MICROCAPITAL BRIEF: responsAbility Social Investments Makes Debt Investments Totaling $6.5m in Microfinance Institutions (MFIs) COAC Progreso of Ecuador, Pagasa of the Philippines and Vision Banco of Paraguay

responsAbility Social Investments AG (responsAbility), an investment manager based in Switzerland, reported to MicroCapital that it has provided a total of USD 6.5 million in debt financing to COAC Progreso, Pagasa and Vision Banco.

The responsAbility Global Microfinance Fund (rAGMF), a microfinance investment vehicle (MIV) managed by responsAbility, loaned USD 500,000 to COAC Progreso, a microfinance institution (MFI) in Ecuador. responsAbility Mikrofinanz-Fonds, another microfinance investment vehicle managed by reponsAbility but that is financed by German banks Bank im Bistum Essen and Stadtsparkasse Dusseldorf, loaned COAC Progreso USD 1 million. As of year-end 2007 COAC Progreso had USD 389,271 in total assets and a gross loan portfolio of USD 293,575.

rAGMF loaned Pagasa, an MFI in the Philippines, the local currency equivalent of USD 771,000. Mikrofinanz-Fonds loaned Pagasa the local currency equivalent of USD 257,000. There is no financial data available for Pagasa.

Finally, rAGMF loaned Vision Banco, an MFI in Paraguay, USD 3 million, and Mikrofinanz-Fonds loaned Vision Banco USD 1 million. As of year-end 2009, Vision Banco had a gross loan portfolio of USD 229 million, total assets of USD 317 million and 64,396 active borrowers.

By Witt Gatchell, Research Associate

About responsAbility Social Investments AG:
Founded in 2003, responsAbility Social Investments AG of Switzerland is an investment company whose products aim to enable investors to earn a financial return while allowing people in developing countries and emerging markets to access markets, information and other services in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. According to calculations based on data on the Microfinance Information Exchange (MIX) from 2009 and 2010, responsAbility manages approximately USD 800 million in total assets.

About responsAbility Global Microfinance Fund (rAGMF):
rAGMF is a microfinance vehicle (MIV) managed by responsAbility that 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. In April 2010, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether microfinance investment vehicles actually support the microfinance sector. rAGMF reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, that it has USD 474 million in fund assets as of 2010.

About Mikrofinanz-Fonds:
Mikrofinanz-Fonds is a microfinance investment vehicle (MIV) that was launched in 2007, is managed by responsAbility Social Investments AG of Switzerland and is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf. It invests in microfinance institutions (MFIs) through debt securities and equity investments. Mikrofinanz-Fonds reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, that it holds USD 103 million in assets as of 2010. Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether microfinance investment vehicles actually support the microfinance sector, renewed its certification of Mikrofinanz-Fonds as of April 2010.

Sources and Additional Information:
[1] Data submitted to MicroCapital by responsibility in October 2010 and November 2010

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

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

MicroCapital’s Microfinance Universe profile: LuxFLAG
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Lux

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

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

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