CGAP (Consultative Group to Assist the Poor) reported in its recent list of transactions, that Banco Bilbao Vizcaya Argentaria (BBVA), a Spanish financial institution, lent USD 300,000 to Fundación para el Desarrollo de la Microempresa (FUDEMI), USD 750,000 to Fundación para el Apoyo a la Microempresa (FAMA) and USD 541,440 to CRAC Profinanzas, all three of which are Latin American microfinance institutions (MFIs). Continue reading
ASIA-PACIFIC REGIONAL MICROCREDIT SUMMIT 2008
JULY 28-30, 2008, BALI, INDONESIA
The Asia-Pacific Regional Microcredit Summit 2008 (APRMS) is the 12th conference in a series of global and regional summits by the Microcredit Summit Campaign (MSC). In plenary sessions, APRMS will discuss 4 commission papers and present tow Institution Action Plans. The Summit will also feature 3 sets of workshop sessions, a 5-day course on a variety of subjects, and 12 sessions organized by delegates. Continue reading
The International Finance Corporation (IFC), a member of the World Bank Group, will partner with Britain’s Standard Chartered Bank, a commercial bank, by investing USD 45 million for bank-issued credit-linked notes, which will allow the bank to increase lending to microfinance institutions (MFIs) in Africa and Asia.
The Microfinance Capital Markets Newsletter of the Consultative Group to Assist the Poor (CGAP) reported that Incofin, a Luxembourg-based social investment company, has issued loans of USD 2 million to Guatemalan microfinance institution (MFI) FUNDEA, USD 1 million to Bolivian MFI FADES, and USD 300,000 to Ghanaian MFI Sinapi Aba Trust.
Legatum, an international private investment group, and the Omidyar Network, a philanthropic investment firm, will invest USD 40 million in Unitus Equity Fund II, a newly created private equity fund that will provide capital to microfinance institutions (MFIs) with an emphasis on growth.
The Consultative Group to Assist the Poor (CGAP) reports in its list of recent transactions that AfriCap Microfinance Fund (AfriCap) made a USD 1.1 million equity investment in the newly established Société de Financement de la Petite Entreprise (SOFIPE), a microfinance institution (MFI) in Burkina Faso, on March 1st, 2008. Continue reading
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. Continue reading
ACCOMPANYING THE POOREST OUT OF POVERTY: THE EFFECT OF THE GLOBAL FOOD CRISIS
MAY 21, 2008, NEW YORK, UNITED STATES
The Microfinance Club of New York (MFCNY) and Women Advancing Microfinance (WAM) present an evening with Anne Hastings, Executive Director of Fonkoze, Haiti’s largest microfinance institution. Under her leadership, Fonkoze has grown from 2 volunteer employees to over 560 full-time employees. The institution now has 30 branches throughout rural Haiti, with over 120,000 clients, more than 45,000 of whom have microcredit loans. Continue reading
Baku-based Aqrarkredit, a joint-stock non-banking credit organization, will be transformed into a full agricultural bank by the end of the year. The action is awaiting government approval and the chairman of the microfinance institution (MFI), Mammad Musayev, remarked that Aqrarkredit has discussed the selling of shares, upon completion of the change in status, with the European Bank for Reconstruction and Development (EBRD), a London-based international bank utilizing investment tools to encourage democracy and market economies from central Asia to central Europe since 1991, and the International Finance Corporation (IFC), a member of The World Bank Group founded in 1956. In preparation for the governmental review, Aqrarkredit recently underwent an audit conducted by KPMG, a global auditing firm operating in 145 countries. Continue reading
In a push to generate interest in the idea of African enterprises as investment opportunities, the sponsors of an East African entrepreneurial award competition have just released a documentary online about the selection process for the inaugural Legatum Pioneers of Prosperity Africa prize – which resulted in awards totaling USD 350,000 to six up-and-coming, home-grown companies. The prize was funded by Legatum, an international private investment group, and the John Templeton Foundation, a philanthropic organization, and also involved partners OTF Group, a competitiveness consulting firm; the S.E.VEN Fund, a non-profit that promotes enterprise-driven solutions to poverty; and the Inter-American Development Bank, a multi-lateral financial institution.
In an interview with the Financial Times, Muhammad Yunus, the founder of pioneering microfinance institution (MFI) Grameen Bank of Bangladesh, says that the bank is seeing a sharp increase in problems associated with the repayment of debts by poor borrowers as a result of rising food prices.
At a seminar for Finance Correspondents and Business Editors, the Central Bank of Nigeria (CBN) said it was worried about microfinance banks (MFBs) drifting from their core functions. The CBN also expressed concern about the distribution of MFBs in the country and the lack of functional support institutions. Continue reading
Dr. John Hatch is currently the Board Secretary and Historian at FINCA (Foundation for International Community Assistance).
MicroCapital: Was there something in your upbringing that sparked your passion for social finance that you might share with our readers?
JH: My mother was born in Costa Rica, and I learned Spanish as a kid and then went into the Peace Corps and became fluent. This draw to Latin America is where I began. So, it was family background and a Spanish-speaking mother and an early experience with the Peace Corps of seeing the poorest of the poor….
I’d been to Latin America a couple times in the summer working for uncles in Costa Rica…. My Costa Rican uncle was a representative for American products, so I’d go door-to-door selling those things. Getting people to buy a typewriter…that’s how I picked up my Spanish, and I was kind of a novelty in those days. My first sale was a Royal typewriter to the madam of a house of prostitution! Continue reading