The Microfinance Information Exchange (MIX) in partnership with Sanabel, a nonprofit organization dedicated to advancing Arab microfinance, and CGAP (Consultative Group to Assist the Poor), an independent policy and research center housed at the World Bank Group, recently released the French edition of its 2009 Arab Microfinance Analysis and Benchmarking Report.
Category: Middle East
MICROCAPITAL BRIEF: Mercy Corps Establishes “Fund for Rebuilding Communities through Micro-enterprise” for Post-Riot Relief in Kyrgyzstan
Mercy Corps, a global relief and development agency based in the US, has informed MicroCapital that it has established a facility called “Fund for Rebuilding Communities through Micro-enterprise (FRCM)” to give grants for the rebuilding of small businesses that were damaged during the recent violence in Kyrgyzstan.
MICROCAPITAL BRIEF: Citigroup Considering Opening Shariah-Compliant Banks in Pakistan
Citigroup is considering opening Shariah-compliant banks in the Pakistan market to serve the Muslim population whose beliefs prohibit paying interest on loans.
MICROFINANCE PAPER WRAP-UP: The State of Iraq’s Microfinance Industry by The Louis Berger Group Incorporated, Produced for the US Agency for International Development (USAID)
By The Louis Berger Group Incorporated, produced for the US Agency for International Development (USAID), June 2010, 56 pages, available at: http://www.imfi.org/files/StateOfIMFI_USAID_en.pdf
The authors of this paper report that Iraq’s microfinance industry was established in 2003 and is now comprised of 14 microfinance institutions (MFIs) spread out over Iraq’s 18 provinces.
MICROCAPITAL BRIEF: Aabar Investments of Abu Dhabi Invests $54m in Microfinance Investment Vehicles BlueOrchard Private Equity Fund and Oasis Fund
Aabar Investments PJSC has recently announced investments of USD 34.5 million in BlueOrchard Private Equity Fund and USD 19.8 million in Oasis Fund.
MICROCAPITAL BRIEF: Ministry of Investment in Egypt Releases Set of New Laws and Amendments for Nonbanking Financial Services Including Microfinance and Services for SMEs
The Ministry of Investment in Egypt has prepared a set of new laws and amendments to develop and modernize nonbanking financial services with a focus on serving small and medium-sized enterprises (SMEs). The ministry has released eight draft laws that deal with “managing business procedures for public and private companies, licensing, mortgage finance, private insurance funds and voluntary pensions companies, healthcare firms, financial leasing and movable property registry.” The new laws will also establish rules and conditions for licensing microfinance companies, as well as companies working in financial leasing.
MICROCAPITAL BRIEF: The United States Agency for International Development (USAID)-Tijara Commences “Provincial Economic Growth Program,” Targeting Youth Employment in Iraq
The United States Agency for International Development (USAID)-Tijara an initiative to promote private sector growth and employment in Iraq, has announced the commencement of its Provincial Economic Growth Program, intended to “offer young Iraqis living in underserved or impoverished areas essential business skills, entrepreneurial opportunities and the chance to qualify for loans to start their own businesses” [1].
MICROCAPITAL BRIEF: Uzbek Association for Microfinance Institutions and Credit Unions to Implement New Group Loan Program
Uzbekistan is reportedly implementing a new microfinance development project with help from the United Nations Development Program, German Technical Cooperation Center (GTZ) and the International Finance Corporation (IFC).
MICROFINANCE PAPER WRAP-UP: Women’s Empowerment through Islamic Microfinance in Egypt, by Valentina Costa, Hala Makhlouf and Perrine Mazaud
By Valentina Costa, Hala Makhlouf and Perrine Mazaud, published by Microfinance Gateway, February 2010, 14 pages, available at: http://www.ceistorvergata.it/Public/files/mesci/file/ColonnaDX/Women%E2%80%99s%20Empowerment%20through%20Islamic%20Microfinance%
20in%20Egypt%20COSTA%20MAKHLOUF%20MAZAUD.pdf
The article posits that Islamic microfinance helps to eliminate gender discrimination in Egypt.
