MICROCAPITAL STORY: Calvert Foundation Makes Microfinance Investments Totaling $1.6m in Banco Solidario, Unitus and Pro Mujer

In its Microfinance Capital Markets Update, CGAP (Consultative Group to Assist the Poor) reports that Calvert Social Investment Foundation invested USD 1.6 million in three microfinance organizations. Calvert invested USD 400,000 in Banco Solidario, USD 500,000 in Unitus and USD 650,000 in Pro Mujer. CGAP reports that in transacting with Pro Mujer, Calvert made two separate investments, one totaling USD 150,000, directed “worldwide”, the other totaling USD 500,000 directed towards Latin America and the Caribbean.

Calvert is a non-commercial microfinance development fund established in 1995, which offers loans, debt securities and equity investments. According to MIX Market, the microfinance information clearinghouse, in working with institutions with at least 3 years of experience and USD 2 million in assets, Calvert currently notes 50 active microfinance investments. Its 2006 Annual Report cites (p. 14) Calvert’s total assets at USD 145.8 million and a total portfolio at USD 106.3 million in community investments.

Banco Solidario is a microfinance institution established in 1992 that currently operates within the Latin American and Caribbean region. As of December 2007, Banco Solidario’s total assets were cited by MIX Market to be at USD 327.1 million with a total gross loan portfolio of USD 224 million. Its return on assets was 0.24 percent while its debt to equity ratio was 762.27 percent. Banco Solidario provides services to both urban and rural clients, with 136,782 active borrowers and 95,063 savers.

Unitus is a nonprofit microfinance network that provides loans, insurance and savings to microfinance institutions (MFIs) throughout Latin America, Asia and Africa. Founded in 2000, Unitus employs an acceleration model that aims at focusing on the rapid growth of its partner MFIs. According to the MIX Market, Unitus’ total assets sum USD 9.5 million. Unitus’ 2006-2007 Annual Report states that Unitus has 1.8 million clients and gross loan portfolio of USD 115.4 million (p. 13).

Pro Mujer, an international microfinance network that focuses on microfinance as well as business training and health support, began in 1990 with the establishment of MFI Pro Mujer Bolivia. Nonprofit Pro Mujer now has operations in Argentina, Peru, Nicaragua and Mexico with a total of 74,259 active clients. According to Pro Mujer’s 2006 Annual Report, the network has USD 39.4 million in total assets (p. 18) with a gross loan portfolio of USD 26.9 million (p.20).

By Sarah Knapp, Research Assistant

Additional Resources:

2006-2007 Annual Report, Unitus: 2007.

Annual Report, Calvert Foundation: 2006.

Annual Report, Pro Mujer: 2006.

Banco Solidario

Consultative Group to Assist the Poor (CGAP): Microfinance Capital Markets Update

CGAP: List of Recent Transactions 

MIX Market: Banco Solidario, Calvert Social Investment Foundation, Pro Mujer, Unitus

Pro Mujer Bolivia

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