MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Loan $1.5m to FINCA MDO for Microlending in Tajikistan

IFC, a US-based international financial institution and a member of the US-based World Bank Group, plans to loan USD 1.5 million to Foundation for International Community Assistance (FINCA) Microcredit Deposit Organization (MDO), a microfinance institution (MFI) based in Tajikistan that is a part of the US-based, nonprofit FINCA International microfinance network. Continue reading

MICROCAPITAL BRIEF: Sequoia Capital Sells 1.75% Stake in India’s SKS Microfinance to WestBridge Capital for $4.7m

Sequoia Capital, a US-based venture capital firm, has sold its 1.75-percent stake in SKS Microfinance, an Indian for-profit microfinance institution, to WestBridge Capital, an investment group with offices in India, Mauritius, and the United States. Continue reading

MICROCAPITAL BRIEF: Habib Bank Limited, NADRA to Expand “HBL Express” Money Transfer Service to 5,500 Additional Locations in Pakistan

NADRA Technologies Limited, a subsidiary of Pakistan’s National Database and Registration Authority (NADRA), has partnered with Karachi-based commercial bank Habib Bank Limited (HBL) to expand HBL Express, a service that allows for the payment of utility bills and sending domestic money transfers without the need for a bank account [1][2]. Continue reading

MICROCAPITAL BRIEF: Deutsche Bank Secures $75m for Microfinance Enhancement Facility for On-lending to Micro-, Small Enterprises

Deutsche Bank, a German financial services company, recently secured USD 75 million in financing from unspecified private investors for the Microfinance Enhancement Facility (MEF), a microfinance investment vehicle, for on-lending via retail financial institutions to micro- and small enterprises in middle and low-income countries. Continue reading

MICROCAPITAL BRIEF: Société de Promotion et de Participation pour La Coopération Economique (PROPARCO) Lends $4.1m to Association pour la Cooperation avec la Micro Enterprise (ACME) of Haiti to Boost Microlending

Société de Promotion et de Participation pour La Coopération Economique (PROPARCO), a French public-private development finance institution, reportedly has opened a credit line of HTG 178 million (USD 4.1 million) for Association pour la Cooperation avec la Micro Enterprise (ACME), a Haitian microfinance institution (MFI), to increase its lending portfolio.  Continue reading

MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) May Loan $27m to Tunisie Leasing to Support On-lending to Micro-, Small, Medium-sized Enterprises (MSMEs) in Tunisia

The European Bank for Reconstruction and Development, a UK-based multilateral financial institution, is researching the possibility of disbursing a senior, unsecured loan of no more than EUR 20 million (USD 27.3 million) to Tunisie Leasing, a leasing company with operations in Tunisia and Algeria, to support its on-lending to micro-, small and medium-sized enterprises (MSMEs) in Tunisia. Continue reading

MICROCAPITAL BRIEF: Incofin Investment Management Seeking to Raise $200m for “agRIF” Fund for Small-Scale Agriculture

Incofin Investment Management (Incofin IM), a Belgium-based manager of microfinance investment funds including two “Rural Impulse Funds” (RIFs), has announced the launch of “agRIF”, which is targeted to raise USD 200 million to invest in institutions that provide financial services to “small-scale” farmers [1]. Continue reading

MICROCAPITAL BRIEF: Jamaican Ministry of Finance May Regulate Microfinance Institutions, Cap Interest Rate at 40%

The Jamaican Ministry of Finance reportedly has announced plans to regulate microfinance institutions (MFIs) in the country. This is made possible by the proposed Microcredit Act of 2013 that would replace the Moneylending Act of 1999. Under the new law, the maximum annual interest rate would be set at 40 percent. Continue reading

MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $3.4m to Agricultural Cooperative Bank of Armenia (ACBA) Leasing in Armenia, Makes $106k Equity Investment in Kreditimi Rural i Kosoves of Kosovo

The European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle (MIV) backed by multiple governments, has disbursed two loans totaling USD 3.4 million in Armenia to Agricultural Cooperative Bank of Armenia (ACBA) Leasing, the leasing subsidiary of ACBA [1]. Continue reading

MICROCAPITAL BRIEF: US Agency for International Development (USAID), NetHope Announce 3 Grants Totaling $42k to Support Electronic, Mobile Payments

The United States Agency for International Development (USAID), a government agency that provides international economic and humanitarian assistance, and NetHope, a consortium of 41 international humanitarian organizations, recently announced three grants totaling USD 42,000 that aim to support development organizations in testing electronic payments and performing cost-benefit analyses of cash versus electronic payment systems. Continue reading

MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Loans $63m to Belorusian-Russian Belgazprombank of Belarus, Banca Transilvania of Romania, Microfinance Institution AccessBank of Azerbaijan

The European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle (MIV) backed by multiple governments, recently disbursed loans intended to benefit micro-, small and medium-sized enterprises (MSMEs) in the following amounts: EUR 20 million (USD 27.4 million) to Belorusian-Russian Belgazprombank, a Belorusian bank; EUR 15 million (USD 20.5 million) to Banca Transilvania, a privately-owned Romanian bank; and USD 15 million to AccessBank, an Azerbaijani for-profit microfinance institution (MFI) and a member of Germany’s Access Microfinance Holding (AccessHolding) [1]. Continue reading

MICROCAPITAL BRIEF: Urwego Opportunity Bank of Rwanda Receives $514k from Development Bank of Austria, “Partnership for Financial Inclusion” of International Finance Corporation (IFC), MasterCard Foundation

The Urwego Opportunity Bank (UOB), a microfinance institution (MFI) in Rwanda, will receive a donation of USD 514,000 from the International Finance Corporation (IFC), a member of the US-based World Bank Group, and the Oesterreichische Entwicklungsbank AG (OeEB), Austria’s development bank, to support the provision of financial services – including mobile services – particularly to women and small-scale enterprises [1]. Continue reading

MICROCAPITAL BRIEF: “Partnership for Financial Inclusion” of International Finance Corporation (IFC), MasterCard Foundation Donates $2.7m to AccessBank Tanzania, FINCA Democratic Republic of Congo (DRC) for Projects Including Mobile Banking

The International Finance Corporation (IFC), a member of the US-based World Bank Group, recently notified MicroCapital that it has launched projects with AccessBank Tanzania (ABT), a member of Germany’s Access Microfinance Holding (AccessHolding), and FINCA DRC, a subsidiary of the US-based nonprofit Foundation for International Community Assistance (FINCA International) that operates in the Democratic Republic of the Congo [1]. Continue reading

MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD), Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden NV (FMO) Buy 25% of Microfinance Institution Imon of Tajikistan for $6.5m

The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral institution that finances development projects, and Nederlandse Financierings-Maatschappijvoor Ontwikkelingslanden NV (FMO), a Dutch public-private partnership that aims to promote growth in developing economies, recently announced a joint investment of USD 6.5 million in Imon International, a microfinance institution in Tajikistan. Continue reading

MICROCAPITAL BRIEF: Grameen Credit Agricole Microfinance Foundation (GCAMF) Disburses $157k of $315k in Loans to Association Inter Instituts Ensemble et Avec (ASIENA) in Burkina Faso

The Grameen Credit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based investor in microfinance institutions (MFIs) and other social businesses, recently notified MicroCapital that it has disbursed the first half of a three-year loan of EUR 229,000 (USD 315,000) to Association Inter Instituts Ensemble et Avec (ASIENA), an association of religious congregations that provides entrepreneurship support, mutual health insurance and other forms of microfinance services to its members [1]. Continue reading