MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund and responsAbility Microfinanz-Fonds Invest $1.4m in Microfinance Institutions OXUS Tajikistan and Enterprise Bank Inc of the Philippines

responsAbility Global Microfinance Fund (rAGMF) and responsAbility Microfinanz-Fonds, microfinance investment vehicles managed by responsAbility Social Investments AG, recently reported to MicroCapital the details of four debt investments made during the month of July 2010, totaling the equivalent of USD 1.4 million, in microfinance institutions OXUS Tajikistan and the Enterprise Bank, Inc of the Philippines.

The details of these transactions are as follows.

responsAbility Microfinanz-Fonds loaned USD 200,000 at a fixed rate of 8.6 percent per year over two years to OXUS Tajikistan, a microfinance institution managed under the larger OXUS Development Network of OXUS Holding, in turn a social investment company based in France. The rAGMF also loaned USD 200,000 to OXUS Tajikistan at a fixed rate of 8.6 percent per year over two years.

Enterprise Bank, Inc of the Philippines, a microfinance bank serving approximately 72,000 clients in rural Mindanao, received a fixed-rate debt investment of PHP 11.5 million (the equivalent of USD 254,340) at 11.25 percent interest per year over two years. The rAGMF loaned PHP 34.7 million (USD 758,374) under the same terms. Enterprise Bank, Inc does not report to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse.

According to the MIX, the rAGMF reports assets of USD 475 million in mid-2010 and holds 202 active microfinance investments. responsAbility Microfinanz-Fonds reports to the MIX Market assets of USD 103 million and holds 130 active microfinance investments.

In June 2010, OXUS Tajikistan received a loan of TJS 2.4 million (the equivalent of USD 550,000) from Oikocredit, a microfinance investment fund in the Netherlands with assets of USD 665 million [2]. OXUS Tajikistan reports to the MIX, and as of 2008, holds USD 8.1 million in assets, has a gross loan portfolio of USD 7.1 million and actively serves 8,840 borrowers at an average loan of USD 803 per borrower.

By Lindsey Shaughnessy, Research Associate

About responsAbility Global Microfinance Fund (rAGMF): The responsAbility Global Microfinance Fund (rAGMF) is a microfinance investment vehicle managed by responsAbility Social Investments AG, a social investment company based in Switzerland. The rAGMF invests in microfinance institutions (MFIs) and microfinance investment vehicles (MIVs), mostly through short- to medium-term debt securities. rAGMF also invests up to 10 percent of its assets in the equity of MFIs. LuxFLAG, an independent organization that certifies that microfinance vehicles actually invest in the microfinance sector, renewed the rAGMF’s label as of April 2010. According to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, the rAGMF reports assets of USD 475 million in mid-2010 and holds 202 active microfinance investments.

About responsAbility Mikrofinanz-Fonds: The responsAbility Mikrofinanz-Fonds is a microfinance investment vehicle managed by responsAbility Social Investments AG, a social investment company based in Switzerland. responsAbility Microfinanz-Fonds invests in microfinance institutions (MFIs) through debt securities and equity investments. The fund was created in 2007 by responsAbility, and is financed by Bank im Bistum Essen, a German cooperative financial institution, and Stadtsparkasse Düsseldorf, a German bank. It is also certified by LuxFLAG as of April 2010. responsAbility Microfinanz-Fonds reports to the MIX Market assets of USD 103 million and holds 130 active microfinance investments.

About Enterprise Bank Inc: Enterprise Bank, Inc (EBI) is a rural bank in Mindanao, Philippines. It serves approximately 72,000 clients. The bank has received funding from Triodos-Doen Foundation as well as Oxfam-Novib. Enterprise Bank, Inc does not report to the MIX.

About Oxus Microfinance: OXUS Holding is the investment instrument of the OXUS group. The OXUS group also consists of the OXUS Development Network, a consulting company that specializes in microfinance, and three microfinance institutions (MFIs), named OXUS Afghanistan, OXUS Tajikistan, and OXUS Kyrgyzstan. OXUS Holding makes investments in microfinance institutions (MFIs). OXUS Tajikistan reports to the MIX, and as of 2008, holds USD 8.1 million in assets, has a gross loan portfolio of USD 7.1 million, actively serves 8,840 borrowers at an average loan of USD 803 per borrower, has a return on assets of 4.09 percent and has a return on equity of 22.5 percent.

Sources and Additional Resources:

[1] Per data submitted by responsAbility Social Investments AG to MicroCapital August 4, 2010

[2] MicroCapital Brief: “Oikocredit Loans $1.37m to Seven Microfinance Institutions in Bulgaria, Asia and Africa”, June 22, 2010. https://www.microcapital.org/microcapital-brief-oikocredit-loans-1-37m-to-seven-microfinance-institutions-in-bulgaria-asia-and-africa/

[3] Description via Microfinance Gateway, “Enterprise Bank, Inc.”, 2010. http://www.microfinancegateway.org/p/site/m/template.rc/1.11.47217/

MicroCapital’s Microfinance Universe profile: responsAbility Global Microfinance Fund: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29

MicroCapital’s Microfinance Universe profile: responsAbility Mikrofinanz-Fonds: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds

MicroCapital’s Microfinance Universe profile: Enterprise Bank, Inc: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=enterprise+bank+inc

MicroCapital’s Microfinance Universe profile: Oxus Holding: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=OXUS+Holding

Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/

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