The European Bank for Reconstruction and Development (EBRD), a multilateral financial institution headquartered in England, is considering the establishment of a EUR 80 million (USD 99.4 million) “Sustainable Energy Financing Facility for Morocco”[1] (MorSEFF) that would disburse loans to EBRD’s partner financial institutions in Morocco.
Category: Key Players
MICROCAPITAL BRIEF: IFAD, OPEC Fund for International Development Lend $36m to Support Infrastructure and Rural Financial Support Programme in Armenia
The International Fund for Agricultural Development (IFAD), an agency of the United Nations that aims to alleviate poverty, has agreed to lend USD 11 million to the Republic of Armenia for a “Infrastructure and Rural Finance Support Programme,” a USD 52.8 million initiative that aims to create sustainable employment opportunities and higher incomes for people in “the business, financial and agricultural sectors” of the Armenian economy [1].
MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Loan $30m to Rizal Commercial Banking Corporation (RCBC) of Philippines to Fund Small, Medium-sized Enterprises; Women-led Businesses
The International Finance Corporation (IFC), a member of the US-based World Bank Group that offers financial services to businesses and governments in developing countries with the aim of increasing economic growth, recently announced that it has approved a “medium-term loan”[1] of up to USD 30 million to the Rizal Commercial Banking Corporation (RCBC), a commercial bank in the Philippines.
MICROCAPITAL BRIEF: European Investment Bank (EIB) Loans $24.8m to Cooperative Rural Development Bank (CRDB) of Tanzania, Announces $6.2m for Technical Assistance Programmes in East Africa
The European Investment Bank (EIB), the lending bank of the European Union, recently announced that it will issue a loan worth EUR 20 million (USD 24.8 million) to the Cooperative Rural Development Bank (CRDB), a commercial bank in Tanzania, to support small businesses in the agriculture, manufacturing and retail sectors in Tanzania.
MICROCAPITAL BRIEF: Mozido Raises $185m from MasterCard, Wellington Management, Individual Funders to Expand Operations
Mozido, a US-based mobile payment and marketing software company, recently raised USD 185 million in capital in the first round of its Series B financing to expand its mobile and payment services in Africa, China, Europe, India, Latin America and the Middle East.
MICROCAPITAL BRIEF: US Agency for International Development (USAID) to Provide $71m to Government of India for Banking, Clean Energy, Water and Sanitation
The US Agency for International Development (USAID), a government agency that provides international economic and humanitarian assistance, recently committed up to USD 71 million to the Government of India to support the country’s banking, clean energy and water and sanitation sectors.
MICROCAPITAL BRIEF: European Investment Bank (EIB) to Loan $31m to AccessBank Azerbaijan for On-lending to Small, Medium-Sized Enterprises (SMEs)
The Luxembourg-based European Investment Bank (EIB), the long-term lending bank of the European Union (EU), recently announced that it is extending an intermediated senior loan totaling EUR 25 million (USD 31 million) to AccessBank Azerbaijan, a microfinance bank (MFB) in Azerbaijan, for on-lending to small and medium-sized enterprises (SMEs) in the country.
MICROCAPITAL BRIEF: Global Systems for Mobile Association (GSMA) Launches Code of Conduct for Mobile Money Providers
The Global Systems for Mobile Association (GSMA), a UK-based association of 1,000 mobile operators and associated companies, recently launched a “Code of Conduct for Mobile Money Providers” to provide guidance on best practices for its members.
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) May Establish $200m Loan Facility for On-lending to Micro-, Small, Medium-Sized Enterprises (MSMEs) in Kazakhstan
The European Bank for Reconstruction and Development (EBRD), a UK-based multilateral financial institution, recently announced that it is in the final stage of consideration for the establishment of a “Kazakhstan MSME Framework,” a credit facility totaling KZT 36 billion (USD 200 million) for on-lending to micro-, small and medium-sized enterprises (MSMEs) in the country.
MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE) Provides $12.5m to Fibabanka of Turkey to Support Small, Medium-Sized Enterprises (SMEs)
The European Fund for Southeast Europe (EFSE), a Luxembourg-based microfinance investment vehicle (MIV), will disburse a EUR 10 million (USD 12.5 million) senior loan to Fibabanka, a Turkish commercial bank, for lending to small and medium-sized enterprises (SMEs).