MICROCAPITAL BRIEF: International Fund for Agriculture and Development (IFAD) Allocates $8m to Al-Amal Microfinance Bank in Yemen
The International Fund for Agriculture and Development (IFAD), an agency of the United Nations, has allocated a total of USD 8 million – equal parts equity and debt investment – to Al-Amal Microfinance Bank, a microfinance bank established by the Yemeni government in 2002. Yukiko Omura, the vice-president of IFAD, commented on the “importance of partnership between the Fund and the bank to enable the Fund to reach the poor people in rural areas to provide loans to small farmers, fishermen and other groups with low incomes.”
MICROCAPITAL BRIEF: Microfinance Information Exchange (MIX) and Sanabel Grant Certificates of Transparency to 43 Arab Microfinance Institutions
The nonprofit Microfinance Information Exchange (MIX) and Sanabel, a nonprofit organization dedicated to advancing Arabic microfinance, recently awarded certificates of transparency to 43 microfinance institutions from Arab countries.
MICROFINANCE EVENT: Fifth Annual Azerbaijan Microfinance Conference, October 5-6, 2010, Baku, Azerbaijan
Event Name: 5th Azerbaijan Microfinance Conference: “Responsible Microfinance in Azerbaijan”
Event Date: October 5 to October 6, 2010
Event Location: Baku, Azerbaijan, International Trade Center
Event Description:
The conference will discuss “governance strategy for microfinance institutions (MFIs) and banks, financial risk management in today’s market, client protection in practice, offering learning opportunities on innovative products in microfinance and provision of broad opportunities to access to private and social capital investors.”
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $3m to Agricultural Cooperative Bank of Armenia (ACBA) Leasing for Small and Medium-Sized Enterprises (SMEs)
The International Finance Corporation (IFC), a member of the World Bank Group, is loaning USD 3 million to Agricultural Cooperative Bank of Armenia (ACBA) Leasing, which was originally established by IFC.
MICROCAPITAL BRIEF: USAID-Tijara Announces Opening of Iraq’s 100th Microfinance Branch Location
The US Agency for International Development (USAID)-Tijara, an economic growth organization with a five-year mandate to promote private sector growth and employment in Iraq, has released a statement announcing the establishment of Iraq’s 100th microfinance branch location.
MICROCAPITAL BRIEF: Sanabel, A Network of Microfinance Institutions in Arab Countries, To Hold its 7th Annual Conference in Damascus, Syria, June 1-3, 2010
Sanabel, a network of microfinance institutions in Arab countries, is holding its seventh annual meeting from June 1 through June 3. The conference, titled “Responsible Growth: Learning from Global Trends and Regional Experiences,” is being held in Damascus, Syria [1]. The conference, which is open to the public, is expected to draw more than 600 people from Arab and other foreign countries as well as a number of international and regional experts. Participants will have the opportunity to learn from panelists and to share individual experience through various lectures and workshops.
MICROCAPITAL BRIEF: Microfinance Information Exchange (MIX) Releases 2009 Arab Microfinance Report with Focus On Microfinance Sector Crisis in Morocco
The Microfinance Information Exchange (MIX) has partnered up with Sanabel, a nonprofit organization dedicated to advancing Arab microfinance [1], and CGAP (Consultative Group to Assist the Poor), an independent policy and research center housed at the World Bank Group [2], to release the Arab Microfinance Analysis and Benchmarking Report for 2009 [3].
MICROCAPITAL BRIEF: Global Security Company Lockheed Martin Gives $30,000 to Support the Efforts of the Microfinance Organization FINCA
Lockheed Martin, a global security company based in the US state of Maryland, has given a USD 30,000 grant to support the microfinance efforts of the Foundation for International Community Assistance (FINCA) [1]. Established in 1984, FINCA is a global microfinance network, which serves approximately 700,000 people through its subsidiaries in 21 countries [2]. The funding from Lockheed Martin will help provide loan capital for FINCA’s clients in Afghanistan and El Salvador and will support FINCA Haiti’s relief fund efforts following the January 12th earthquake.
MICROCAPITAL BRIEF: Dr John Hatch, Founder of FINCA International, Discusses the Role of Microfinance in Disaster and Conflict Zones
In a recent interview on the Microfinance Focus website, Dr John Hatch, founder of FINCA International, a global microfinance network serving 700,000 people, discusses the successes of microfinance and FINCA’s experiences in disaster and conflict zones.