responsAbility Social Investments AG (responsAbility), a social investment company founded in 2003 in Switzerland, reported to MicroCapital that it made two debt investments during the month of September totaling EUR 1 million (USD 1.3 million) in microfinance institution (MFI) fondiBESA of Albania and a third debt investment of USD 1.5 million in Pearl Microfinance Limited of Uganda. The responsAbility Global Microfinance Fund (rAGMF), a microfinance investment vehicle managed by responsAbility, loaned USD 1.5 million to Pearl Microfinance Limited, a microfinance institution and community bank formerly known as the Community Banking Programme (CBP) that was founded in Uganda in 1997. The loan was made at a fixed rate of 9.5 percent for a period of 12 months. Pearl Microfinance operates in 14 districts in Uganda, and served 14,197 borrowers with a gross loan portfolio of USD 1.1 million as of December 2005.
rAGMF also made a debt investment of EUR 750,000 (approximately USD 1 million) in fondiBESA, an Albanian urban microcredit project with 11,000 borrowers formerly recognized as a division of the Albanian Development Fund. The loan was made at a floating rate based on the six-month EUR London Interbank Offered Rate (LIBOR) rate for a period of 36 months. Lastly, responsAbility Mikrofinanz-Fondz, a microfinance investment vehicle managed by reponsAbility and financed by German banks Bank im Bistum Essen and Stadtsparkasse Dusseldorf, also made a debt investment in fondiBESA, measuring EUR 250,000 (USD 349,250) under the same terms. As of 2009, fondiBESA holds USD 43 million in assets according to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse.
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. The firm aims to offer private and institutional investors the potential to contribute to positive social development while earning a financial return. According to calculations based on data from the Microfinance Information Exchange (MIX) for 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 Social Investments 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 to promote the raising of capital for microfinance by certifying whether funds actually invest 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-Fondz: Mikrofinanz-Fondz is a microfinance investment vehicle (MIV) operated under responsAbility Social Investments AG of Switzerland, and funded by German Bank im Bistum Essen and Stadtsparkasse Dusseldorf. The fund was created in 2007 and in April 2010 was certified by the Luxembourg Fund Labeling Agency (LuxFLAG), an MIV certification organization founded in 2006 to promote the raising of capital for microfinance by certifying whether funds actually invest in the microfinance sector. Mikrofinance-Fondz reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, that it holds USD 103 million in fund assets as of 2010.
About Pearl Microfinance Limited: Formerly known as the Community Banking Programme, Pearl Microfinance Limited is a microfinance institution and community bank founded in 1997 in Uganda. It is an affiliate of Feed The Children Uganda (FTCU), a nonprofit Christian organization aiming to relieve Ugandan children of hunger and poverty. Pearl Microfinance operates in 14 districts in Uganda, and has served 14,197 borrowers with a gross loan portfolio of USD 1.1 million as of December 2005. Pearl Microfinance Limited does not report its financial information to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse.
About fondiBESA: fondiBESA, is an Albanian microfinance institution (MFI) providing loans and grants to local entrepreneurs. It began as The Urban Micro Credit Project in 1994 and was formerly recognized as a division of the Albanian Development Fund. In 1999, it was spun off as fondiBESA, with the participation of the Soros Foundation. Today, fondiBESA works to ensure access to microloans and grants for Albanian micro- and small entrepreneurs. As of 2009, fondiBESA holds USD 43 million according to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse.
By Diana Baide, Research Assistant
[1] Data submitted to MicroCapital by responsAbility in October 2010
MicroCapital’s Microfinance Universe profile: responsAbility
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital’s Microfinance Universe profile: responsAbility Global Microfinance Fund
MicroCapital’s Microfinance Universe profile: LuxFLAG
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=LuxFLAG
MicroCapital’s Microfinance Universe profile: responsAbility Mikrofinanz-Fondz
MicroCapital’s Microfinance Universe profile: Pearl Microfinance Limited
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Pearl+Microfinance+Limited
MicroCapital’s Microfinance Universe profile: fondiBESA
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=fondiBESA
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: DAI’s MicroVest Loans $4m to Bayport Colombia, Payroll Lender to Public Sector Workers
- MICROFINANCE EVENT: Livelihoods India Summit; January 19-20, 2023; New Delhi, India
- MICROCAPITAL BRIEF: Annapurna Finance Borrowing $25m from responsAbility to Boost Renewable Energy, Energy-efficiency in India
- 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: Stanbic Bank Uganda, IFAD Seek to Reduce Costs of Remittances via FlexiPay E-wallet, Encourage Adoption via SACCOs
