Symbiotics, a microfinance investment services company based in Switzerland, launched an electronic bond issuance platform on December 16th aimed at serving micro-, small & medium-sized enterprises and closed deals for Mutual Cartago de Ahorro y Prestamo (MUCAP), a savings and loan institution based in Costa Rica, and Sri Lankan microfinance institution (MFI) Lanka ORIX MicroCredit (LOMC), a joint venture started by the International Finance Corporation (IFC), the Sri Lankan government and the Orient Leasing Company.
MICROCAPITAL BRIEF: Fundacion Microfinanzas BBVA Acquires Microfinance Institution (MFI) Financiera Confianza of Peru
Fundacion Microfinanzas BBVA, a nonprofit business created in 2007 as a subsidiary of multinational bank BBVA of Spain, has announced the acquisition of Financiera Confianza, a microfinance institution (MFI) in Peru.
MICROCAPITAL BRIEF: Grameen Foundation Releases Updated Microfinance Management Information Software (MIS) Mifos 2.0
The Grameen Foundation, a nonprofit based in Washington, DC, that aims to help microfinance institutions (MFIs) replicate the microfinance model of Grameen Bank, has announced the release of Mifos 2.0, the latest version of its management information software (MIS) for microfinance.
MICROCAPITAL BRIEF: Yes Bank of India Recalls Approximately $22m in Loans Advanced to Microfinance Institutions (MFIs)
Yes Bank Limited, a private bank based in Mumbai, India, has reportedly recalled approximately INR 1 billion (USD 22.2 million) in loans it advanced to microfinance institutions (MFIs).
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Expands Microinsurance in Kenya and Rwanda through Syngenta, International Livestock Research Institute, MicroEnsure
Recently, the International Finance Corporation (IFC), an organization under the World Bank Group that has been a significant source of financing for the microfinance industry, agreed to confer to three microinsurance projects in East Africa a grant of USD 4.1 million, which is expected to allow 35,000 farmers and 5,000 livestock herders in Rwanda and Kenya to protect their crops and livestock from natural disasters.
MICROCAPITAL BRIEF: ShoreCap Renamed CapitalPlus Exchange, Launches Small Business Banking Network
ShoreCap Exchange, which was founded by ShoreBank Corporation in 2003 in Chicago, recently changed its name to CapitalPlus Exchange Corporation (Exchange) with plans to maintain its mission as a nonprofit organization that specializes in technical assistance and capacity building for financial institutions in Africa, Asia and Eastern Europe.
MICROFINANCE BRIEF: Bangladesh Government to Investigate Allegations of “Financial Irregularities” Against Microfinance Institution (MFI) Grameen Bank
The Bangladesh government recently announced that it will form a committee to investigate allegations of “financial irregularities” against Grameen Bank, a microfinance institution (MFI) started in Bangladesh by Dr Muhammad Yunus.
MICROCAPITAL BRIEF: Standard Chartered, MicroSave Launch Microfinance Risk Management Toolkit
The Bangladesh branch of Standard Chartered PLC, an international bank headquartered in the United Kingdom that reported total assets of USD 436 billion in 2009, and MicroSave, a company based in India that specializes in technical assistance and training for microfinance organizations, have jointly launched a risk management toolkit for microfinance institutions (MFIs).
MICROCAPITAL BRIEF: SKS Microfinance Shares Off 9% Amidst Uncertainty Surrounding Indian Microfinance Sector
Shares of SKS Microfinance, India’s only listed microfinance institution, tumbled to an all-time low on Monday, December 20, as uncertainty surrounding the country’s microfinance sector remained high.
MICROFINANCE BRIEF: State Bank of India (SBI) Considers Restructuring Loans to “Non-Performing” Microfinance Institutions (MFIs)
The State Bank of India (SBI), a state-owned financial services company, has announced that it may restructure loans given to microfinance institutions (MFIs) that enter “non-performing” status.
MICROCAPITAL BRIEF: European Bank for Reconstruction and Development (EBRD) Loans $10.5m to Bank Respublika to Support Micro-, Small and Medium-Sized Enterprises in Azerbaijan
The European Bank for Reconstruction and Development (EBRD) recently made loans totaling USD 10.5 million to Bank Respublika in Azerbaijan. Since the beginning of its operations in Azerbaijan, “EBRD has invested some EUR 1.2 billion (USD 1.57 billion) in about 120 projects, with over 60 percent of the projects being investments into the development of the private sector.”
MICROCAPITAL BRIEF: Indonesia Launches Microfinance Loans to Help Citizens Arrange to Work Abroad As Migrants
President Susilo Bambang Yudhoyono of Indonesia recently announced the launch of a new microcredit program to help Indonesian migrant workers secure overseas employment and finance their departure process, which involves arranging their legal documents, having medical checkups, receiving training and obtaining competency certificates.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Lends $1M to Cameroonian Microfinance Institution (MFI) Advans Cameroun
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, recently provided XAF 500 million (approximately USD 1.01 million) in local currency loan to Advans Cameroun, a microfinance institution (MFI) that is controlled by the Luxembourg- based investment firm Advans SA.
MICROCAPITAL BRIEF: Asian Development Bank (ADB) Launches $250m Microfinance Risk Participation Program
The Asian Development Bank (ADB), an international development organization based in Manila, Philippines, approved a Microfinance Risk Participation Program to increase microfinance lending in its member developing countries including Bangladesh, Indonesia, Sri Lanka, Thailand and Vietnam.
MICROCAPITAL BRIEF: Netherlands Development Finance Company (FMO) Investing $7m in Regional MSME Investment Fund for Sub-Saharan Africa SA (REGMIFA)
The Netherlands Development Finance Company (FMO), a Dutch public-private partnership that aims to promote developing economies, has committed USD 7.5 million to the Regional MSME Investment Fund for Sub-Saharan Africa SA, SICAV-SIF (REGMIFA), a Luxembourg-based fund that seeks to invest in micro-, small and medium sized enterprises (MSMEs) in Africa.
MICROFINANCE EVENT: Payment Trends China 2011, Shanghai, China, March 9-11, 2011
Event Name: Payment Trends China 2011
Event Date: March 9 – March 11, 2011
Event Location: Shanghai, China
MICROCAPITAL BRIEF: Microfinance Information Exchange (MIX) Funded by MasterCard Foundation to Expand Data Coverage Among Microfinance Organizations (MFIs) in Africa
The Microfinance Information Exchange (MIX), the microfinance data clearinghouse, has received a USD 2 million grant from the MasterCard Foundation, a private Canadian foundation that seeks to alleviate poverty through microfinance and education, to improve information sharing among microfinance institutions (MFIs) in Africa and the visibility of those organizations outside the region.
MICROCAPITAL BRIEF: Grameen Foundation, Grameen Capital India and Grameen-Jameel Announce $8m Guarantee Pool to Improve Liquidity of Indian Microfinance Institutions (MFIs)
Grameen Foundation, a US-based nonprofit; Grameen Capital India, a Mumbai-based social business that promotes growth in the microfinance sector in India; and Grameen-Jameel, a joint venture founded in 2007 by the Grameen Foundation and Grow Well Limited of Saudi Arabia, have launched a new initiative to address the liquidity needs of Indian microfinance institutions (MFIs) that demonstrate a focus on social as well as financial returns.