MICROCAPITAL BRIEF: The MasterCard Foundation, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) Provide $6.5m to Launch Accion Africa Board Fellowship
Accion, a US-based nonprofit organization that offers services such as microenterprise loans and business training in 32 countries; The MasterCard Foundation, a Canadian nonprofit that promotes financial inclusion and education in Africa and other emerging markets; and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch development bank, recently partnered to launch the Accion Africa Board Fellowship in an effort to promote improved corporate governance and risk management practices in financial institutions assisting people with low incomes.
MICROCAPITAL BRIEF: Technology Recognized as Tool to Improve Property Rights, Payment Platforms, Reduce Transaction Costs at International Monetary Fund (IMF) Seminar: “Future of Finance – Technology and Financial Inclusion”
The International Monetary Fund (IMF), a US-based arm of the United Nations, and the US-based World Bank Group, recently held a seminar on technology and financial inclusion as part of its seminar series entitled “The Future of Finance,” panelists discussed the role of technology as a tool to amend market failures in the provision of financial services for low-income people such as via the documentation of property rights and reductions in transaction costs.
MICROCAPITAL BRIEF: Développement International Desjardins (DiD) Loans $1m to Microfinance Institution Arnur of Kazakhstan
Développement international Desjardins (DiD), a Canada-based nonprofit organization that focuses on providing technical support and investment to community financial institutions, recently granted a loan of USD 1 million to Arnur Credit, a Kazakhstan-based microfinance institution (MFI) that focuses on agribusiness and individuals living in rural areas.
MICROCAPITAL BRIEF: Grameen Crédit Agricole Microfinance Foundation Invests $788k in Oxus DR Congo, $321k in Uganda’s Encot
The Grameen Crédit Agricole Microfinance Foundation (GCAMF), a Luxembourg-based provider of financial services to microfinance institutions (MFIs) and other social businesses, recently informed MicroCapital that it has issued the following two loans:
MICROFINANCE PAPER WRAP-UP: “The Next Stage of Financial Inclusion;” by Dean Karlan; Published by Stanford Social Innovation Review
“The Next Stage of Financial Inclusion;” by D. Karlan; published by the Stanford Social Innovation Review; fall 2014; 9 pages; available at: http://www.ssireview.org/pdf/Fall_2014_The_Next_Stage_of_Financial_Inclusion_1.pdf
This paper investigates the evolving role of nonprofit organizations in providing microcredit to people with low incomes.
MICROCAPITAL BRIEF: CGAP, MasterCard Foundation Award $500k for Behavioral Research to Freedom from Hunger, IFMR, Innovations for Poverty, The MicroInsurance Centre
CGAP (Consultative Group to Assist the Poor), a US-based nonprofit that aims to facilitate the expansion of financial access, and The MasterCard Foundation, a Canadian nonprofit that aims to promote youth learning and financial inclusion in emerging markets, recently awarded a total of USD 500,000 to the following four organizations: Freedom From Hunger, a US-based NGO operating in developing countries to alleviate poverty and hunger; IFMR Finance Foundation, an arm of India’s Institute for Financial Management and Research (IFMR) Trust Group; Innovations for Poverty Action, a US-based nonprofit organization that uses randomized evaluations to research development initiatives; and The MicroInsurance Centre, a US-based, for-profit research, product development and training firm.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $5m to KazMicroFinance (KMF) of Kazakhstan for On-Lending to Small Enterprises
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, has announced that it will loan the equivalent of USD 5 million in Kazakh tenge (KZT) to KazMicroFinance Limited Liability Company (KMF), a microfinance institution (MFI) in Kazakhstan.
MICROCAPITAL BRIEF: Kenyan Regulators Approve Equity Bank Mobile Money Services Despite Security Objections from Safaricom
The Communications Authority (CA) of Kenya, the government body that regulates the communication industry in the country, and the Central Bank of Kenya (CBK), the country’s central banking authority, have given their approval to Equity Bank, a private Kenyan microfinance bank, to roll out a one-year pilot of its mobile money services using “Thin Sim technology” [1].