The responsAbility Global Microfinance Fund and the responsAbility Mikrofinanz-Fonds, microfinance investment vehicles founded by responsAbility Social Investments AG, recently reported to MicroCapital that they have provided debt financing to the Bolivian arm of Pro Mujer, a microfinance institution supporting poor women in Latin America; Coffee Central Agricultural Cooperatives COCLA LTDA (COCLA), a Peruvian coffee cooperative; and Asociacion Union de Cafetaleros Ecologicos (Unicafec), a Peruvian coffee producers association. The details of the deals are as follows:
The Global Microfinance Fund provided USD 750,000 and the Mikrofinanz-Fonds provided USD 250,000 to Pro Mujer Bolivia in partnership with Symbiotics, a Swiss investment intermediary. The loans carry a fixed interest rate of 5 percent with a 36-month maturity.
The Global Microfinance Fund provided USD 3 million and the Mikrofinanz-Fonds provided USD 1 million to COCLA in partnership with Alterfin, a Dutch social investor. The debt terms include a fixed interest rate of 10 percent with a seven-month maturity. There is no financial information available for COCLA.
The Global Microfinance Fund provided USD 100,000 to Unicafec in partnership with Alterfin, a Dutch social investor. The debt term is six months with a fixed interest rate of 11.25 percent. There is no financial information available for Unicafec.
The responAbility Global Microfinance Fund reports total assets of USD 358 million as of March 31, 2009. The responsAbility Mikrofinanz-Fonds reports total assets of USD 109 million as of March 31, 2009. The funds are two of four funds operated by responsAbility Social Investments AG of Switzerland, the others being responsAbility Base of the Pyramid and responsAbility Microfinance Leaders Fund.
By Jennifer Shevock, Research Associate
About responsAbility Social Investments AG:
responsAbility Social Investments AG (responsAbility) is a Swiss social investment company. With its investments, responsAbility aims to enable people in developing countries and emerging markets to access markets, information and other services important for their development in sectors such as microfinance, small and medium enterprise (SME) financing, fair trade and independent media. The company’s investment products offer private and institutional investors the opportunity to contribute to positive social development while earning a financial return. responsAbility is backed by Swiss financial institutions including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG and George Avenue.
About responsAbility Global Microfinance Fund:
The responsAbility Global Microfinance Fund was created in 2003 by responsAbility Social Investments AG and invests in microfinance institutions and microfinance investment vehicles mostly through short- to medium-term debt securities. As of March 31, 2009, fund assets were USD 358 million and USD 284 million were invested in microfinance institution investments.
About responsAbility Mikrofinanz-Fonds:
The responsAbility Mikrofinanz-Fonds invests in microfinance institutions through debt securities and equity investments. The fund was created in 2007 by responsAbility Social Investments AG, and is financed by Bank im Bistum Essen, a German cooperative financial institution, and Stadtsparkasse Düsseldorf, a German bank. As of March 31, 2009, fund assets were USD 109 million and USD 66 million were invested in microfinance institution investments.
About Symbiotics (Symbiotics SA Information):
Symbiotics is a Swiss organization which provides investment intermediary services to the microfinance industry as well as business services to investors and practitioners of micro- and small enterprise development. The organization offers a variety of services including market information, consulting and investment brokerage to microfinance institutions and microfinance investors.
About Alterfin: Alterfin is a Dutch cooperative society and social investment organization formed in 1994 that engages North/South organizations, financial institutions, social organizations, private companies and individuals. Alterfin invests in microfinance institutions and associations of fair trade producers in Africa, Asia and Latin America.
About Pro Mujer:
Pro Mujer is a women’s development organization that provides microfinance services, healthcare and training to women in Latin America. These services are delivered through communal banks, or peer groups, of 20 to 30 women who support each other and guarantee each other’s loans. Pro Mujer has a presence in Argentina, Bolivia, Mexico, Nicaragua and Peru. Since its establishment in 1990, Pro Mujer has disbursed USD 742 million in loans and provided healthcare and training to 1 million women.
Sources and Additional Resources:
MicroCapital Universe: responsAbility Social Investments AG: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital Universe: responsAbility Global Microfinance Fund: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+(rAGMF)
MicroCapital Universe: responsAbility Mikrofinanz-Fonds: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds
MicroCapital Universe: Symbiotics SA Information: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Symbiotics+SA+Information%2C+Consulting+and+Services
MicroCapital Universe: Alterfin: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ALTERFIN
MicroCapital Universe: Pro Mujer: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Pro+Mujer
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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