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Zurich’s Z Zurich Foundation Supports ILO’s Microinsurance Innovation Facility
January, 28 2010
Zurich, Switzerland - Zurich Financial Services Group (Zurich) announced today that its Z Zurich Foundation (Foundation) will support the International Labour Organization (ILO)’s Microinsurance Innovation Facility with a contribution of CHF 3 million to facilitate the development of innovative approaches to provide better insurance coverage to more low-income people in a cost effective way
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South Africa: Norfund Acquires 8.9% of Real People
January, 28 2010
South Africa - The Norwegian Investment Fund for Developing Countries (Norfund) has acquired an 8.9% equity stake in developing market credit specialist Real People for an amount of ZAR100 million. (USD 13 ml). The shares were acquired by way of a subscription for new shares
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Prosper Releases Peer-to-Peer Lending Market Survey
January, 26 2010
San Francisco, United States - Prosper.com, the world’s largest peer-to-peer lending marketplace according to Deutsche Bank, today released December 2009 statistics and second half of 2009 marketplace performance metrics.
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Microfinance Group Targets Amazon Region
January, 25 2010
Sao Paulo, Brazil - Boston-based Accion International is to launch a micro-financing operation in the Amazon offering small loans to what it estimates are as many as 1.9m entrepreneurs who have trouble securing loans through traditional channels
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United States Helps Recapitalize Haitian Microfinance Bank
January, 25 2010
Washington, United States - The U.S. government has facilitated recapitalization of Fonkoze, the largest microfinance institution in Haiti, in a mission that required close cooperation of the U.S. military, the United Nations and multiple U.S. government agencies
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India: Grameen Financial Services Raises Rs. 20 Crore of NCDs Through FII Route.
January, 20 2010
Bangalore, India - Grameen Financial Services Private Limited (popularly known as Grameen Koota) has raised INR 20 crore (approximately USD 4.27 MM) of debt capital through an issuance of secured, redeemable, conconvertible debentures (NCDs) to MicroVest I, LP (MV I), a private equity fund formed under US Laws and registered as a Foreign Institutional Investor (FII) sub-account with the SEBI.
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Cambodia: MFIs Suffered Difficult 2009
January, 18 2010
Phnom Penh, Cambodia - Microfinance non-performing loans (NPLs) rose an estimated 2.3 percentage points last year as profits at most microlenders fell by double digits, the president of the Cambodian Microfinance Association (CMA) said Sunday
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Bahrain Opens Microfinance Bank
January, 15 2010
Manama, Bahrain - The bank, conceived by Bahrain’s Ministry of Social Development and supported by leading financial institutions including the Grameen Trust in Bahrain, has a paid-up capital of BD5 million (USD 13 million) and an authorized capital of BD15 million (USD 40 million)
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Does Microcredit Really Help Poor People?
January, 13 2010
Washington, United States - With public funding for development under the greatest pressure in nearly two decades, the international community has focused more than ever on asking questions about what aid works best and why. Microfinance, particularly microcredit, has come under scrutiny as recent studies have emerged that may cast doubt on some of the claims around its impact on the lives of poor people
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Indonesia: Government Relaxes Rules on Micro Credit
January, 12 2010
Jakarta, Indonesia - The government has relaxed some rules on its micro credit support program (the KUR) including cutting lending rates and extending loan restructuring periods to support micro-, small- and medium-sized businesses (MSMEs)
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Uganda: Mobile Money Transfers the Next Big Thing
January, 09 2010
Kampala, Uganda - Transfer of money has become easier and more accessible to rural areas. Banks as we traditionally know them have always had the preserve of handling money in Africa. The only other institution that came close to doing a similar function, before the birth of microfinance institutions, was the national post office
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Morocco MFIs Confront Crisis and Strive for a Brighter 2010
January, 07 2010
Washington, United States - According to Xavier Reille “Few countries boasted as strong and as vibrant a microfinance sector than Morocco, where microfinance institutions (MFIs) saw the size of their combined loan portfolio multiply 11 times between 2004 and 2007.” But the last two years have shown that this growth came at the cost of asset quality, which – combined with clients borrowing from multiple MFIs – have spurred write-offs and falling returns
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Microfinance Investment Fund EFSE Acquires Additional Private Investor
January, 04 2010
Frankfurt, Germany - The Austrian microfinance fund of funds ESPA VINIS MICROFINANCE launching today, will invest in fixed-duration bonds (“notes”) from the Luxemburg-registered microfinance investment fund, European Fund for Southeast Europe (EFSE). The umbrella fund will place roughly 10 percent of its volume with EFSE. Investments in individual microfinance instruments are limited to this percentage by the Austrian investment fund laws
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Microfinance Meltdown in Bosnia
January, 04 2010
Doha, Qatar - Microfinance, where modest loans are distributed to tiny start-ups, is seen by its supporters as a way to foster profitable economic activity from the grass-roots level. This idea has steadily won favour among policy-makers and socially-minded investors around the world since it was first pioneered in Bangladesh in the 1980s. All was seemingly going to plan in Bosnia until recently
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