The EU’s European Investment Bank (EIB) recently agreed to loan Credo Bank, a commercial bank in Georgia, GEL 28.8 million (USD 10 million) to expand its financing of micro-, small and medium-sized enterprises (MSMEs). The floating-rate loan is synthetic, meaning it is denominated in euros but
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MICROCAPITAL BRIEF: EIB Lends $12m to Credo Bank for Microfinance in Rural Georgia to Offset Effects of COVID-19 on Food Production
Credo Bank, a microfinance institution in Georgia, recently accepted a local-currency loan in an amount approximately equivalent to USD 11.8 million from the EU’s European Investment Bank (EIB). Credo will use the funds to on-lend primarily as working capital for people living in rural areas,
MICROCAPITAL BRIEF: JSC Credo Bank Has Acquired Microfinance Portfolios of MFO BIG, MFO Credit Plus Georgia
Joint Stock Company (JSC) Credo Bank, a Georgian bank, recently announced that it has purchased the microfinance portfolios of two microfinance organizations (MFOs), BIG and Credit Plus Georgia, for
MICROCAPITAL BRIEF: Asian Development Bank Bond Sale Raises $30m to Boost Local Microenterprises Served by Credo Microfinance, FINCA Georgia
The Asian Development Bank (ADB), a multilateral development banking institution based in the Philippines, recently announced it has raised GEL 64 million (approximately USD 30 million) through a sale of bonds denominated in Georgian lari.
MICROCAPITAL BRIEF: Microfinance Investment Manager BlueOrchard Finance Invests $7m in Inecobank of Armenia, Credo of Georgia and Pag-Asa
BlueOrchard Finance SA, a subsidiary of Switzerland-based commercial microfinance intermediary BlueOrchard, recently reported to MicroCapital the details of three debt investments made during the month of September 2010 to financial institutions Inecobank of Armenia, Limited Liability Company (LLC) Microfiance Organization (MFO) Credo of Georgia and Pag-Asa of the Philippines.
MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund and responsAbility Mikrofinanz-Fonds Disburse $2.5m to Bank Constanta and Credo, Microfinance Institutions in Georgia
responsAbility, a Swiss-based microfinance investment vehicle (MIV) manager, recently reported to MicroCapital that it has executed debt investments totaling USD 2.5 million in two microfinance institutions (MFIs) in Georgia. Joint Stock Company (JSC) Bank Constanta, a microfinance bank in Georgia, will receive USD 375,000 from responsAbility Mikrofinanz-Fonds and USD 1.25 million from the responsAbility Global Microfinance Fund. Limited Liability Company (LLC) Microfiance Organization (MFO) Credo, a non-bank financial institution, will receive USD 400,000 from responsAbility Mikrofinanz-Fonds and USD 600,000 from responsAbility Global Microfinance Fund. The investment funds are two of four funds operated by responsAbility, the others being responsAbility Base of the Pyramid and responsAbility Microfinance Leaders.
MICROCAPITAL STORY: Microfinance Institutions Lazika Capital, Alliance Group, CREDO, Crystal, FinAgro, Finca and Constanta Bank of Georgia Receive Grants from the United Nations Development Program (UNDP) and European Union (EU); Total Project cost $2.6m
Six microfinance institutions (MFIs), Lazika Capital, Alliance Group, CREDO, Crystal, FinAgro and Finca, and Constanta Bank have been selected to receive grants from a joint project funded by the United Nations Development Program (UNDP) and European Union (EU). The seven organizations were selected based on their current loan portfolios, experience in the target region and reporting to the MIX Market, the microfinance information clearinghouse. Each organization will receive USD 99,000 in the first tranche of funding. The total cost of the project is USD 2.6 million and is part of the UNDP early recovery program for Georgia which received EUR 4.4 million (USD 6.1 million) in funding from the EU.
MICROCAPITAL STORY: Dexia Micro-Credit Fund of Luxembourg Lends $1m to Microfinance Institution CCA, $1m to Microfinance Institution Credo, $5m to BancoSol Bank, $5m to Microfinance Institution FINDESA, $5m to MFBA Bank, $3m to ProCredit Holding, $5m to ProCredit Bank, $1.5m to Microfinance Institution LOKmicro, and $500k to Microfinance Institution AMK
The Microfinance Capital Markets Newsletter of the Consultative Group to Assist the Poor (CGAP) reported that Dexia Micro-Credit Fund, a Luxembourg-based fund, issued loans of USD 1 million to microfinance institution (MFI) CCA of Cameroon, USD 1 million to MFI Credo of Georgia, USD 5 million to Bolivian bank BancoSol, USD 5 million to MFI FINDESA of Nicaragua, USD 5 million to Azerbaijani bank MFBA, USD 3 million to ProCredit Holding, USD 5 million to ProCredit Bank, USD 1.5 million to MFI LOKmicro of Bosnia, and USD 500,000 to MFI AMK of Cambodia.
