responsAbility Mikrofinanz-Fonds and responsAbility Global Microfinance Fund have executed respective debt investments of USD 500,000 and USD 1.5 million in PRIDE (Promotion of Rural Initiative and Development Enterprises Limited), a Tanzanian microfinance institution. PRIDE was founded in 1994 and reports total assets of USD 36.8 million, a gross loan portfolio of USD 27.9 million and a return on assets of 1.93 percent. PRIDE has been primarily funded by Norad, the Norwegian Agency for Development Cooperation [1, 2]. Through a mix of loans and grants, Norad has committed USD 7.3 million to PRIDE. The organization uses a “modified Grameen” methodology where borrowers form groups to guarantee each group member’s loan. Loans range from TZS 50,000 (USD 36) to TZS 100 million (USD 72,706).
responsAbility Mikrofinanz-Fonds reports total assets of USD 108.5 million as of 2009, and responsAbility Global Microfinance Fund has total assets of USD 358.3 million as of 2009. responsAbility also operates the responsAbility Base of the Pyramid and responsAbility Microfinance Leaders Fund. All of the funds are managed from Switzerland.
By Matthew Castner, Research Assistant
About responsAbility Mikrofinanz-Fonds:
The responsAbility Mikrofinanz-Fonds invests in microfinance institutions (MFIs) through debt securities and equity investments. The fund was created in 2007 by responsAbility, and is financed by Bank im Bistum Essen, a German cooperative financial institution, and Stadtsparkasse Düsseldorf, a German bank. It is also certified by LuxFLAG as of April 2010. responsAbility Mikrofinanz-Fonds reports total assets of USD 108.5 million as of 2009.
About responsAbility Global Microfinance Fund:
The responsibility Global Microfinance Fund (rAGMF) 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 in the equity of MFIs. It is also certified by LuxFLAG as of April 2010. responsAbility Global Microfinance Fund has total assets of USD 358.3 million as of 2009.
About PRIDE (Promotion of Rural Initiative and Development Enterprises Limited):
PRIDE was founded in 1994 and reports total assets of USD 36.8 million, a gross loan portfolio of USD 27.9 million and a return on assets of 1.93 percent. PRIDE has been primarily funded by Norad, the Norwegian Agency for Development Cooperation. Through a mix of loans and grants, Norad has committed USD 7.3 million to PRIDE. The organization uses a “modified Grameen” methodology where borrowers form groups to guarantee each group member’s loan [3]. Loans range from TZS 50,000 (USD 36) to TZS 100 million (USD 72,706).
Additional Resources
[1] Norad: Norwegian Agency for Development Cooperation: “Frontpage,” http://www.norad.no/en/
[2] PRIDE: “About Us,” http://www.pride-tz.org/pinner.asp?cat=aboutus
[3] MicroCapital: “MICROCAPITAL STORY: Tanzania’s promotion of Rural Initatives and Development Enterprises Ltd. (PRIDE) Anticipates Deposit-Taking Banking License By End of 2009,” by Lori Curtis, February 8, 2009, https://www.microcapital.org/microcapital-story-tanzanias-promotion-of-rural-initiatives-and-development-enterprises-ltd-pride-anticipates-deposit-taking-banking-license-by-end-of-2009/
MicroCapital’s Microfinance Universe profile: responsAbility Mikrofinanz-Fonds: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Mikrofinanz-Fonds
MicroCapital’s Microfinance Universe profile: responsAbility Global Microfinance Fund: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility+Global+Microfinance+Fund+%28rAGMF%29
MicroCapital’s Microfinance Universe profile: PRIDE (Promotion of Rural Initiative and Development Enterprises Limited): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=pride
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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