President
Nayib Bukele of El Salvador recently announced that the country is setting up 200 automated teller machines (ATMs) and 50 staffed kiosks to facilitate exchanges of the cyrptocurrency bitcoin into US dollars for withdrawal as cash. All transactions will be conducted through the
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MICROCAPITAL BRIEF: IFC Lending Banco Agricola $330m for Women, MSMEs, “Climate-smart” Investments, COVID-19 Relief in El Salvador
The International Finance Corporation (IFC), a member of the World Bank Group, recently issued a financing package of USD 330 million to Banco Agricola of El Salvador to support micro-, small and medium-sized enterprises (MSMEs), including those owned by women; housing for people with lower incomes; and “climate-smart” investments, including in buildings with lower environmental impacts. About 10 percent of the funding is
MICROCAPITAL BRIEF: IIV Mikrofinanzfonds Lends $32m to Refinance Microfinance Institutions in El Salvador, Panama
Invest in Visions (IIV) Mikrofinanzfonds, a fund managed by Germany-based IIV, recently purchased non-securitized loan claims totaling USD 31.7 million from microlenders in Central America, allowing them to refinance a portion of their portfolios. The microfinance institutions (MFIs),
MICROCAPITAL BRIEF: El Salvador to Borrow $20m from IDB to Benefit 2k Micro-, Small Businesses; Including 20% Owned by Women
The Inter-American Development Bank (IDB), a multilateral institution whose membership comprises 26 countries, recently approved a loan of USD 20 million to El Salvador to provide 2,000 micro- and small enterprises (MSEs) with “access to credit under better term[s].” Banco de Fomento Agropecuario de El Salvador (BFA),
MICROCAPITAL BRIEF: Rural MFI in El Salvador Borrows from C-Quadrat Dual Return Vision Microfinance Fund
A microfinance institution (MFI) in El Salvador has borrowed an unspecified amount of cash from the Dual Return Vision Microfinance Fund of Austria-based C-Quadrat. C-Quadrat Asset Management (AM), the unit of C-Quadrat that manages the fund, has
MICROCAPITAL BRIEF: Invest in Visions’ IIV Mikrofinanzfonds Lends $13m to Microfinance Institutions (MFIs) in Ecuador, El Salvador, Georgia, Mongolia – Including $1.5m to JSC Georgian Credit
Germany-based Invest in Visions (IIV) recently announced that it loaned USD 1.5 million to Joint Stock Company (JSC) Georgian Credit, a microfinance institution (MFI) in Georgia. IIV disbursed the loan from its microfinance investment vehicle IIV Mikrofinanzfonds, which lends to MFIs in developing countries. Including this loan, IIV Mikrofinanzfonds loaned
MICROCAPITAL BRIEF: IDB Disburses $148m for Energy-efficiency Projects for Small, Medium-sized Enterprises (SMEs) in Argentina, El Salvador, Paraguay via UN’s Green Climate Fund
With funds drawn from the Green Climate Fund (GCF), a UN-managed investment vehicle for mitigating the effects of climate change, the Inter-American Development Bank (IDB), a member of the US-based IDB Group, recently made three loans totaling USD 140 million to finance energy-efficiency projects undertaken by small and medium-sized enterprises (SMEs) in Latin America.
MICROCAPITAL BRIEF: OPIC Loans $143m to CrediQ for SME Vehicle Loans, Leases in Costa Rica, El Salvador
The Overseas Private Investment Corporation (OPIC), an agency of the US government that seeks to facilitate investment by US-based firms in developing countries, recently loaned USD 143 million to CrediQ Inversiones of Costa Rica and CrediQ El Salvador, two vehicle financing providers owned
MICROCAPITAL BRIEF: OPIC Loans $100m to Grupo Lafise for Housing, Consumer, SME Lending in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama
The Overseas Private Investment Corporation (OPIC), an agency of the US government that seeks to facilitate investment by US-based firms in developing countries, recently loaned USD 100 million to the Panama-based Grupo Lafise, whose holdings provide retail banking, investment banking, export
MICROCAPITAL BRIEF: FMO Loans $29m to El Salvador’s Fedecredito for On-lending to Cooperatives, Bosnia and Herzegovina’s Partner Mikrokreditna Fondacija for Agricultural Microenterprises
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch development bank, recently announced two loans to support the provision of financial services to people with low incomes in El Salvador and Bosnia and Herzegovina.
