The International Finance Corporation (IFC), the lending arm of the World Bank, recently made a USD 2 million equity investment in AccessBank Tajikistan to help the new bank expand the availability of credit for micro- and small enterprises.
MICROCAPITAL BRIEF: Conference Organized by Bank of Albania, KfW Entwicklungsbank and the European Fund for Southeast Europe (EFSE) Calls for Greater Efforts to Promote Responsible Finance Practices
At a recent conference organized by the Bank of Albania, the German development bank KfW Entwicklungsbank and the microfinance investment fund European Fund for Southeast Europe (EFSE), panelists emphasized that amidst high growth rates in the region’s microfinance sector, irresponsible finance practices abound.
MICROCAPITAL BRIEF: Plan Canada and The MasterCard Foundation Create $4.1m Youth Microfinance Project in Niger, Sierra Leone and Senegal
Plan Canada, a nonprofit children’s relief organization, has partnered with The MasterCard Foundation, a private Canadian foundation that supports microfinance, to create a USD 4.1 million program that aims to expand microfinance services to youth (ages 15 to 25) in Niger, Sierra Leone and Senegal.
MICROCAPITAL BRIEF: AccessBank, a Microfinance Institution (MFI) in Azerbaijan, Increases its Share Capital from $27m to $52m
AccessBank, a microfinance institution (MFI) in Azerbaijan, has increased its share capital from AZN 21.8 million, the equivalent of over USD 27 million, to AZN 41.8 million, the equivalent of over USD 52 million. This increase was achieved by capitalizing retained earnings.
MICROCAPITAL BRIEF: European Fund for Southeast Europe (EFSE), a Microfinance Investment Fund Based in Luxembourg, Signs its Largest Loan Agreement to Date, a $33m Senior Loan to Banca Intesa, Commercial Bank in Serbia, to be On-lent to Micro- and Small Enterprises (MSEs)
The European Fund for Southeast Europe (EFSE), a microfinance investment fund based in Luxembourg, has signed its largest loan agreement to date, a EUR 25 million senior loan, the equivalent of over USD 33.5 million, to Banca Intesa, a commercial bank in Serbia, which will be on-lent to micro- and small enterprises (MSEs).
MICROCAPITAL BRIEF: Apax Foundation, Charitable Arm of London-Based Private Equity Firm, Apax Partners, to Purchase 20-Percent Stake in Finance in Motion, Fund Adviser to European Fund for Southeast Europe (EFSE)
The Apax Foundation, the charitable arm of the London-based private equity firm, Apax Partners, has agreed to issue a capital increase to purchase a 20-percent stake in Finance in Motion, a Frankfurt-based asset management firm focused on development finance, including microfinance.
MICROCAPITAL BRIEF: Bank of Ceylon, State-Owned Commercial Bank in Sri Lanka, to Soon Open 31 Branches Focusing on Small and Medium-Sized Enterprises
The Bank of Ceylon, a state-owned commercial bank in Sri Lanka, will soon open 31 branches focused on small and medium-sized enterprises (SMEs).
MICROCAPITAL BRIEF: SKS Microfinance Limited, Microfinance Institution (MFI) in India, Files to Raise $250m in Initial Public Offering (IPO)
There are now more details available regarding the much-anticipated initial public offering (IPO) of SKS Microfinance Limited, a microfinance institution (MFI) based in India, which MicroCapital covered most recently on March 9, 2010.
MICROCAPITAL BRIEF: Indian Microfinance Funds Seek to Expand Focus Beyond Microcredit
According to a recent article on VCCircle.com, an Indian online news platform, Indian microfinance fund managers are diversifying their investment base to include more areas of social investing, such as microinsurance, micro housing finance, healthcare, mobile payments and rural supply chains.
MICROCAPITAL BRIEF: Finance Minister of Bangladesh Argues Few Escape Poverty Due to Microfinance, High Interest is Main Challenge Facing Country’s Microfinance Industry
At a recent three-day conference in Bangladesh titled, “Microfinance Regulations: Who Benefits,” the country’s Finance Minister, Mr Abul Maal Abdul Muhith, argued that high interest rates and charges are the main challenges facing Bangladesh’s microfinance industry.
