ResponsAbility Investments, a company based in Zurich that primarily invests in developing economies, recently notified MicroCapital that is has disbursed EUR 10 million (USD 13 million) in senior refinancing to Fondation pour le Développement Local et le Partenariat Micro-Crédit (FONDEP), a Moroccan MFI with the mission “to use microcredit to help women and youth create their own microenterprises and generate income.” Further information about the transaction has not been disclosed.
FONDEP, which was launched in 1996, reports total assets of USD 100.4 million, return on assets of 2.78 percent and a gross loan portfolio USD 81.6 million with 128,620 active clients served through 178 branches as of December 2012. In addition to loans, FONDEP offers insurance, but the microfinance institution does not offer deposits. As of March 2014, responsAbility reported total assets under management of approximately USD 2 billion.
By Sarah Luo, Research Associate
About responsAbility:
Founded in 2003, responsAbility Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and services in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. ResponsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue. As of March 2014, responsAbility reported total assets under management of approximately USD 2 billion.
About Fondation pour le Développement Local et le Partenariat Micro-Crédit (FONDEP)
Fondation pour le Développement Local et le Partenariat Micro-Crédit (FONDEP) was founded in 1996 in Morocco with a mission to make credit available to poor people, particularly women and young people. As of December 31, 2012, its assets totaled USD 100.4 million, of which USD 81.6 million was vested in its loan portfolio. FONDEP has 128,620 active clients through 178 branches. In addition to loans, FONDEP offers insurance, but the MFI does not offer deposits.
MicroCapital, April 9, 2014: responsAbility Investments Lends $4m to Opportunity International Bank of Malawi
MicroCapital, February 13, 2014: responsAbility Loans $20m to Microlender Enda Inter-Arabe of Tunisia
MicroCapital, May 5, 2008: BMCE Bank of Morocco Lends $12.5m to Microfinance Institution (MFI) FONDEP
MicroCapital Universe Profile: responsAbility Investments AG
MicroCapital Universe Profile: Fondation pour le Développement Local et le Partenariat Micro-Crédit (FONDEP)
Do you know that MicroCapital publishes the MicroCapital publishes the MicroCapital Monitor Newspaper each month? Find out more at: https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: UNI2 Microcrédito of Colombia Raises $3m in Debt from Triodos Microfinance Fund, Triodos Fair Share Fund
- MICROCAPITAL BRIEF: ResponsAbility Invests $40m in Equity in eFishery of Indonesia for Technology Helping Fish, Shrimp Farmers with Feeding, Water Quality, Documenting Sustainable Practices, Market Linkages
- MICROCAPITAL BRIEF: Annapurna Finance Borrowing $25m from responsAbility to Boost Renewable Energy, Energy-efficiency in India
- MICROCAPITAL BRIEF: Opportunity International, UPS Foundation Announce “Unstoppable Women Initiative” to Expand Financial Services in Colombia, India, Indonesia, Nigeria
- MICROCAPITAL BRIEF: MLF Malawi Partnering with ADA, Grameen Credit Agricole to Develop Digital Finance for Women Farmers