FMO is lending USD 24 million to
MICROCAPITAL BRIEF: C-Quadrat’s Dual Return Vision Microfinance Funds Loan $22m in Burkina Faso, China, Colombia, El Salvador, Paraguay, Sri Lanka
Austria’s C-Quadrat Asset Management informed MicroCapital today that its Dual Return Vision Microfinance and Dual Return Vision Microfinance-Local Currency funds loaned a total approximately equivalent to USD 22 million during November to unspecified microfinance institutions (MFIs) in
MICROCAPITAL BRIEF: Symbiotics Issues $22m in Bonds for Banco Improsa, Grupo Promerica to Benefit Costa Rican, Salvadoran SMEs
Symbiotics, a Swiss firm specializing in micro-, small and medium-sized enterprise (SME) investment, recently issued bonds for two Central American banks serving SMEs. This included bonds totaling USD 15.7 million for Inversiones Financieras Promerica, the Salvadoran unit of Grupo Promerica, which was founded in Nicaragua and now serves nine countries in Latin America and the Caribbean.
Symbiotics also issued its second tranche of 2016 for Costa Rica’s Banco Improsa in the amount of
MICROCAPITAL BRIEF: MoneyGram, Millicom’s Tigo Money Launch Mobile Cash Service in El Salvador
MoneyGram International, a US-based money transfer company, recently partnered with Tigo Money, the primary product of the Sweden-based telecommunications company Millicom, to “launch mobile cash receiv[ing] services into more than 1 million Tigo Money mobile wallets in El Salvador.” Tigo Money is available in 17 countries in Africa and Latin America, providing mobile money services such as bill payment, money transfer, mobile phone credit top up and merchant payments.
MICROCAPITAL BRIEF: C-Quadrat Asset Management’s Vision Microfinance Funds Issue $5.5m in Credits to Microfinance Institutions (MFIs) in Bolivia, Ecuador, El Salvador, Georgia, India, Mongolia, Nicaragua
During July 2015, Austrian asset manager C-Quadrat Asset Management issued loans worth USD 6 million via its two Vision Microfinance funds to unspecified microfinance institutions (MFIs) in Bolivia, Ecuador, El Salvador, Georgia, India, Mongolia and Nicaragua.
MICROCAPITAL BRIEF: Inter-American Development Bank (IDB) to Loan $100m to El Salvador for On-Lending to Micro-, Small and Medium-sized Enterprises (MSMEs)
The Inter-American Development Bank (IDB), a US-based multilateral finance institution operating in Latin America and the Caribbean, reportedly has approved a loan of USD 100 million to promote lending to micro-, small and medium-sized enterprises (MSMEs) in El Salvador.
MICROCAPITAL BRIEF: Mentors International Implements Mambu’s Cloud Banking Software to Support Lending to Small, Medium-sized Enterprises in El Salvador, Guatemala, Honduras, Peru, Philippines
Mentors International, a US-based nonprofit microfinance institution (MFI) that seeks to help poor people in developing countries become self-sufficient, recently has signed on to use the banking software of Mambu, a Germany-based technology company that offers cloud-based banking solutions.
MICROCAPITAL BRIEF: Absolute Portfolio Management’s Vision Microfinance Funds Loan $5m to Microfinance Institutions (MFIs) in Azerbaijan, El Salvador, Tajikistan
Two funds controlled by Absolute Portfolio Management (APM), an arm of Austria-based asset group C-Quadrat, have distributed credits worth approximately USD 5 million to unspecified microfinance institutions (MFIs) in Azerbaijan, El Salvador and Tajikistan.
MICROFINANCE PUBLICATION ROUND-UP: Global Mobile Money Adoption Survey, Eye Care for El Salvador’s “Base of the Pyramid,” Financial Needs in Rwanda
“State of the Industry: Results from the 2012 Mobile Money Adoption Survey;” by Claire Penicuad; published by Global System for Mobile Communications Association’s (GSMA’s) Mobile Money for the Unbanked program; 2012; 36 pages; available at http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2013/02/MMU_State_of_industry.pdf
This report presents the results of the Global Mobile Money Adoption Survey, launched by GSMA’s Mobile Money for the Unbanked program “to allow mobile money service providers to benchmark their performance against their peers in the industry.”