MICROCAPITAL STORY: European Bank for Reconstruction and Development (EBRD) Lends $1.5m to Microfinance Institution (MFI) Credo of Georgia
The European Bank for Reconstruction and Development (EBRD), a multilateral development bank serving European and Asian ex-Communist economies, will loan USD 1.5 million to Credo, Georgia’s second-largest microfinance institution (MFI) by loan portfolio size, according to the Financial.
MICROCAPITAL BRIEF: Credolab, Provenir Seek to Boost Financial Inclusion with Predictive Software
Two financial technology (fintech) companies, Singapore-based Credolab and US-based Provenir, recently formed a partnership intended to increase financial inclusion. Provenir, which provides a “unified risk decisioning solution” for lenders, will offer its clients the
MICROCAPITAL BRIEF: Accion, BAC Credomatic, Genesis, Mastercard Move to Expand Digital Financial Inclusion as Part of Call to Action for Northern Central America
US-based payment technology firm Mastercard recently announced plans to further financial inclusion in El Salvador, Guatemala and Honduras through the development of digital financial services that bring “5 million people in northern Central America into the financial system and digitalize 1 million micro- and small businesses,” with a focus on woman-owned businesses. The financial services include
MICROCAPITAL BRIEF: India’s Altum Credo Raises $10m from Aavishkaar, PS Pai, Others for Housing Finance
Altum Credo, a housing lender serving low- and moderate-income Indians, recently raised a total of INR 640 million (USD 9.8 million) from investors including Aavishkaar Venture Management Services, an India-based investor seeking to “enhance livelihoods and reduce vulnerabilities for the low-income population,” and PS Pai, who is known for his tenure at the Murugappa Group, an Indian conglomerate. The amounts they invested and the names of the other investors – identified
MICROCAPITAL BRIEF: Oradian Raises Seed Funding to Scale its Instafin Banking Software Platform Across West Africa
Oradian, a Croatian startup that provides cloud-based software for microfinance institutions in developing economies, announced recently that it has raised seed funding from various investors to scale its products across West Africa, an effort that will include expanding its team in its offices in Croatia and Nigeria.
MICROCAPITAL BRIEF: Triodos Sells 14.5% Equity Stake in K-rep Bank of Kenya to Existing Shareholders Centum Investment, K-rep Group
The Triodos Sustainable Finance Foundation, a unit of the Netherlands-based Triodos Bank, recently sold its entire 14.5-percent equity stake in K-rep Bank of Kenya, a commercial bank founded in 1999 that provides services to low-income people.
MICROCAPITAL BRIEF: VisionFund Selling Georgian Microfinance Institution (MFI) Credo to Impact Investors AccessHolding, responsAbility, Triodos
VisionFund International, a subsidiary of US-based, Christian NGO World Vision International, recently received approval from the National Bank of Georgia to sell its stake in Microfinance Organization Credo, LLC (Credo), to “a consortium of social impact investors” including Access Microfinance Holding AG (AccessHolding), a holding company based in Germany that specializes in microfinance investments; responsAbility Investments AG (responsAbility), a company based in Zurich that primarily invests in developing economies; and Triodos Investment Management BV (Triodos), a subsidiary of Netherlands-based Triodos Bank.
MICROCAPITAL BRIEF: Inecobank Increases Lending to Micro-, Small Businesses in Rural Armenia, Securing all of $700k Offered Through International Finance Corporation as Performance-Based Grants
Inecobank, an Armenian microfinance bank, has increased its lending to micro- and small businesses in rural Armenia in concert with a set of performance-based grants from the International Finance Corporation (IFC), a member of the US-based World Bank Group.
MICROCAPITAL BRIEF: responsAbility Lends $1.85m to Microfinance Institutions AgroInvest Holding of Montenegro, Forus Bank of Russia
Switzerland’s responsAbility Social Investments AG (responsAbility) recently reported to MicroCapital that it has made loans totaling the equivalent of USD 1.85 million to financial institutions AgroInvest Holding of Montenegro and Forus Bank of Russia.
MICROCAPITAL BRIEF: Deutsche Investitions-und Entwicklungsgesellschaft (DEG), Oesterreichische Entwicklungsbank (OeEB) to Invest $10m in Inecobank to Develop Small and Medium Enterprises in Armenia
Armenian microfinance bank Inecobank is set to receive a loan of USD 10 million through a joint agreement with German development finance institution Deutsche Investitions-und Entwicklungsgesellschaft GmbH (DEG) and Austrian development bank Oesterreichische Entwicklungsbank AG (OeEB) in an effort to promote the development of small and medium-sized enterprises (SME) in Armenia.