Switzerland’s responsAbility Social Investments AG (responsAbility) recently reported to MicroCapital that it has made loans amounting to USD 6.2 million to financial institutions Mutual Alajuela of Costa Rica, Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL) of Honduras and Lift Above Poverty Organisation (LAPO) of Nigeria. Mutual Alajuela received USD 4 million disbursed through three microfinance investment vehicles (MIVs) managed by responsAbility: USD 1 million from responsAbility Mikrofinanz-Fonds (rAMF), USD 1 million from responsAbility SICAV Microfinance Leaders Fund (rAMLF) and USD 2 million from responsAbility Global Microfinance Fund (rAGMF). COMIXMUL received USD 300,000 through rAMF. LAPO received the local-currency equivalent of USD 1.87 million, of which USD 1.40 million was disbursed through rAGMF and the remaining USD 470,000 was disbursed through rAMF.
Mutual Alajuela is a financial conglomerate based in Alajuela, Costa Rica. It provides a range of services, including savings, loans and investments. As of September 2011, Mutual Alajuela reported total assets of CRC 398 billion (USD 794 million).
COMIXMUL is a cooperative that provides microfinance services and business development programs to its members, who are primarily underserved women. As of December 31, 2010, COMIXMUL reported total assets of HNL 543 million (USD 29 million).
LAPO is a microfinance institution that provides savings, investment and loan products intended to address the needs of low-income households. As of December 31, 2010, LAPO reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 65.3 million, a gross loan portfolio of USD 48.8 million, return on assets (ROA) of 4.81 percent, return on equity (ROE) of 24.5 percent and approximately 304,000 borrowers.
Managed by responsAbility, rAGMF invests in MFIs and other MIVs, mostly through short- to medium-term debt securities. rAMLF, which is also managed by responsAbility, invests in large microfinance institutions (MFIs) through debt securities and equity investments. rAMF, which is managed by responsAbility and is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf, invests in short- to medium-term income-bearing debt securities of MFIs. In April 2011, all three MIVs’ annual labels were renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to MIX fund assets of USD 532 million in 2011. For the same period, rAMLF reported fund assets of USD 155 million, and rAMF reported fund assets of USD 141 million.
By Kristha Abores, Research Associate
About Mutual Alajuela:
Mutual Alajuela is a financial conglomerate based in Alajuela, Costa Rica. It provides a range of services, including savings, loans and investments. As of September 2011, Mutual Alajuela reported total assets of CRC 398 billion (USD 794 million).
About Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL):
Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL) was established in 1968 in Honduras. It is a cooperative that provides microfinance services and business development programs to its members, who are primarily underserved women. As of December 31, 2010, COMIXMUL reported total assets of HNL 543 million (USD 29 million). COMIXMUL does not report financial information to the Microfinance Information Exchange (MIX), the US-based nonprofit data provider.
About Lift Above Poverty Organisation (LAPO):
Established in 1987 in Nigeria, Lift Above Poverty Organisation (LAPO) is a microfinance institution that provides savings, investment and loan products intended to address the needs of low-income households. The majority of LAPO’s clients are engaged in micro-, small and medium-sized enterprises (MSMEs). As of December 31, 2010, LAPO reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 65.3 million, a gross loan portfolio of USD 48.8 million, return on assets (ROA) of 4.81 percent, return on equity (ROE) of 24.5 percent and approximately 304,000 borrowers.
About responsAbility:
Founded in 2003, responsAbility Social Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.
About responsAbility Global Microfinance Fund (rAGMF):
The responsAbility Global Microfinance Fund (rAGMF) is a microfinance investment vehicle (MIV) managed by responsAbility Social Investments that invests in microfinance institutions (MFIs) and other MIVs, mostly through short- to medium-term debt securities. rAGMF also invests up to 10 percent of its assets in the equity of MFIs. In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAGMF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 532 million in 2011.
About responsAbility Microfinance Leaders Fund (rAMLF):
The responsAbility Microfinance Leaders Fund (rAMLF) invests in large microfinance institutions (MFIs) through debt securities and equity investments. In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. rAMLF reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 155 million in 2011.
