MICROCAPITAL BRIEF: responsAbility Loans $13m to Microfinance Institution FONDEP of Morocco

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)

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