The Luxembourg-domiciled Sanad Fund for MSME recently agreed to borrow EUR 15 million (USD 16.5 million) from Algemene Spaarbank voor Nederland (ASN) Bank, a retail banking member of the Netherlands’ de Volksbank, and USD 10 million from the US-based NGO Calvert Impact Capital. Sanad intends to use the fresh funds to facilitate
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MICROCAPITAL BRIEF: Citing “Impatience with the Pace,” Calvert Impact Restructures to Boost Microfinance, Green Investment
US-based NGO Calvert Impact Capital is rebranding itself as Calvert Impact, a name it has given to the NGO that will hold a group of subsidiaries that will continue to serve retail investors, institutional investors and financial advisors. CEO Jennifer Pryce stated, “We found that our original organizational framework sometimes prevented us from going bigger and bolder…. Our strategy reflects our impatience with the pace of adoption across the capital markets. We…need to double down on what we know works in and for communities.”
Calvert Impact subsidiaries will continue with the organization’s past activities, such as offering Community Investment Notes in denominations as small as
MICROCAPITAL BRIEF: Calvert Impact Capital Opens $15m Credit Line for FINCA, Owner of 20 Microfinance Institutions (MFIs)
Calvert Impact Capital, a US-based NGO, recently opened a five-year credit line of USD 15 million for FINCA Impact Finance to use in support of its 20 microfinance institutions in Africa, the Americas and Eurasia. The funding is available for on-lending to micro- and small enterprises (MSEs) as well as for
MICROCAPITAL BRIEF: responsAbility Securitizes $175m for 26 Microfinance Institutions, SME Lenders from Investors Including Alecta, Calvert, OPIC
A Switzerland-based “impact asset manager,” responsAbility Investments, recently securitized USD 175 million for lending to 26 funders of micro-, small and medium-sized enterprises (MSMEs). The three-year securitization offers listed bonds at senior and mezzanine levels with unspecified “commercial” fixed rates of return, as well as a junior level with
MICROCAPITAL BRIEF: SunFunder Raises $42.5m for Solar Energy Transformation Fund from OPIC, Calvert, Ceniarth, IKEA Foundation
SunFunder, a Kenya-based financier of solar energy firms, recently raised USD 37.5 million in debt for its new Solar Energy Transformation (SET) Fund as well as USD 5 million in first-loss grant funding from the IKEA Foundation, an affiliate of the Sweden-founded IKEA group of furniture companies. The goal of SET is to raise USD 85 million to fund the delivery of energy to 3 million people over
MICROCAPITAL BRIEF: Calvert Impact Loans $5m to One Acre Fund for Agricultural Inputs, Clean-energy Equipment Leasing to Smallholder Farmers in East Africa
Calvert Impact Capital, a US-based NGO that raises funds for organizations with “a social and/or environmental focus,” recently loaned USD 5 million to One Acre Fund, a US-based NGO active in the agriculture sector in Africa.
MICROCAPITAL BRIEF: Calvert Impact Loans $5m to Global Communities’ Vitas Palestine, Ryada for Housing Microfinance, Mortgages in West Bank, Gaza
Calvert Impact Capital, a US-based NGO that raises money for organizations with “a social and/or environmental focus,” recently disbursed a three-year loan to Global Communities, a US-based NGO that provides financial, health, urban-management and other services in 43 countries. Global Communities will use the funds to support housing lending in the West Bank and Gaza via its for-profit holding company, the Vitas Group.
Calvert Investments Director Songbae Lee said, “This investment is interesting to us because it expands our traditional microfinance investing with a focus on
MICROCAPITAL BRIEF: Calvert Foundation Buys $5m in Subordinated Notes from Eco.Business Fund in Effort to Mitigate Climate Change in Latin America
The Calvert Social Investment Foundation, a US-based institution supporting the “social and environmental impact sectors,” recently invested USD 5 million in the Eco.Business Fund, a lender to financial institutions in Latin America that seek to mitigate climate change. The financing is in the form of subordinated notes, the first time the Eco.Business Fund has borrowed in this manner.
MICROCAPITAL BRIEF: OPIC, Calvert, Swiss Agency for Development and Cooperation, EIB Invest $12m in Participatory Microfinance Group for Africa (PAMIGA) to Support Access to Solar Power, Irrigation in Rural Africa
The Overseas Private Investment Corporation (OPIC), a development finance institution backed by the US government, and the Calvert Foundation, a US-based nonprofit community development financial institution, recently signed agreements to loan USD 6.25 million to Pamiga Finance S.A. (PFSA) to help it spread access to solar energy and micro-irrigation systems in rural Africa [1].
