Kenya: Equity Group Foundation and The MasterCard Foundation Launch Financial Education Program
April, 28 2011
Nairobi, Kenya - The MasterCard Foundation and Equity Group Foundation today joined with Honorable Uhuru Kenyatta, Deputy Prime Minister and Minister of Finance, and Professor Njuguna Ndung'u, Governor of the Central Bank of Kenya, for the official launch of a national program to promote financial inclusion and entrepreneurship in Kenya. This $10.9 million program will provide financial education to 620,000 youth and women in Kenya over the next three years. ...
Philippines: Leapfrog to Invest $25M
April, 26 2011
Manila, Philippines - Leapfrog Investments, the world’s first micro-insurance fund, has committed to invest about $25 million in the Philippines to provide different kinds of insurance to the country’s “middle poor. ...
The Central Bank of Afghanistan Issues First Electronic Money Institution License to M-Paisa
April, 25 2011
Kabul, Afghanistan - The Central Bank of Afghanistan today announced it hasissued Afghanistan’s first electronic money institution (EMI) license to M-Paisa, Afghanistan’s first mobile money transfer service. M-Paisa was introduced by Roshan, a telecommunications service provider in the country, to expand access to safe, secure and transparent financial services for the unbanked population of country. ...
Bangladesh Probe Clears Yunus of Misusing Aid
April, 25 2011
Dhaka, Bangladesh - A Bangladeshi probe has cleared Nobel laureate Muhammad Yunus of misappropriating Norwegian aid money at the pioneering microfinance bank he founded, the country's finance minister announced on Monday. ...
Meanwhile in Brazil…Are We There Yet?
April, 21 2011
Washington, DC - The job of financial inclusion in Brazil is arguably done. Brazil’s banks have made it a global leader in branchless banking. The underlying retail payment infrastructure is in place. There are agent locations in almost every municipality. ...
Bangladesh: Microfinance Institutions Pushed Loans, Admits Major NGO
April, 20 2011
Dhaka, Bangladesh - Lack of regulation and a surplus of donor funds in Bangladesh’s microcredit industry have led to NGOs pushing loans to over-indebted borrowers, says BRAC, the world’s largest development organization and heavily involved in the country’s microfinance industry. ...
Cross-border Funding of Microfinance
April, 20 2011
Washington DC - As of December 2009, cross-border funders reported commitments to microfinance of US$21.3 billion, reflecting a 17 per cent increase (US$3 billion) over 2008 commitments. ...
Dutch development Bank FMO Invests $4.4 Million in Global Partnerships Social Investment Fund 2010
April, 15 2011
Seattle, WA - Global Partnerships (GP), a Seattle-based nonprofit that invests in microfinance and other sustainable poverty solutions, and the Netherlands Development Finance Company (FMO), a leading European development bank, announced today that FMO has invested $4.4 million in GP’s Social Investment Fund (SIF 2010). SIF 2010 is a $25 million fund (including FMO’s investment) that makes loans to exceptional microfinance institutions in Latin America ...
The Ouster of Muhammad Yunus: Can Politics Destroy Grameen Bank?
April, 13 2011
Philadelphia, Pennsylvania - "Dismissed." A single word on April 4 from Bangladesh's highest court ended a bitter legal battle that has grabbed world attention. The loser in this case: Muhammad Yunus, Nobel Peace Prize laureate and founder of Grameen Bank, the groundbreaking Bangladeshi microfinance institution (MFI) he is no longer allowed to run. ...
IFC to Help Build Affordable Housing, Create Jobs in Mexico
April, 11 2011
Washington, D.C. - IFC, a member of the World Bank Group, is helping Mexico’s Vinte Viviendas Integrales S.A.P.I. build high-quality, affordable homes for families of low- and lower-middle incomes throughout the country. With IFC’s structured financing, Vinte will provide about 3,000 modern, broadband-connected units a year, creating at least 2,200 jobs by 2013. ...
India: Microfinance Firms Loan Recast Hits a Roadblock
April, 06 2011
New Delhi, India - Kishore Kumar Puli has to put his personal wealth at stake if he is to convince bankers to restructure the growing debts of Trident Microfin Pvt. Ltd, a Hyderabad-based microlender he has promoted ...
EFSE Named as Winner of the Luxembourg Fund Awards
April, 05 2011
Frankfurt am Main, Germany - The European Fund for Southeast Europe (EFSE), initiated by the German Development Bank KfW, has received the Tageblatt Award 2011 of the Luxembourg Fund Awards. Herewith, the Luxembourg Tageblatt - the second largest daily newspaper in Luxembourg - acknowledges the EFSE’s contribution to improvements in the economic situation and the living conditions in Southeast Europe and the Caucasus region. ...
India: Micro Housing Finance raises $422 Million from IFIF
April, 01 2011
Mumbai, India - Mumbai based Micro Housing Finance Corporation (MHFC) has raised $422 million in second round of funding from its existing investors Indian Financial Inclusion Fund (IFIF) and the Michael & Susan Dell Foundation ...
Indonesia: HSBC Allocates Rp 18.5b for Microfinance
April, 01 2011
Jakarta, Indonesia - HSBC’S sharia division, Amanah Syariah, will allocate Rp 18.5 billion (US$2.12 million) in sharia-based credits to small- and medium-scale enterprises this year through state financing and investment firm PT Permodalan Nasional Madani (PNM) under a profit-sharing (mudharaba) agreement ...