Lindsey Shaughnessy, Research Associate

About Oikocredit: Oikocredit is a Dutch cooperative investment fund comprised of church groups, social support groups and individual investors. Established in 1975, it works in 70 countries worldwide, investing mainly in microfinance institutions (MFIs), as well as trade cooperatives, fair trade organizations and small and medium-sized enterprises (SMEs) in the developing world. As of year-end 2009 Oikocredit reported USD 665 million in total assets with 790 active investments, of which 543 were in MFIs.

About IMON International of Tajikistan: IMON International LLC is a microfinance institution (MFI) serving vulnerable populations in Tajikistan through loans, leasing and consulting and advisory services. Founded by the National Association of Business Women of Tajikistan and Mercy Corps in 1999 as Microloans in Tajikistan, the organization soon opened seven branches and 33 field offices. In 2007, the founders transformed the organization into a commercial operation, IMON International. According to the Microfinance Information Exchange (MIX), as of end-year 2009, IMON International reports assets of USD 37.2 million, a gross loan portfolio of USD 29 million and approximately 26,600 borrowers.

About The First Microcredit Company (FMCC) of Kyrgyzstan: Aga Khan Development Network (AKDN) launched its microfinance programme in the Kyrgyz Republic in 2003. The First MicroCredit Company (FMCC) was established in October 2006 and took over the activities of the AKDN microfinance programme. This transformation was an intermediate step towards the conversion into a fully-licensed microfinance bank. As of end-year 2009, FMCC reports to the Microfinance Information Exchange (MIX) total assets of USD 8.8 million, a gross loan portfolio of USD 8.8 million and 11,987 active borrowers.

About Credit Union ABN of Kyrgyzstan: Credit Union ABN is a credit union based in Kyrgyzstan that provides microcredit and voluntary savings. As of end-year 2007, ABN reported to the Microfinance Information Exchange (MIX) assets of USD 1.2 million, a gross loan portfolio of USD 1.06 million, 432 active borrowers, a return on assets of 14.37 percent and a return on equity of 37.95 percent.

Sources and Additional Resources:

[1] Per data submitted by Oikocredit to MicroCapital July, 2010

MicroCapital’s Microfinance Universe profile: Oikocredit

MicroCapital’s Microfinance Universe profile: IMON International

MicroCapital’s Microfinance Universe profile: The First MicroCredit Company (FMCC) of Kyrgyzstan

MicroCapital’s Microfinance Universe profile: ABN Credit Union

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