Byblos Bank, a Lebanese institution with operations in nine countries, has cited an unspecified report from the United Nations Economic and Social Commission for Western Asia (ESCWA) as arguing that the continued growth of the microfinance sector in Lebanon is hindered by inappropriate governmental regulation and a lack of reliable data on borrowers.
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MICROCAPITAL BRIEF: CGAP (Consultative Group to Assist the Poor), United Nations Principles for Responsible Investment Initiative Set Standards for Microfinance Investment Vehicle Environmental, Social and Governance (ESG) Performance
CGAP (Consultative Group to Assist the Poor), a policy and research center dedicated to providing financial access for the world’s poor, and the United Nations Principles for Responsible Investment (UNPRI), a network of international investors created to promote the practice of responsible investing, have partnered to create the following criteria for measuring the environmental, social and governance (ESG) performance of microfinance investment vehicles (MIVs)
MICROCAPITAL BRIEF: CGAP (Consultative Group to Assist the Poor), LuxFLAG, United Nations Principles for Responsible Investment (UNPRI), Eurosif Partner to Award Three Microfinance Investment Vehicle (MIV) Environmental, Social and Governance (ESG) Awards
CGAP (Consultative Group to Assist the Poor), an independent policy and research center dedicated to providing financial access for the world’s poor, has teamed up with the United Nation’s Principles for Responsible Investment (UNPRI), a network of international investors created under the auspices of the UN to promote the practice of responsible investing; LuxFLAG, an organization that certifies that microfinance vehicles (MIVs) actually invest in the microfinance sector; and the European Social Investment Forum (Eurosif), a pan-European network aiming to foster sustainable development through European financial markets, to create the CGAP Microfinance Investment Vehicle (MIV) Environmental, Social and Governance (ESG) Awards.
MICROCAPITAL BRIEF: United Nations and CARE International Complete Financial Empowerment Training Program for Liberian Women
The United Nations Development Program (UNDP), the development arm of the United Nations, a humanitarian organization promoting peace and better living standards, in collaboration with the United Nations Capital Development Fund (UNCDF), the United Nations’ investment capital and technical advice program, and CARE International, a Swiss non-governmental organization, has completed a week-long financial training program for 100 women representing five community-based organizations in Liberia.
MICROCAPITAL BRIEF: Ibdaa Microfinance Bank Launched in Syria as Part of Arab Gulf Program for United Nations Development (AGFUND)
The Ibdaa Bank was recently launched in Syria with the support of the Arab Gulf Program for United Nations Development (AGFUND), an initiative for alleviating poverty and unemployment.
MICROCAPITAL BRIEF: United Nations Development Programme Indicates 21% of Nigerian Adults Access Financial Services, Provides Support for Microfinance to Central Bank of Nigeria
According to a recent study by the United Nations Development Programme (UNDP), the development arm of the United Nations, a humanitarian organization promoting peace and better living standards, 21 percent of the Nigerian adult population – 18 million people – have access to financial services, with women and youth least likely to have access.
MICROCAPITAL BRIEF: German Asset Management Firm, Finance In Motion, Signs the United Nations’ Principles for Responsible Investment
Finance in Motion (FIM), a German asset management firm with EUR 800 million under advisory, has signed the United Nations’ (UNs’) Principles for Responsible Investment (PRI), thereby pledging to integrate sustainability into its investment processes. The PRI are declarations jointly developed by the UN Environment Program Finance Initiative and the UN Global Compact.
MICROCAPITAL BRIEF: United Nations Environment Programme (UNEP) Invests $1.8m in Solar Panels in Nepal, to be Distributed via Microloans Disbursed by Ace Development Bank, Provider of Microfinance and Traditional Banking Services
The United Nations Environment Programme (UNEP), a division of the United Nations (UN) focused on protecting natural resources, will invest USD 1.8 million to increase the use of solar power in Nepal through its Sustainable Energy Finance Initiative (SEFI). The funds will be distributed via microloans disbursed by Ace Development Bank, a financial services provider in Nepal established in 1995.
MICROCAPITAL BRIEF: Microfinance Institution Tuba Rai Metin Grows in Timor-Leste with Consulting from BASIX Group of India and Support from the INFUSE Program of the United Nations and Australian Agency for International Development (AusAID)
A press release from the United Nations Development Program (UNDP) reports that the microfinance institution (MFI) Tuba Rai Metin (TRM) is quickly growing in Timor-Leste. TRM, which was started in 2002, has reportedly enlarged its client base by 25 percent since the start of 2010. TRM provides loans and savings services to over 3,000 clients, 100 percent of which are women. According to the MIX Market, the microfinance information clearinghouse, TRM had total assets of USD 753,000, a gross loan portfolio of USD 437,000 and 2,838 borrowers as of 2009.
MICROCAPITAL BRIEF: The United Nations’ Pacific Financial Inclusion Program (PFIP) Releases “Fiji Financial Services Sector Assessment” Calling for Expansion of Microfinance Sector, Especially Through the Development of Accessible Savings Services
The United Nations’ Pacific Financial Inclusion Program (PFIP) has recently released the report “Fiji Financial Services Sector Assessment.” According to the report, About 109,000 households in Fiji do not have access to savings, credit or other financial services [1]. The report highlights that, although the nation has a well-developed financial sector, it primarily caters to the affluent and salaried urban population, and there are missed opportunities for the financial inclusion of more Fiji Islanders, particularly considering Fiji’s favorable infrastructure.
