The Rockefeller Foundation, a US-based organization, and the Tony Elumelu Foundation, a Nigeria-based organization, recently announced the launch of the Impact Economy Innovations Fund (IEIF), an impact investment fund operating across Africa.
Category: Investment Funds
MICROCAPITAL BRIEF: Nigeria Deposit Insurance Corporation to Bailout Microfinance Institutions, Primary Mortgage Banks
The Nigeria Deposit Insurance Corporation (NDIC), a quasi-independent agency of the federal government that insures deposit-taking financial institutions, recently announced that it will grant an undisclosed amount of financial assistance to distressed microfinance banks (MFBs) and primary mortgage banks (PMBs) recently closed by the Central Bank of Nigeria (CBN).
MICROCAPITAL BRIEF: Indian Microfinance Institution Satin Creditcare Sells 20% Equity Stake for $8m from Danish Microfinance Partners, MicroVest II, ShoreCap II; Lok Capital Exits
Indian microfinance institution (MFI) Satin Creditcare Network Limited recently raised INR 410 million (USD 7.5 million) by selling a stake of approximately 20 percent to three microfinance investment funds in undisclosed portions: Danish Microfinance Partners K/S (DMP), MicroVest II LP and ShoreCap II Limited.
MICROCAPITAL BRIEF: The European Fund for Southeast Europe (EFSE) to Loan $1.9m to Mi-Bospo of Bosnia and Herzegovina
The European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle (MIV), recently loaned EUR 1.5 million (USD 1.9 million) to Mikrokreditna Fondacija Mi-Bospo, a microfinance institution (MFI) based in Bosnia and Herzegovina that loans exclusively to women.
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development Plans to Invest $20m in Da Vinci Private Equity Fund II for Financial Infrastructure SMEs in Commonwealth of Independent States
The European Bank for Reconstruction and Development (EBRD), a multilateral financial institution based in London, plans to invest up to USD 20 million in the Da Vinci Private Equity Fund II, which invests in small and medium enterprises (SMEs) operating in the financial infrastructure sector in the Commonwealth of Independent States (CIS), which is composed of the former Soviet republics.
MICROCAPITAL BRIEF: Grameen Koota of India Receives $9.8m in Equity from Incofin, MicroVentures, Aavishkaar Goodwell, Creation Investments; $4m in Debt Funding from Deutsche Bank Microfinance Fund
Indian non-banking financial company (NBFC) Grameen Financial Services Private Limited, also known as Grameen Koota, recently received INR 532 million (USD 9.8 million) in its third round equity funding from Beligium-based investment company Incofin, Italy-based private equity firm MicroVentures, Indian-Dutch joint venture Aavishkaar Goodwell, and US-based for-profit company Creation Investments.
MICROCAPITAL BRIEF: Incofin’s Rural Impulse Fund II, Norwegian Microfinance Initiative (NMI) Frontier Fund, Invest $4.5m in Fusion Microfinance of India
Incofin Investment Management, a Belgium-based manager of microfinance investment funds, and the Norwegian Microfinance Initiative (NMI), a Norway-based corporation that invests in and provides technical support for microfinance institutions (MFIs), recently invested INR 250 million (USD 4.5 million) in Indian non-banking financial company (NBFC) Fusion Microfinance Private Limited.
MICROFINANCE EVENT: Association of the Luxembourg Fund Industry (ALFI), LuxFLAG Host “Responsible Investing Conference,” May 15, 2013, Luxembourg
Event Name: Responsible Investing Conference
Event Date: May 15, 2013
Event Location: Kirchberg, Luxembourg
MICROCAPITAL BRIEF: Minsk Transit Bank, Belgazprombank of Belarus Access $50m Facility for SME Energy Efficiency From European Bank for Reconstruction and Development (EBRD)
The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral institution, recently launched a facility in Belarus to provide a total of up to USD 50 million in loans intended to fund investments in energy efficiency and renewable energy.
