MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund and responsAbility Mikrofinanz-Fonds Invest $1.09m in Microfinance Institutions (MFIs) Apoyo Integral in El Salvador and Forjadores Negocios in Mexico

responsAbility, a Swiss microfinance investment vehicle (MIV) manager, recently reported to MicroCapital that it has executed debt investments totaling the equivalent of nearly USD 1.1 million in microfinance institutions (MFIs) in El Salvador and Mexico.

Apoyo Integral, a Salvadorian MFI established in 1990, will receive USD 750,000 from responsAbility Global Microfinance Fund and USD 250,000 from responsAbility Mikrofinanz-Fonds. The loans to Apoyo Integral are at a fixed interest rate of 7.75 percent for a term of 23 months.

Forjadores Negocios, a Mexican MFI established in 2005, will receive MXN 1,168,520 (USD 90,000) from responsAbility Global Microfinance Fund. The loan to Forjadores Negocios carries a fixed interest rate of eight percent for a term of 23 months.

Symbiotics, Swiss a microfinance investment intermediary, will facilitate both transactions.
About responsAbility Global Microfinance Fund:

The responsAbility Global Microfinance Fund (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. As of April 2010, it has been certified by the Luxemburg Funding Labeling Agency (LuxFLAG), a nonprofit that certifies MIVs based on their direct or indirect investment in the microfinance sector. According to the MIX Market, the microfinance information clearinghouse, responsAbility Global Microfinance Fund had total assets of USD 354 million, USD 284 million of which were allocated to MFI investments as of 2009.

About responsAbility Mikrofinanz-Fonds:

The responsAbility Mikrofinanz-Fonds invests in microfinance institutions (MFIs) through debt securities and equity investments. The fund was created in 2007 by responsAbility of Luxemburg and is financed by Bank im Bistum Essen, a German cooperative financial institution, and Stadtsparkasse D’sseldorf, a German bank. As of April 2010, it has been certified by the Luxemburg Funding Labeling Agency (LuxFLAG), a nonprofit that certifies MIVs based on their direct or indirect investment in the microfinance sector. According to the MIX Market, the microfinance information clearing house, responsAbility Mikrofinanz-Fonds had total assets of USD 109 million, USD 66 million of which were allocated to MFI investments as of 2009.
About Apoyo Integral:

Apoyo Integral is a Salvadorian microfinance institution (MFI) that was founded in 1990. According to the MIX Market, the microfinance information clearinghouse, Apoyo Integral had USD 64.2 million in total assets, a gross loan portfolio of USD 56.9 million, 3,321 active borrowers, a return on assets of (ROA) 0.09 percent and a return on equity (ROE) of 0.59 percent as of 2008.

About Forjadores Negocios:

Forjadores Negocios is a Mexican microfinance institution (MFI) that was founded in 2005. According to the MIX Market, the microfinance information clearinghouse, Forjadores Negocios had USD 4.6 million in total assets, a gross loan portfolio of USD 3.4 million, 15,845 active borrowers, a return on assets (ROA) of -38.98 percent and a return on equity (ROE) of -175 percent as of 2008.

By Matthew Fox, Research Assistant

Sources and Additions Resources:

E-mail correspondence with MicroCapital

MicroCapital Universe: responsAbility Global Microfinance Fund: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+(rAGMF)

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

MicroCapital Universe: Apoyo International: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Apoyo+Integral

MicroCapital Universe: Forjadores Negocios: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Forjadores+de+Negocios

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

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