MICROCAPITAL BRIEF: World Savings Bank Institute (WSBI) Issues “Open Message” to Promote Access to Finance to Reach United Nation’s Millennium Development Goals (MDGs)
The World Savings Bank Institute (WSBI), an international banking association, has issued an open message promoting access to finance as a means to accelerate progress toward the United Nation’s Millenium Development Goals (MDGs).
MICROCAPITAL BRIEF: Arab Gulf Program for United National Development Organizations (AGFUND) Unveils Plans to Open Microfinance Banks in Jordan, Lebanon and Sudan
The Arab Gulf Program for United National Development Organizations (AGFUND), a regional non-profit development institution, recently announced that it will establish microfinance banks in Jordan, Lebanon, and Sudan within the next few months.
MICROCAPITAL BRIEF: United Nations Development Program (UNDP) Commits $4m To Build Inclusive Financial Sector in Rwanda
The United Nations Development Program (UNDP), through the United Nations Capital Development Fund (UNCDF) has committed USD 4 million to building an inclusive financial sector in Rwanda. The funds will continue the implementation of Rwanda’s National Microfinance Strategy from 2009 through 2014. Rwandan Minister of Finance, John Rwangombwa, noted that, “the support given by UNDP/UNCDF is aligned to Financial Sector Development Programmes and the National Monetary Fund Policy Implementation Strategy to contribute to the refinancing and sustainable management of Microfinance Institutions.” Minister Rwangombwa stated that the projects aims to improve productivity and enhance the market access of microenterprises.
MICROCAPITAL BRIEF: National Bank of Belarus, United Nations Development Programme (UNDP) Set Up Council on Microfinance Sector Development
Set up in 2008 by the National Bank of Belarus and the United Nations Development Programme (UNDP), the Council on Microfinance Sector Development in Belarus has drafted a framework for the development of microfinance in the Republic of Belarus through 2015.
MICROCAPITAL.ORG STORY: Australian Bank ANZ Amasses 10 million Fijian Dollars (USD 5.3 million) in Deposits through Mobile Rural Banking Program in Fiji Launched in 2004 in Conjunction with the United Nations Development Programme
ANZ, an Australian commercial bank, launched a mobile rural banking scheme in 2004 in an effort to offer financial services to new clients in a different nation, Fiji [1,2]. The program was launched in conjunction with the United Nations Development Programme (UNDP), the United Nation’s “global development network,” with the intention of providing credit to low-income Fijian households [1,3]. Since the program’s inception, ANZ has amassed 10 million Fijian Dollars in deposits from Fijian clients, the equivalent of over USD 5.3 million [1]. Microcapital reported on this rural banking scheme in July of 2009 [4]. Microcapital has also reported extensively on mobile banking [5,6,7].
MICROFINANCE EVENT: United Nations Environment Program Finance Initiative (UNEP FI) Roundtable 2009, presented by the United Nations, October 22-23, 2009 at Cape Town, South Africa
MICROFINANCE EVENT: United Nations Environment Program Finance Initiative (UNEP FI) Roundtable 2009, presented by the United Nations, October 22-23, 2009 at Cape Town, South Africa
United Nations Environment Program Finance Initiative (UNEP FI), presented by the United Nations, October 22-23, 2009 at Cape Town, South Africa
October 22-23, 2009 at Cape Town, South Africa
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
MICROCAPITAL STORY: Microfinance Institutions Lazika Capital, Alliance Group, CREDO, Crystal, FinAgro, Finca and Constanta Bank of Georgia Receive Grants from the United Nations Development Program (UNDP) and European Union (EU); Total Project cost $2.6m
Six microfinance institutions (MFIs), Lazika Capital, Alliance Group, CREDO, Crystal, FinAgro and Finca, and Constanta Bank have been selected to receive grants from a joint project funded by the United Nations Development Program (UNDP) and European Union (EU). The seven organizations were selected based on their current loan portfolios, experience in the target region and reporting to the MIX Market, the microfinance information clearinghouse. Each organization will receive USD 99,000 in the first tranche of funding. The total cost of the project is USD 2.6 million and is part of the UNDP early recovery program for Georgia which received EUR 4.4 million (USD 6.1 million) in funding from the EU.
MICROCAPITAL STORY: United Nations International Fund for Agriculture (IFAD) provides $13.7m to Cameroon for Microfinance Development
The International Fund for Agriculture (IFAD), a United Nations agency based in Rome, will support rural microfinance in Cameroon, West Africa, with a USD 13.5 million loan and USD 200,000 grant. The money will support the IFAD Rural Microfinance Development Support project whose overall goal is to reduce poverty, increase incomes and support the livelihoods of poor in rural areas. The project targets rural populations in the centre, extreme north, north-west and western regions of Cameroon, where access to suitable financial services is difficult. Currently a network of microfinance institutions (MFIs) exist in these areas. The project is aimed at young people, especially women; smallholder farmers and microenterprises.