A microfinance investment vehicle of Belgium’s Incofin Investment Management, agRIF, recently paid an undisclosed sum to acquire a 10-percent stake in Inecobank, a commercial bank in Armenia whose mission is “to promote private sector development acting as a
Category: Investment Funds
MICROCAPITAL BRIEF: EBRD to Guarantee $20m in Lending by Bank al Etihad to Small, Medium-sized Enterprises (SMEs) in Jordan
Bank al Etihad, whose shares are traded on the Amman Stock Exchange, recently secured an agreement from the UK-based European Bank for Reconstruction and Development (EBRD) to share risk on USD 20 million in lending by Bank al Etihad to small and medium-sized enterprises (SMEs) in Jordan. The borrowers – most of which are expected to be medium-sized firms – will be able to access
MICROFINANCE EVENT: Asian Venture Philanthropy Network (AVPN) Conference; June 4 – 7, 2018; Singapore
Summary of Event: This sixth iteration of this event centers on maximizing social impact in Asia through investing and philanthropy. The topics are to include “strategic philanthropy,” investing in education and healthcare, investing with a gender lens, government policy implications, and
MICROCAPITAL BRIEF: Invest in Visions’ IIV Mikrofinanzfonds Lends $6.5m to KMF for Microfinance in Kazakhstan
Germany-based Invest in Visions, (IIV) recently reported that in April it disbursed a loan of USD 6.46 million to KazMicroFinance (KMF), a microfinance institution (MFI) in Kazakhstan, from its microfinance investment vehicle IIV Mikrofinanzfonds. Also during April, IIV lent a total of USD 13 million to
MICROCAPITAL BRIEF: Blossom Finance Launches Shariah-compliant Microfinance Fund to Invest in BMT Microfinance Institutions in Indonesia via PBMT Ventura
US-based Blossom Finance recently launched a fund that will lend local-currency on the Indonesian island of Java via Permodalan BMT (PBMT) Ventura, a provider of technical and financial services to Baitul Maal wat Tamwil (BMTs), financial institutions that follow Shariah, Islamic law. PBMT Ventura invests in BMTs that mainly serve market vendors.
Jamil Abbas, a general manager at PBMT Ventura, said, “Ramadan is
MICROFINANCE EVENT: Africa Innovation Summit (AIS); June 6 – 8, 2018: Kigali, Rwanda
Summary of Event: The theme of this conference is facilitating development in Africa by empowering entrepreneurs across the continent. The topics include Challenges and Opportunities for Innovation in Africa; Building a Resilient and Competitive Economy for Africa’s Future; 21st Century African Cities; Financing and Scaling up
MICROCAPITAL BRIEF: Arab African International Bank (AAIB), Sanad Fund for MSME Launch Microfinance Institution Sandah in Egypt
The Arab African International Bank (AAIB), which is held in equal parts by the Central Bank of Egypt and the Kuwait Investment Authority, recently launched Sandah, a microfinance institution intended to promote “financial inclusion to accommodate the low-income disenfranchised segments” by funding
MICROCAPITAL BRIEF: C-Quadrat’s Dual Return Vision Microfinance Fund Lends $9m to MFIs in Costa Rica, Ecuador, Indonesia
C-Quadrat Asset Management, a unit of Austria-based C-Quadrat Investment, disbursed a total of USD 9 million during April from its Dual Return Vision Microfinance Fund to microfinance institutions (MFIs) Costa Rica, Ecuador and Indonesia. Although the identities of the MFIs and the amount each borrowed remain confidential, C-Quadrat Asset Management tells MicroCapital that the Indonesian MFI
MICROCAPITAL BRIEF: Swedfund Lends $5m to Kenya’s Victoria Commercial Bank for SMEs; Tracking Working Conditions, Environmental Impact
Swedfund International, a development finance institution owned by the Swedish government, recently issued a seven-year, subordinated loan of USD 5 million to Victoria Commercial Bank, primarily for on-lending to small and medium-sized enterprises (SMEs). A portion of the funds will support the development of a system for Victoria Commercial to use to track its borrowers’ environmental impacts and the working conditions of borrowers’ employees. The loan is the bank’s first
MICROCAPITAL BRIEF: Asian Development Bank (ADB) to Guarantee $20m in Local-currency Lending by Malaysia’s Maybank to Microfinance Institutions (MFIs) in Myanmar
The Philippines-based Asian Development Bank (ADB) recently agreed to guarantee USD 20 million in local-currency lending by Maybank, a Malaysia-based bank, to microfinance institutions (MFIs) in Myanmar. The deal is part of ADB’s Microfinance Risk Participation and Guarantee Program, which has supported local-currency loans valued at a total of USD 670
MICROCAPITAL BRIEF: EFSE Lends $24m to BT Leasing for Micro-, Small Enterprises (MSEs) in Romania
The European Fund for Southeast Europe (EFSE), a Luxembourg-domiciled microfinance investment vehicle, recently lent EUR 20 million (USD 24 million) to BT Leasing, a member of Romania’s Grupul Financiar Banca Transilvania (BT). BT Leasing CEO Ionut Morar explained, “We are glad to receive this funding that allows us to support Romanian entrepreneurs, especially
MICROCAPITAL BRIEF: KKR Planning $1b Global Impact Fund to Invest in Green Energy, Education, Environmental Firms
KKR, a private equity firm that manages USD 168 billion as of 2017, reportedly is looking to raise USD 1 billion for a Global Impact Fund that would invest in medium-sized enterprises involved in fields such as education, renewable energy and other environmental issues. The fund’s goals would be to earn market returns while supporting work toward the UN Sustainable Development Goals. One source indicates the managers would disburse roughly 10 investments of USD 50 million and
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: Peter van Mierlo Succeeding Jurgen Rigterink as CEO of FMO, Dutch Investor in Microfinance, Energy, Agribusiness in Frontier Markets
As of July, Peter van Mierlo will take the position of CEO at Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a development bank controlled by the Dutch government. Jurgen Rigterink left the position in April to return to
MICROCAPITAL BRIEF: RSA Advisory, FMO Syndicate $80m Loan for One Bank of Bangladesh for On-lending to Smaller Firms, Environmental Efforts with Participation from PROPARCO, Norfund, OeEB, FMO-Actiam SME Finance Fund
RSA Advisory, a Bangladeshi firm founded in 2014, and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a development bank controlled by the Dutch government, recently arranged a syndicated loan totaling USD 80 million for One Bank of Bangladesh, mainly for on-lending to small and medium-sized enterprises (SMEs) and projects that reduce environmental impact.
The funders include – in unspecified portions – the SME Finance Fund and three government-backed
MICROCAPITAL BRIEF: Enda Tamweel Raises $30m in Equity for Microfinance in Tunisia from BIO, PROPARCO, Sanad Fund for MSME, SIDI, Triodos, WWB
Enda Tamweel, a microlender primarily held by Tunisian NGO Enda Inter-Arabe, recently raised equity funding of TND 72 million (USD 30 million) in unspecified portions from six new
MICROCAPITAL BRIEF: Agricover Credit of Romania Borrowing $12m in Local-currency from EBRD for Agricultural Microfinance
Agricover Credit, a member of Romania’s Agricover Holding, is borrowing the local-currency equivalent of USD 12 million from the UK-based European Bank for Reconstruction and Development (EBRD) for on-lending to farmers in Romania.
Established in 2008, Agricover Credit lends exclusively to the Romanian agricultural sector. Established seven years earlier, the Agricover Group has 850 employees serving 4,500 customers. Its primary holdings are Agricover Credit and Agricover SA, which trades agricultural inputs and
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