The International Finance Corporation (IFC), a member of the World Bank Group, recently loaned EUR 10 million (USD 12 million) to Garanti BBVA Leasing Romania, which is controlled by Spain’s Banco Bilbao Vizcaya Argentaria (BBVA). The investment is intended to support microenterprises as well as
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MICROCAPITAL BRIEF: IFC Approves $250m Loan to HDFC for Housing Finance for Low-, Middle-income Borrowers in India; 25% Earmarked for Green Buildings
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, recently approved a loan of USD 250 million to Housing Development Finance Corporation Limited (HDFC), a housing lender based in India. Whereas green housing has “largely been regarded as a luxury market in the country,” one quarter of the loan amount is reserved for
MICROCAPITAL BRIEF: CGAP, GOGLA, IFC’s Lighting Global Launch PAYGo PERFORM Standards, Seeking to Boost Investment in Off-grid Solar
Two NGOs, US-based CGAP (Consultative Group to Assist the Poor) and the Netherlands-based Global Off-Grid Lighting Association (GOGLA), along with the Lighting Global program of the World Bank Group’s International Finance Corporation (IFC) recently launched a framework for measuring the outcomes of selling off-grid solar products on a pay-as-you-go (PAYGo) basis. The PAYGo Performance, Reporting and Measurement (PAYGo PERFORM) plan “offers the PAYGo solar industry a standardized and transparent set of key performance indicators (KPIs)…
MICROCAPITAL BRIEF: IFC Approves $20m Loan to Agrofértil of Paraguay to Support Farming, Gender Equality Amid COVID-19 Downturn
The International Finance Corporation (IFC), a member of the World Bank Group, recently agreed to loan up to USD 20 million in working capital to Agrofértil, a company that provides credit, crop insurance, agricultural inputs and “agronomic services” to farmers and farmer cooperatives in Paraguay. Through the loan, which may be renewed yearly for five years, IFC aims to support Agrofértil in its work with farmers cultivating small and medium-sized plots including by endeavoring to “promote
MICROCAPITAL BRIEF: IFC, We-Fi Invest $2.5m in Flat6Labs to Support Entrepreneurship in Jordan
The International Finance Corporation (IFC), a member of the World Bank Group, recently agreed to invest USD 2 million in Flat6Labs Amman, a venture capital fund in Jordan, to support
MICROCAPITAL BRIEF: IFC Places $18m in Equity in BlackPeak Capital to Support SME Growth in Southeast Europe
The International Finance Corporation (IFC), a member of the World Bank Group, recently issued an equity investment of EUR 15 million (USD 18 million) to BlackPeak Southeast Europe Growth Equity Fund (BlackPeak Fund I), which is
MICROCAPITAL BRIEF: IFC Commits $1b to MSMEs in Africa Recovering from Pandemic Recession via Risk Sharing, Mezzanine Financing
The International Finance Corporation, a member of the World Bank Group, recently committed USD 1 billion to finance micro-, small and medium-sized enterprises (MSMEs) through risk sharing and mezzanine financing in collaboration with public and private financial institutions. The loan will target MSMEs in sectors considered more likely to create jobs, given the
MICROCAPITAL BRIEF: Government of Madagascar, IFC, Local Insurers Partner on Agricultural Insurance, Seeking to Lower Risk of Lending to Farmers
The International Finance Corporation (IFC), a member of the World Bank Group, recently announced a partnership with the government of Madagascar to boost farmers’ access to insurance that protects their crops from climate-related disasters. The project will engage Malagasy insurance companies to create
MICROCAPITAL BRIEF: IFC Invests $24m in Evolving Europe Principal Investments Fund (EEPIF) to Boost SME Finance
The International Finance Corporation (IFC), a member of the World Bank Group, recently invested EUR 20 million (USD 24.2 million) in the Evolving Europe Principal Investments Fund (EEPIF), which is managed by UK-based private equity firm Integral Venture Partners, with the goal of improving the financial inclusion of small and medium-sized enterprises (SMEs) in 14 countries. Among the countries to receive investment are
MICROCAPITAL BRIEF: Insurtech PasarPolis of Indonesia Raises $5m in Equity from International Finance Corporation (IFC) for Microinsurance
