responsAbility, a Swiss-based microfinance investment vehicle (MIV) manager, recently reported to MicroCapital that it has provided USD 1.5 million in debt financing from two of the funds it manages to three microfinance institutions (MFIs) in Kosovo and Central Asia.

Arnur Credit of Kazakhstan received USD 200,000, and AfK of Kosovo received USD 616,575 from the responsAbility Global Microfinance Fund. Arvand of Tajikistan received USD 500,000 from the responsAbility Global Microfinance Fund and USD 200,000 from responsAbility Mikrofinanz-Fonds.

According to the MIX Market, the microfinance information clearinghouse, Arnur Credit had USD 4.8 million in total assets, 1,822 active borrowers, a return on assets (ROA) of 2.49 percent and a return on equity (ROE) of 7.25 percent as of 2009.

AfK had total assets of USD 11.5 million, 3,785 active borrowers, an ROA of 0.06 percent and an ROE of 0.72 percent as of 2009 according to MIX.

Financial data on Arvand is unavailable.

By Stefanie Rubin, Research Associate

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 Luxembourg Funding Labeling Agency (LuxFLAG), an independent nonprofit that certifies MIVs based on their direct or indirect investment in the microfinance sector.

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 Luxembourg Funding Labeling Agency (LuxFLAG), an independent nonprofit, which certifies MIVs based on their direct or indirect investment in the microfinance sector.

Additional Resources:

Source Article: E-mail correspondence with MicroCapital June 10, 2010.

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

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

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