MICROCAPITAL BRIEF: responsAbility Social Investments AG Makes Debt Investments Totaling $1.7m in MBK Ventura of Indonesia, COOPAC Norandino of Peru and COAC Mushuc Runa of Ecuador

responsAbility Social Investments AG (responsAbility), an investment manager founded in 2003 in Switzerland, reported to MicroCapital that it recently made four debt investments totaling USD 1.7 million in microfinance institutions (MFIs) MBK Ventura of Indonesia, COOPAC Norandino of Peru and COAC Mushuc Runa of Ecuador.

The responsAbility Global Microfinance Fund (rAGMF), a microfinance investment vehicle (MIV) managed by responsAbility, made a debt investment in Mitra Bisnis Keluarga (MBK) Ventura, a non-banking microfinance institution founded in 2003 in Indonesia, totaling IDR 2.2 billion (USD 746,045) at a fixed rate of 11.8 percent for a 12-month period. responsAbility Mikrofinanz-Fonds, an MIV managed by reponsAbility and financed by German banks Bank im Bistum Essen and Stadtsparkasse Dusseldorf, also made a debt investment in MBK Ventura totaling EUR 196,011 (USD 248,680) under the same terms. MBK reports to the Microfinance Information Exchange (MIX) that as of December 2009 it holds USD 14.6 million in assets and a gross loan portfolio of USD 10.6 million

In addition, rAGMF made a debt investment of PEN 699,875 (USD 250,132) in Cooperativo de Ahorro y Credito (COOPAC) Norandino, an MFI founded in 2005 in Peru aiming to provide financial services to the agrarian sector, at a fixed rate of 10.25 percent for a period of 24 months. COOPAC Norandino reports to the Microfinance Information Exchange (MIX), as of June 2010, USD 3.8 million in assets, a gross loan portfolio of USD 2.8 million, return on assets of 6.65 percent and return on equity of 25.65 percent.

Lastly, responsAbility Mikrofinanz-Fonds made a debt investment of EUR 394,104 (USD 500,000) at a fixed rate of 6.5 percent for a 24-month period in Cooperativa de Ahorro y Credito (COAC) Mushuc Runa, an MFI established in 1997 in Ecuador to provide financial services to indigenous populations. COAC Mushuc Runa reports to the Microfinance Information Exchange (MIX) that, as of June 2010, it holds USD 86.9 million in assets, a gross loan portfolio of USD 73 million with 34,048 active borrowers and an average loan per borrower of USD 2,144.

About responsAbility Social Investments AG: Founded in 2003, responsAbility Social Investments AG of Switzerland is an investment company whose investment products aim to enable people in developing countries and emerging markets to access markets, information and other services in sectors such as microfinance, small and medium-sized (SME) financing, fair trade and independent media. It aims to enable private and institutional investors contribute to positive social development while earning a FINANCIAL return. 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 MIV certification organization founded in 2006 that certifies MIVs based on their direct or indirect investment in 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. LuxFLAG, an independent organization that investigations whether microfinance investment vehicles actually support the microfinance sector, renewed its certification of Mikrofinanz-Fonds as of April 2010.

About Cooperativo de Ahorro y Credito (COOPAC) Norandino: COOPAC Norandino is a microfinance institution (MFI) founded in 2005 in Jaen, Peru, aiming to provide financial services to the agrarian sector. It was founded through the collaboration of Peruvian agricultural organizations CepiCafe, CenfroCafe and Oro Verde and the Green Development Foundation of the Netherlands. COOPAC Norandino reports to the Microfinance Information Exchange (MIX), as of June 2010, USD 3.8 million in assets, a gross loan portfolio of USD 2.8 million, return on assets of 6.65 percent and return on equity of 25.65 percent.

About Mitra Bisnis Keluarga (MBK) Ventura: Mitra Bisnis Keluarga (MBK) Ventura is a microfinance institution (MFI) located in Indonesia. It was founded in 2003 and is a non-banking financial institution. As of March 7, 2010, it offers only “micro working capital” loans with an average loan per borrower of USD 82. MBK Ventura reports to the Microfinance Information Exchange (MIX) that as of December 2009 it holds USD 14.6 million in assets and a gross loan portfolio of USD 10.6 million.

About Cooperativa de Ahorro y Credito (COAC) Mushuc Runa: COAC Mushuc Runa is a microfinance institution (MFI) established in 1997 in Ecuador to provide financial services to indigenous populations. It provides loans and savings programs for borrowers, including students. COAC Mushuc Runa reports to the Microfinance Information Exchange (MIX) that, as of June 2010, it holds USD 86.9 million in assets, a gross loan portfolio of USD 73 million with 34,048 active borrowers and an average loan per borrower of USD 2,144.

By Diana Baide, Research Assistant

Sources and Additional Sources:

[1] Data submitted by responsAbility Social Investments AG to MicroCapital September 2010

MicroCapital’s Microfinance Universe profile: responsAbility

http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility

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

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

MicroCapital’s Microfinance Universe profile: responsAbility Mikrofinanz-Fonds

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

MicroCapital’s Microfinance Universe profile: COOPAC Norandino

http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=COOPAC+Norandino

MicroCapital’s Microfinance Universe profile: MBK Ventura

http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mitra+Bisnis+Keluarga+Ventura+(MBK)

MicroCapital’s Microfinance Universe profile: COAC Mushuc Runa

http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=COAC+Mushuc+Runa

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