The Consultative Group to Assist the Poor (CGAP) recently reported MicroCredit Enterprises of California invested loans in equal amounts of USD 500 thousand in microfinance institutions, Normicro of Azerbaijan (March 2008), CREDISOL of Honduras (February 2008), and Lazika Capital of Georgia (January 2008).
MicroCredit Enterprises is a non-profit, public US-based charity fund that invests in creditworthy, locally run, locally controlled microfinance institutions in the form of debt-capital. Incepted in 2005, MicroCredit Enterprises currently has USD 23.5 million invested in 26 Microfinance institutions in 13 different countries. They have allocated USD 10 million to be invested in microfinance institutions worldwide in the next twelve months.
Norwegian Microcredit LLC is an Azerbaijan-based non-bank financial institution that focuses on sustainable, demand-driven lending services to promote viable micro-enterprises to internally displaced peoples (IDPs) and the low-income local population. Established in 1998 as a sustainable development project of the Norwegian Refugee Council, Normicro currently serves nearly nine thousand active borrowers with a total loan portfolio of USD 6.9 million in December 2007. Other investors include Kiva Microfunds, a US-based non-profit organization who has invested USD 1 million in normicro since December, 2006.
CREDISOL of Honduras is a non-bank financial institution specializing in the development of small and medium enterprises in both rural and urban areas by offering micro-credit to local credit unions. Founded in 2004, CREDISOL has nearly three thousand active borrowers and a loan portfolio of over USD 2 million as of December 2006.
Lazika Capital is a Georgian non-profit organization, founded in 2000 as the Small Business Development Foundation. Originally launched as a joint-project with Oxfam Great Britain, Lazika Capital targets small enterprises in rural and semi-urban regions to promote economic development through micro-credit services. Lazika Capital serves over two thousand active borrowers with a loan portfolio of USD 1.6 million as of December 2006.
By Melissa Duscha
Additional Resources:
The Consultative Group to Assist the Poor (CGAP)
The Consultative Group to Assist the Poor (CGAP) recent list of transactions
CREDISOL of Honduras Mix Market Profile
Lazika Capital, formerly the Small Business Development Foundation, MIX Market Profile.
Norwegian Microcredit LLC (Normicro)Background Information
Norwegian Microcredit LLC (Normicro) Mix Market Profile
WHO’S WHO IN MICROFINANCE: MicroCredit Enterprises
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