MICROCAPITAL BRIEF: Oikocredit, an Investor in Microfinance Institutions, Reports Capital Inflow Reached $83.8m and Total Assets Grew by 13% in 2009
Oikocredit, a Dutch investor in microfinance institutions (MFIs), has reported capital inflow reached EUR 62.9 million (USD 83.8 million) and total assets grew by 13 percent in 2009 to EUR 537 million (USD 715 million). Oikocredit’s net income in 2009 was up 69 percent from 2008 to EUR 19.3 million (USD 25.7 million), of which EUR 7.4 million (USD 9.9 million) is proposed to be paid as dividends to members.
MICROCAPITAL BRIEF: Financiera Independencia, a Mexico-based Microfinance Institution, Sells $200m in Senior Guaranteed Notes to the International Market
Financiera Independencia, a Mexico-based microfinance institution (MFI) that is listed on the Mexican Stock Exchange, has announced that it has successfully placed USD 200 million in senior guaranteed notes in the international market.
MICROFINANCE EVENT: Mobile Money Transfer Africa Conference and Expo to be hosted May 4 – May 7, 2010 in Nairobi, Kenya
Event Name: Mobile Money Transfer Africa
Event Date: May 4 – May 7, 2010
Event Location: Nairobi, Kenya
Event Website: http://www.mobile-money-transfer.com/africa
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
Cost: Prices range from USD 1799 to USD 3397 depending on which parts of the event participants wish to attend. Group discounts are available.
Summary of Event: The event is comprised of a one-day pre-conference workshop, a two-day conference and one-day of site visits to the local offices of M-PESA, a mobile-phone based money transfer service, and Grameen Foundation, an international organization that provides support to microfinance institutions.
MEET THE BOSS: Nanno Kleiterp of the Netherlands Development Finance Company (FMO)
The Netherlands Development Finance Company (FMO) is the international development bank of the Netherlands. FMO uses loans, mezzanine financing and equity investments to invest in financial institutions and other companies in developing countries. With an investment portfolio of USD 6.5 billion, FMO is one of the world’s largest bilateral private sector development banks. FMO’s mission is to create flourishing enterprises that can serve as engines of sustainable growth in their countries.
MICROCAPITAL BRIEF: Agence Française de Développement (AFD) Grants €1m to Microfinance Institution MicroCred Nigeria
Agence Française de Développement (AFD), France’s public development-finance institution, has granted EUR 1 million (USD 1.3 million) to MicroCred Nigeria to help build capacity in Nigeria’s microfinance sector.
MICROFINANCE EVENT: Third Annual Global Microfinance Investment Congress to Be Hosted in New York City May 24 – May 26, 2010 by PlaNet Finance
Event Name: Third Annual Global Microfinance Investment Congress
Event Date: May 24 – May 26, 2010
Event Location: New York, New York
Event Website: http://www.microfinancecongress.com/
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
Cost: Congress only – USD 1595; Congress and Workshop – USD 2095. Discounts available for early registration (by March 26 and by April 16) as well as a USD 200 discount MicroCapital Monitor subscribers.
Summary of Event: The Global Microfinance Investor Congress intends to provide a place for representatives of microfinance investment vehicles (MIVs), microfinance institutions (MFIs) and other industry stakeholders to meet, collaborate and share best practices.
MICROCAPITAL BRIEF: International Investors Launch Microfinance Growth Fund (MIGRoF), a Lending Facility for Microfinance Institutions (MFIs) in Latin America and the Caribbean
The Inter-American Development Bank’s (IDB’s) Multilateral Investment Fund (MIF), a fund that finances micro- and small enterprises (MSEs); the Inter-American Investment Corporation (IIC), a member of the IDB that helps small and medium-sized enterprises (SMEs) gain access to finance; and the Corporación Andina de Fomento (CAF), an institution that mobilizes financial resources in Latin America, recently launched the Microfinance Growth Fund (MIGRoF), a facility expected to provide the equivalent of USD 250 million in medium- and long-term loans to microfinance institutions (MFIs) in Latin America and the Caribbean.
MICROFINANCE EVENT: Global Microinsurance Summit to be Hosted by C5 in Paris June 30 – July 1, 2010
Event Name: Global Microinsurance Summit
Event Date: June 30 – July 1, 2010
Event Location: Paris, France
Event Website: http://www.c5-online.com/microinsurance.htm
See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events
Cost: GBP 850 (USD 1282) for microfinance institution representatives, GBP 999 (USD 1507) for investment fund representatives and GBP 1399 (USD 2110) for others. Discounts for registration before April 30 are available.
Summary of Event: The Global Microinsurance Summit aims to provide a platform for interaction and information exchange between microinsurance providers and investors.