responsAbility Social Investments AG, an investment company based in Switzerland, recently reported to MicroCapital that it made five debt investments totaling USD 6 million in three microfinance institutions in Central Asia.The responsAbility Microfinance Leaders Fund (rAMLF) and the responsAbility Global Microfinance Fund (rAGMF), microfinance investment vehicles (MIV) managed by responsAbility, loaned USD 1 million and USD 2 million respectively to Limited Liability Company (LLC) Microfinance Organization (MFO) Credo of Georgia. As of 2009 LLC MFO Credo reported total assets of USD 25.4 million, return on assets of 3.11 percent and 22,900 borrowers.
rAGMF and rAMLF also made investments in Joint Stock Company (JSC) Bank Constanta of Georgia of USD 500,000 and USD 1 million respectively. Constanta reported total assets of USD 39 million and 11,400 borrowers in 2009. In the Kyrgyz Republic, rAGMF loaned USD 1.3 million to Kompanion Financial Group Microfinance Closed JSC while Mikrofinanz-Fonds, another MIV managed by responsAbility, also loaned USD 250,000 to Kompanion. In 2009 Kompanion reported total assets of USD 41.1 million and 99,400 active borrowers.
By Julie Moksim, Research Associate
About responsAbility Social Investments AG: Founded in 2003, responsAbility Social Investments AG of Switzerland is an investment company whose products aim to enable investors to earn a financial return while allowing people in developing countries and emerging markets to access markets, information and other services in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. According to calculations based on data from the Microfinance Information Exchange (MIX) from 2009 and 2010, responsAbility manages approximately USD 800 million in total assets. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders. These include Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.
About responsAbility Microfinance Leaders Fund (rAMLF): The responsAbility Microfinance Leaders Fund (rAMLF) invests in large microfinance institutions (MFIs) through debt securities and equity investments. Investments range from USD 50,000 to USD 1.5 million. LuxFLAG, an independent organization that certifies that microfinance vehicles actually invest in the microfinance sector, renewed rAMLF’s label as of April 2010. rAMLF reported 129 active investments in microfinance in 2010 and total fund assets of USD 160 million.
About responsAbility Global Microfinance Fund (rAGMF): rAGMF is a microfinance vehicle (MIV) managed by responsAbility that invests in microfinance institutions (MFIs) and microfinance investment vehicles (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 2010, its annual label was renewed by the Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether microfinance investment vehicles actually support the microfinance sector. rAGMF reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, that it has USD 474 million in fund assets as of 2010.
About Mikrofinanz-Fonds: 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 microfinance institutions (MFIs) through debt securities and equity investments. Mikrofinanz-Fonds reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, that it holds USD 103 million in assets as of 2010. Luxembourg Fund Labeling Agency (LuxFLAG), an organization that investigates whether microfinance investment vehicles actually support the microfinance sector, renewed its certification of Mikrofinanz-Fonds as of April 2010.
About Limited Liability Corporate (LLC) Microfinance Organization (MFO) Credo: In 1997, the “Georgia’s Entrepreneurs’ Fund” (GEF) was founded to provide sustainable financial services to Georgian micro- and small businesses. In 2005 GEF obtained local registration in Georgia, thus transforming into a legal entity named VisionFund Credo with support from VisionFund International, a California-based microfinance corporation managing a USD 70 million portfolio invested in forty-five microfinance institutions (MFIs). In response to a new law governing microfinance, VisionFund Credo non-commercial non-entrepreneurial entity established a new company in December 2007, LLC MFO Credo. The new Credo has been licensed by the National Bank of Georgia as an MFO. LLC MFO Credo reported a gross loan portfolio of USD 20.5 million, return on assets of 3.16 percent and return on equity of 21.91 percent in 2009. It also reported having 22,900 active borrowers in 2009.
About JSC Bank Constanta: Constanta has been working in Georgia since 1997, providing microfinance services to micro- and small businesses. In December 2007, Constanta started its operations as Joint Stock Company (JSC) and soon received a license from the National Bank of Georgia (NBG) to conduct commercial banking operations under the name JSC Bank Constanta. Constanta reported a gross loan portfolio of USD 31.5 million, total assets of USD 39 million, return on assets of 0.23 percent and return on equity of 1.36 percent in 2009. Constanta also reported having 11,400 active borrowers with an average loan balance per borrower of USD 2,772.
About Kompanion Financial Group Microfinance Closed Joint Stock Company: Kompanion was established in 2004 as the result of the consolidation of five microcredit agencies affiliated with Mercy Corps, an economic development and aid organization based in the United States. Kompanion operates throughout Kyrgyzstan with a reported 99,385 active borrowers with an average loan balance per borrower of USD 303. Kompanion also reported a gross loan portfolio of USD 30.2 million, total assets of USD 41.1 million, return on assets of 4.13 percent and return on equity of 17.77 percent in 2009.
MicroCapital’s Microfinance Universe Profile: responsAbility Social Investments AG
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital’s Microfinance Universe Profile: responsAbility Microfinance Leaders Fund
MicroCapital’s Microfinance Universe Profile: responsAbility Global Microfinance Fund
MicroCapital’s Microfinance Universe Profile: Mikrofinanz-Fonds
MicroCapital’s Microfinance Universe Profile: Limited Liability Company (LLC) Microfinance Organization (MFO) Credo
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=LLC+MFO+Credo
MicroCapital’s Microfinance Universe Profile: JSC Bank Constanta
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=jsc+bank+constanta
MicroCapital’s Microfinance Universe Profile: Kompanion Financial Group Microfinance Closed Joint Stock Company
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