Swiss Investment Fund for Emerging Markets (SIFEM), on behalf of Swiss Confederation, granted a six-year USD 6 million loan to Micro Finance Bank of Azerbaijan (MFBA), marking the first deal between the two entities. The loan will be applied toward financing micro, small, and agricultural businesses of Azerbaijan; a minimum of USD 3 million will be used exclusively for granting agrarian credit, a bank product that MFBA first launched in August 2007. By supporting Azerbaijan’s agricultural sector, SIFEM hopes to foster a diversification of the Azerbaijan economy away from oil and gas sectors.
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MICROCAPITAL STORY: IFC and BP to Fund Expansion of Services by the Micro Finance Bank of Azerbaijan
The International Finance Corporation (IFC), a member of the World Bank Group, and BP, a British-based multinational oil supplier have agreed to provide additional funding to the Micro Finance Bank of Azerbaijan (MFBA), so it can improve access to finance for micro and small enterprises in western Azerbaijan by expanding its branch network to the towns of Mingechevir and Gazakh and enhancing services in the Ganja branch. The funding will consist of a USD 1 million grant from BP and USD 2.3 million of the IFC and the MFBA’s own investments. BP’s contribution will be used to support international credit experts and develop local loan officers and branch managers.
MICROCAPITAL BRIEF: MicroCred Group of France Releases 2010 Financial Results, Announces Plans for 2011
MicroCred Group, a microfinance investment company created by French NGO PlaNet Finance, has released its 2010 results.
For 2010, MicroCred reports a total balance sheet increase of 75 percent and an outstanding loan portfolio of EUR 43.3 million (USD 62.5 million), an increase of 73 percent compared with 2009 [1]. MicroCred reports a increase in savings deposits of 451 percent as compared with 2009 to EUR 12.7 million (USD 18.3 million) saved by 60,870 clients in 2010 [1].
MICROCAPITAL BRIEF: MicroCred Holding, MicroCred China Receive Capital Increases Totaling $31m, Including Participation From AXA Belgium, Developing World Markets, IFC, KfW
MicroCred Holding, a microfinance investment company created by French nongovernmental organization (NGO) PlaNet Finance, and its subsidiary, MicroCred China, recently announced two capital increases totaling the equivalent of USD 31.1 million.
MICROCAPITAL STORY: Micro Finance Bank of Azerbaijan Receives First Private Investor Loan in Manat Currency (AZN)
The Micro Finance Bank of Azerbaijan (MFBA), a central Asian and eastern European microfinance institution (MFI) in Azerbaijan, received a loan of AZN 4.2 million (USD 4.95 million) from the SNS Institutional Microfinance Fund, a Dutch investment fund. It is the first loan from an international private-sector financial institution denominated in Azerbaijan’s local currency, the Manat. The loan will be used to lend to small businesses in Azerbaijan.
MICROCAPITAL BRIEF: European Sustainable Investment Forum’s (EUROSIF’s) European SRI Transparency Code Attracts 350 Signatories
The European SRI Transparency Code, a document outlining guidelines for maintaining the transparency of socially responsible investing (SRI), has attracted approximately 350 signatories.
MICROCAPITAL SPECIAL REPORT: “Principles for Investors in Inclusive Finance” Launched at Responsible Finance Forum in The Hague, Netherlands
A group of 40 global investors in the microfinance industry, including US retirement planning firm TIAA-CREF and several microfinance investment vehicles (MIV), recently launched a set of guiding principles for investing in the microfinance industry at the Responsible Finance Forum in The Hague, Netherlands. The initiative – titled “Principles for Investors in Inclusive Finance” – is reportedly the brainchild of Her Royal Highness Princess Maxima, the United Nations Secretary General’s Special Advocate for Inclusive Finance for Development, and a core group of Dutch investors, including; Triodos, a microfinance investment vehicle (MIV); Goodwell, a for-profit social investment outfit; Oikocredit, a cooperative investment fund; PGGM, an investment and pension firm; and SNS Asset Management, an institutional investment group. The group and Her Royal Highness Princess Maxima developed the principles together with CGAP and the United Nations-backed Principles for Responsible Investment (PRI), a network of international investors created to promote the practice of responsible investing.