About responsAbility Mikrofinanz-Fonds (rAMF):
Mikrofinanz-Fonds is a microfinance investment vehicle (MIV) that was launched in 2007, is managed by responsAbility Social Investments AG of Switzerland and is funded by German financial institutions Bank im Bistum Essen and Stadtsparkasse Dusseldorf. It invests in short- to medium-term income-bearing debt securities of microfinance institutions (MFIs). In April 2011, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. Mikrofinanz-Fonds reported to the US-based nonprofit Microfinance Information Exchange (MIX) fund assets of USD 141 million in 2011.
About Bank im Bistum Essen eG (BiB):
Founded in 1966, Bank im Bistum Essen eG (BiB) is an “ethically oriented” German cooperative bank. Since 2007, BiB has supported poverty alleviation through global financial inclusion by funding microfinance institutions directly as well as through its microfinance investment vehicles KCD-Mikrofinanzfonds I “Global” and KCD Mikrofinanzfonds II “Lateinamerika,” both of which are certified by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether investment vehicles actually support the microfinance sector. Total outstanding microfinance investments managed directly by BiB reportedly total approximately USD 100 million. BiB is also co-initiator of the responsAbility Mikrofinanz-Fonds and investment advisor to the Dual Return – Vision Microfinance funds.
Sources and Additional Resources:
[1] Information submitted by responsAbility Social Investments AG to MicroCapital
MicroCapital.org article, November 14, 2011, “MICROCAPITAL BRIEF: responsAbility Lends $4.3m to Microfinance Institutions (MFIs) Banco Solidario of Ecuador, Interactuar of Colombia”, https://www.microcapital.org/microcapital-brief-responsability-global-mic…
MicroCapital.org article, November 15, 2011, “MICROCAPITAL BRIEF: responsAbility Lends $8.2m to Microfinance Institutions (MFIs) FINCA DRC, Bandhan of India, Opportunity Microcredit Romania,” https://www.microcapital.org/microcapital-brief-responsability-lends-8-2m…
MicroCapital.org article, October 17, 2011, “MICROCAPITAL BRIEF: responsAbility Global Microfinance Fund Lends $2.3m to Microfinance Institutions (MFIs) Coopronaranjo of Costa Rica, Fundación Amanecer of Colombia, COAC Esperanza y Progreso Del Valle of Ecuador”, https://www.microcapital.org/microcapital-brief-responsability-global-microfinance-fund-lends-2-3m-to-microfinance-institutions-mfis-coopronaranjo-of-costa-rica-fundacion-amanecer-of-colombia-coac-esperanza-y-progreso-del-v/
MicroCapital.org article, September 26, 2011, “MICROCAPITAL BRIEF: responsAbility Loans $9.2m to Microfinance Institutions FINCA of Mexico, IDEPRO of Bolivia, EDPYME Alternativa of Peru, D-Miro of Ecuador”, https://www.microcapital.org/microcapital-brief-responsability-loans-9-2m…
MicroCapital.org article, July 14, 2011: “MICROCAPITAL BRIEF: responsAbility Loans $27m to Microfinance Institution Prizma of Bosnia and Herzegovina; Russia’s Forus Bank, NBD Bank, FINCA Russia”, https://www.microcapital.org/microcapital-brief-responsability-loans-27m-…
MicroCapital Universe Profile: Mutual Alajuela, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mutual+Alajuela
MicroCapital Universe Profile: Cooperativa Mixta Mujeres Unidas Limitada (COMIXMUL), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Coo…
MicroCapital Universe Profile: Lift Above Poverty Organization (LAPO), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Lif…
MicroCapital Universe Profile: responsAbility Social Investments AG, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility…
MicroCapital Universe Profile: responsAbility Global Microfinance Fund (rAGMF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29…
MicroCapital Universe Profile: responsAbility Mikrofinanz-Fonds, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds…
MicroCapital Universe Profile: Bank im Bistum Essen eG (BiB), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bank+im+Bistum+Essen+eG+%28BiB%29
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