MICROCAPITAL BRIEF: responsAbility Social Investments of Switzerland Makes Debt Investments Totaling $800k in Microfinance Institutions Crystal Fund of Georgia and Oxus Microfinance of Tajikistan

responsAbility Social Investments AG (responsAbility), an investment company based in Switzerland, recently reported to MicroCapital that in October 2010 it made three debt investments totaling USD 800,000 in microfinance institutions (MFIs) Oxus Microfinance of Tajikistan and Crystal Fund of Georgia. The responsAbility Global Microfinance Fund (rAGMF), a microfinance investment vehicle managed by responsibility, loaned USD 375,000 to Crystal Fund, an MFI established in Georgia in 1998 with the aim of reducing poverty by providing financial services to low-income citizens. Similarly, responsAbility Mikrofinanz-Fondz, a microfinance investment vehicle managed by reponsAbility and financed by German banks Bank im Bistum Essen and Stadtsparkasse Dusseldorf, made a debt investment of USD 125,000 in Crystal Fund. As of December 2009 Crystal Fund reports assets of USD 5.5 million, a gross loan portfolio of USD 4.2 million, 4,534 active borrowers, a return on assets of 4.07 percent and a return on equity of 15.97 percent.

Lastly, the responsAbility Microfinance Leaders Fund (rAMLF), another microfinance investment vehicle managed by responsibility, made a debt investment of USD 300,000 in Oxus Microfinance, an MFI established in 1998 [1]. As of December 2009, Oxus Microfinance reports assets of USD 6.9 million, a gross loan portfolio of USD 5.3 million, 6,581 active borrowers, return on assets of -2.37 percent and return on equity of -10.88 percent.

About Crystal Fund: The Crystal Fund is a microfinance institution (MFI) established in Georgia in 1998 with the aim of reducing poverty by providing financial services to low-income citizens. It was commercialized in 2007 after the passing of the local Law on Microfinance, registering with the National Bank of Georgia. As of December 2009 Crystal Fund reports assets of USD 5.5 million, a gross loan portfolio of USD 4.2 million, 4,534 active borrowers, a return on assets of 4.07 percent and a return on equity of 15.97 percent.

About Oxus Microfinance: Oxus Microfinance is a microfinance institution that was founded in Tajikistan in 1998 as the ACTED Microfinance project. It aims to improve food security, provide access to financial services and empower savings and credit groups across the country. It was registered in October 2005 as a separate microfinance fund named Oxus and seeks to increase its impact through microloans that support small businesses. As of December 2009, Oxus Microfinance reports assets of USD 6.9 million, a gross loan portfolio of USD 5.3 million, 6,581 active borrowers, return on assets of -2.37 percent and return on equity of -10.88 percent.

By Diana Baide, Research Assistant

[1] Data submitted to MicroCapital by responsAbility in November 2010

MicroCapital’s Microfinance Universe profile: Crystal Fund

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Crystal+Fund

MicroCapital’s Microfinance Universe profile: Oxus Microfinance

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Oxus+Microfinance

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