MICROCAPITAL BRIEF: Multilateral Investment Fund (MIF) Donates $360k to Fundacion para el Desarrollo Socioeconomico Rural (FUNDESER) of Nicaragua to Support Transition to Regulated Status Under SIBOIF
The Multilateral Investment Fund (MIF), a member of the US-based IDB (Inter-American Development Bank) Group, recently disbursed a grant of USD 362,000 to Nicaraguan nonprofit microfinance organization Fundacion para el Desarrollo Socioeconomico Rural (FUNDESER) to support the microlender in the process of becoming regulated by the country’s Superintendency of Banks and Other Financial Institutions, which is known by the Spanish acronym SIBOIF.
MICROCAPITAL BRIEF: New Urban Finance Facility for Africa Invests $100m in Housing Microfinance in Africa, Middle East
The New Urban Finance Facility for Africa (NUF), an impact investing facility that supports housing microfinance, is investing USD 100 million to fund microfinance housing schemes in Africa and the Middle East, with initial investments going to Ghana, Kenya, Tanzania, Uganda and the West Bank.
MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Makes $643k Equity Buy into Kreditimi Rural I Kosoves of Kosovo
The European Fund for Southeast Europe (EFSE), a fund that seeks to foster economic development in southeastern Europe and parts of Central Asia, has made an equity investment of EUR 479,000 (USD 643,000) in Kreditimi Rural I Kosoves LLC (KRK), a microfinance institution based in Kosovo.
MICROCAPITAL BRIEF: Austria’s Vision Microfinance Funds Loan $5m to MFIs in Colombia, Mexico, Paraguay
Austria-based asset management company Absolute Portfolio Management (APM) recently announced that it has disbursed the equivalent of USD 5 million to microfinance institutions (MFIs) in Latin America through its two Dual Return-Vision Microfinance funds in early 2013.
MICROCAPITAL BRIEF: International Finance Corporation (IFC), Yes Bank to Create Fund for Small Businesses in India
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has partnered with Yes Bank, a commercial bank headquartered in Mumbai, to establish a fund to support small businesses in northeast India.
MICROCAPITAL BRIEF: Suryoday Micro Finance of India Raises $3.8m from Lok Capital, Aavishkaar, HDFC
Suryoday Micro Finance Private Limited, an Indian microfinance institution (MFI), is reportedly seeking to increase its customer base by 1 million by 2014 and has raised INR 20 crores (USD 3.8 million) in capital from three of its investors: Aavishkaar Goodwell, a for-profit, Indian-Dutch joint venture; Lok Capital, a Mauritius-based microfinance investment vehicle; and the Housing Development Finance Corporation (HDFC), an India-based housing finance company.
MICROCAPITAL BRIEF: Sanad Fund for MSME to Loan $20m to Lebanon’s Bank Audi for Small and Medium-sized Enterprises in Middle East, North Africa
The Sanad Fund for MSME (micro-, small and medium-sized enterprise), an initiative of the German development bank Kreditanstalt für Wiederaufbau Entwicklungsbank that provides debt and equity to financial institutions in the Middle East and North Africa (MENA), announced that it has agreed to loan USD 20 million to Bank Audi, a private bank headquartered in Beirut, Lebanon, to support small and medium-sized enterprises (SMEs) in MENA.
MICROFINANCE PUBLICATION ROUND-UP: Property Microinsurance in Colombia, Portfolio Reviews for Microfinance Funders, Microfinance Rating Comparability
“MILK Brief #18: Doing the Math with Property Microinsurance in Coastal Colombia;” by Barbara Magnoni and Derek Poulton; published by Microinsurance Centre; October 2012; 2 pages; available at: http://www.microinsurancecentre.org/milk-project/milk-docs/doc_details/914-condensed-milk-18-doing-the-math-with-property-microinsurance-in-coastal-colombia.html
MICROCAPITAL BRIEF: Microfinance Investor BlueOrchard of Switzerland Appoints Peter Fanconi as CEO
The board of directors of BlueOrchard, a Swiss microfinance intermediary, recently has appointed Peter A. Fanconi to succeed Wolfgang Landl as the firm’s CEO.