MICROCAPITAL BRIEF: Bank of America Invests $10m in Calvert Foundation to Support Financial Access for Women Entrepreneurs in Low-, Middle-income Countries
Bank of America, a US-based financial services provider, is investing USD 10 million in Calvert Foundation, a US-based nonprofit organization specializing in social-impact investment, to provide loans to organizations that increase financial access for women entrepreneurs in Africa, Asia, Eastern Europe and Latin America [1].
MICROCAPITAL BRIEF: MicroVest to Manage Calvert Foundation’s $50m Microfinance Investment Portfolio
Calvert Foundation, a US-based nonprofit organization specializing in social impact investment, recently announced that MicroVest Capital Management, a US-based private microfinance investment firm, will manage its USD 50 million microfinance investment portfolio.
MICROCAPITAL BRIEF: Calvert, Citi Foundations Launch Women Investing in Women Initiative (WIN-WIN) Channeling $20m to Microfinance
The Calvert Foundation, a US-based nonprofit specializing in social impact investment, in collaboration with Citi Foundation, the charitable arm of US-based financial services provider Citigroup, recently announced the launch of Women INvesting in Women INitiative (WIN-WIN) whereby USD 20 million will be invested to create opportunities for women lacking access to traditional financing.
MICROCAPITAL BRIEF: Inter-American Development Bank, Deutsche Bank, Calvert Foundation, Monarch Community Fund Loan $3.6m to “Fund for Small Rural Producers in Latin America” or “Fondo para los Pequeños Productores Rurales en América Latina” (FOPEPRO)
The Inter-American Development Bank (IDB), a US-based development finance institution, has arranged a USD 3.6 million syndicated loan to the “Fund for Small Rural Producers in Latin America” or “Fondo para los Pequeños Productores Rurales en América Latina” (FOPEPRO), to provide access to finance for associations of small-scale farmers and other producers in nine Latin American countries.
MICROCAPITAL BRIEF: Inter-American Development Bank (IDB), Oikocredit, Incofin, Calvert Foundation Make Syndicated Loan of $9m to Cooperativa de Ahorro y Crédito (COAC) Jardín Azuayo of Ecuador
The Inter-American Development Bank (IDB), a US-based, multilateral, development finance organization, recently announced that it has syndicated a USD 9 million loan to Cooperativa de Ahorro y Crédito (COAC) Jardín Azuayo, a savings and credit cooperative in Ecuador. USD 3 million of the loan has been funded by IDB, the lead arranger in the transaction, through its “Opportunities for the Majority” initiative. The remaining USD 6 million was funded by the following three impact investors: Oikocredit, a Dutch cooperative investment fund that invested USD 3 million [2]; Incofin, a Belgian investment management firm that invested USD 2 million [3]; and Calvert Foundation, a private US foundation that invested the remaining USD 1 million [4].
MICROCAPITAL BRIEF: Calvert Foundation, Investor in Microfinance and Community Development, Appoints Lisa Hall as New Head
The board of Calvert Foundation, a US-based organization that invests in microfinance and community development projects in the US and around the world, has recently appointed Lisa Hall to succeed Shari Berenbach as its President and CEO. Ms Berenbach served as the head of Calvert Foundation from 1997 to 2010, during which the organization’s total assets under management grew from USD 5 million to USD 500 million.
MICROCAPITAL BRIEF: Impact Investment Fund Managers Calvert, Cordes and Giving Assets Plan to Establish “Global Impact 50” Alongside Rockefeller Foundation to Measure Social, Environmental and Financial Impacts of Impact Investment
A group of United States-based impact investment fund managers, namely the Calvert Foundation, the Cordes Foundation and Giving Assets Inc, recently announced plans to collaboratively establish the Global Impact 50, a global index for measuring the social, environmental and financial impacts of the top 50 impact investment fund managers.
MICROCAPITAL BRIEF: Peruvian Microfinance Institution (MFI) Mibanco Receives $45m Syndicated Loan from Inter-American Development Bank (IDB), BlueOrchard, Oikocredit, the Calvert Foundation and Societe de Promotion et de Participation pour la Cooperation Economique (PROPARCO)
Peruvian microfinance institution (MFI), Mibanco, has received a loan package of USD 45 million, arranged by Inter-American Development Bank (IDB), allowing it to create a new credit program, Crecer Mi Negocio, which targets women entrepreneurs. The program will help finance medium-term loans ranging from a few hundred dollars up to USD 3,000 for the purchase of new fixed assets or otherwise financing existing businesses. The precise range of maturities indicated ‘medium-term’ has not been released to date.
KNOW A MICROFINANCE FUND: Calvert Foundation
Overview:
The Calvert Foundation provides loans to organizations that provide affordable housing, microfinance, small business loans, and community facilities.