responsAbility Social Investments AG (responsAbility), a social investment company based in Switzerland, reported to MicroCapital that it has provided a total equivalent to USD 3 million in debt financing to Fondesurco (Fondo de Desarrollo Regional) of Peru, Fundación ESPOIR of Ecuador and Apoyo Integral of El Salvador.
The responsAbility Global Microfinance Fund (rAGMF), a microfinance investment vehicle (MIV) managed by responsAbility, loaned PEN 1.4 million (approximately USD 500,000) to Fondesurco, a microfinance institution (MFI). The loan was made at a fixed annual interest rate of 9.25 percent for a period of 14 months. As of year-end 2009, Fondesurco reports 9,850 active borrowers and gross loan portfolio of USD 12.4 million.
rAGMF also made loan to Fundación ESPOIR, a non-governmental organization (NGO) based in Ecuador, in the amount of USD 1.5 million at 8.5 percent interest for a period of 18 months. As of year-end 2009 Fundación ESPOIR reports 43,360 borrowers and a gross loan portfolio of USD 20.5 million.
Both rAGMF and responsAbility Mikrofinanz-Fonds made loans to Apoyo Integral, an MFI founded in El Salvador in 2002. rAGMF loaned Apoyo Integral USD 750,000 at an annual interest rate of 7.75 percent for a period of 25 months. Mikrofinanz-Fonds loaned USD 250,000 with similar terms. As of year-end 2009, Apoyo Integral reports 29,477 borrowers and a gross loan portfolio of USD 59.4 million.
By Witt Gatchell, 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 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. It aims to enable private and institutional investors to contribute to positive social development while earning a financial return. According to calculations based on data on the Microfinance Information Exchange (MIX) from 2009 and 2010, responsAbility manages approximately USD 800 million in total assets.
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 independent 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 independent organization that investigates whether microfinance investment vehicles actually support the microfinance sector, renewed its certification of Mikrofinanz-Fonds as of April 2010.
About Fundación ESPOIR:
Fundación ESPOIR is an Ecuadorian non-governmental organization (NGO) founded in 1992 that specializes in communal banking for women. The organization is based in Quito, Ecuador, and has several branch offices across the country. As of year-end 2009, Fundación ESPOIR has 43,360 active borrowers, a gross loan portfolio of USD 20.5 million and USD 22.6 million in total assets.
About Apoyo Integral:
Apoyo Integral is a Salvadorian microfinance institution established in 2002. As of year-end 2009, Apoyo Integral has 29,477 active borrowers, a gross loan portfolio of USD 59.4 million, and USD 66.5 million in total assets.
Sources and Additional Information:
[1] Data submitted to MicroCapital by responsAbility, October 2010
MicroCapital’s Microfinance Universe profile: responsAbility
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=res…
MicroCapital’s Microfinance Universe profile: responsAbility Global Microfinance Fund
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=res…
MicroCapital’s Microfinance Universe profile: LuxFLAG
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Lux…
MicroCapital’s Microfinance Universe profile: responsAbility Mikrofinanz-Fondz
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=res…
MicroCapital’s Microfinance Universe profile: Apoyo Integral:
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Apo…
Browse the MicroCapital Universe and add your entry to the wiki at:
https://www.microcapital.org/microfinanceuniverse/tiki-index.php
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