Indonesia-based insurance technology (insurtech) firm PasarPolis recently raised USD 5 million in equity from the International Finance Corporation (IFC), a member of the World Bank Group. The firm plans to use the fresh funds “to develop infrastructure to connect insurers, digital platforms and customers unserved by the traditional insurance sector” during and after the COVID-19 pandemic. The size of the stake
MICROCAPITAL BRIEF: Microsoft, IFC to Support Women Entrepreneurs, Forcibly Displaced Populations in Brazil with Business, ESG, Technology Training
Microsoft, a US-based technology firm, and the International Finance Corporation (IFC), a member of the World Bank Group, recently entered a partnership to deliver business and technology training in Brazil. This is to result in: (1) a publicly available workshop on January 26 regarding how to incorporate environmental, social and governance (ESG) elements into a young business; (2) technology train
MICROCAPITAL BRIEF: CARD MRI to Borrow Up to $15m from IFC, Mainly to Support Women’s MSMEs During COVID-19 Pandemic
The International Finance Corporation, the private-investment arm of the World Bank Group, recently agreed to provide up to PHP 750 million (USD 15 million) of debt financing to the Center for Agriculture and Rural Development – Mutually Reinforcing Institutions Group (CARD MRI) to support micro-, small and medium-sized enterprises (MSMEs) during the COVID-19 pandemic. The investment
MICROCAPITAL BRIEF: Jive, IFC Launch $320m Investment Vehicle to Buy Distressed Assets in Brazil; Freeing Cash for SMEs, Lenders
An entity of Jive Investments, a Brazil-based investment management firm, recently partnered with the International Finance Corporation (IFC), a member of the World Bank Group, to purchase “non-productive assets” in Brazil, increasing liquidity in markets that have been bogged down during the COVID-19 pandemic. Jive Distressed Fund III and IFC will invest USD 240 million and USD 80 million, respectively, in a
MICROCAPITAL BRIEF: The Currency Exchange Fund (TCX) Raises $200m in Equity from EU, IFC, KfW, PROPARCO to Manage FX Risk for Microfinance, Other Impact Investments
The Currency Exchange Fund (TCX) recently raised a total of USD 200 million in equity financing that it will use to lower the foreign-exchange risk of third-party impact investments in developing nations. TCX hedges emerging-market currencies to support investments
MICROCAPITAL BRIEF: IFC, Ukraine Developing National Financial Inclusion Strategy to Expand Financial Access, Digital Services, Employment, Economic Growth
The International Finance Corporation (IFC), a member of the World Bank Group, recently agreed to work with the National Bank of Ukraine (NBU), the country’s central bank, to develop a financial inclusion strategy for improving digital financial services, expanding access to underserved populations and protecting consumer rights in the country. NBU Chairman Kyrylo Shevchenko said,
MICROCAPITAL BRIEF: Eco-Business Fund, IFC to Loan $40m to Banco Agromercantil (BAM) to Help MSMEs in Guatemala Manage COVID-19 Pandemic
The International Finance Corporation (IFC), a member of the World Bank Group, recently agreed to lend Banco Agromercantil (BAM), a subsidiary of Colombia-based Grupo Bancolombia, USD 20 million, thus mobilizing an equal amount from the Eco-Business Fund, which is domiciled in Luxembourg. BAM is to use the liquidity to support
MICROCAPITAL BRIEF: EBRD, IFC Lend Alternatif Bank $50m to Sustain SMEs in Turkey During COVID-19 Pandemic
The UK-based European Bank for Reconstruction and Development (EBRD) and the World Bank Group’s International Finance Corporation (IFC) each are lending USD 25 million to Alternatif Bank,
MICROCAPITAL BRIEF: IFC Lending Banco Agricola $330m for Women, MSMEs, “Climate-smart” Investments, COVID-19 Relief in El Salvador
The International Finance Corporation (IFC), a member of the World Bank Group, recently issued a financing package of USD 330 million to Banco Agricola of El Salvador to support micro-, small and medium-sized enterprises (MSMEs), including those owned by women; housing for people with lower incomes; and “climate-smart” investments, including in buildings with lower environmental impacts. About 10 percent of the funding is