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Serbia Readies Micro-Loan Program
October, 31 2010
Belgrade, Serbia - Deputy Prime Minister Božidar Đelić stated Saturday that the Serbian government and the National Bank of Serbia (NBS) will prepare a microcredit model
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In India, Microloans Can Trip up the Poor
October, 31 2010
Washington, United States - The microcredit revolution has been celebrated for helping poor women in developing countries start small businesses. By borrowing money for purchases such as a buffalo or sewing machine, the women were able to help lift their families out of poverty.But critics say the microcredit model has been perverted by commercial greed in India, with reports of abusive collection methods and sky-high interest rates
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India's Major Crisis in Microlending
October, 28 2010
India - The microlending movement that was supposed to help lift millions of people in India out of poverty has in recent weeks fallen into chaos. Urged on by local government officials and politicians, thousands of borrowers have simply stopped paying lenders, even though they have the money. The government has begun ratcheting up restrictions, fearing that borrowers are being buried by usurious interest rates. In some cases, officials have even arrested lending agents for allegedly harassing borrowers
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Advans SA SICAR incorporates Advans Bank Tanzania, microfinance bank in Dar es Salaam, Tanzania
October, 28 2010
Dar es Salaam, Tanzania - Advans SA, the international venture capital company specialised in microfinance, announces the
incorporation of its sixth microfinance institution (second with a full banking status): Advans Bank
Tanzania, in the United Republic of Tanzania. The first branch will open in December 2010 in the
administrative ward of Manzese in Dar es Salaam, the country’s capital city
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India: Microfinance Warns of Collapse Over Credit Freeze
October, 26 2010
Hyderabad, India - India’s microfinance industry has warned it is being pushed to the brink of collapse, as a result of a bank freeze on credit to microlenders triggered by a political crackdown. India’s commercial banks, which normally provide about $133m a week in credit to the microloan industry, have frozen those disbursals for the past two weeks, as companies wrestle with a backlash in one of their biggest markets, the state of Andhra Pradesh
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India: Lok Capital Makes First Close Of Second Fund At $52M
October, 26 2010
Gurgaon, India - Lok Capital, a venture capital firm focused on the bottom of the pyramid (BoP) market, has made a first close of $52 million for its second fund. CDC Group, the UK government-backed fund of funds, has joined in as the backer with a $10-million investment in Lok Capital II. The fund, which focuses on microfinance besides other BoP opportunities, is targeting $80 million
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New Public-Private Fund to Boost SMEs in Africa
October, 25 2010
Nairobi, Kenya - African small and medium-sized enterprises (SMEs) are poised to benefit from a newly established joint initiative that is aimed at mobilising financial resources for poverty reduction
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India: MFIs agree to reduce interest rate to 24 p.c.
October, 24 2010
Hyderabad, India - While directing the district collectors to be tough on erring Micro Finance Institutions, the state government on Saturday told the MFIs to recover the payments once a month from the present weekly collection from rural borrowers.
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EBRD Extends New Local Currency Financing in Armenia
October, 20 2010
Yerevan, Armenia - The EBRD is increasing the availability of local currency financing to private businesses in Armenia, with a synthetic loan in Armenian Dram (AMD) equivalent to up to US$ 12 million to ACBA-Credit Agricole Bank for on-lending to micro, small and medium-sized enterprises (MSMEs).
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Micro Housing Finance Corporation (MHFC) Crosses Rs 10 Cr In Loan Sanctions, Ties Up With Tata Housing On Mumbai Project
October, 19 2010
Mumbai, India - Mumbai,MHFC, a housing finance company which aims to support urban lower income families and has provided over Rs 10 cr in loan sanctions, has tied up with Tata Housing on its newly launched Shubh Griha project in Vasind, Mumbai, which caters to a similar segment. MHFC will finance customers who are not able to easily access housing loans from mainstream banks mainly due to levels of income and also because of the lack of documentation, especially regarding proof of income.
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India: SKS Microfinance to Seek Legal View On AP Govt Ordinance
October, 18 2010
New Delhi, India - SKS Microfinance on Sunday said it would seek legal opinion on whether the Andhra Pradesh government’s new ordinance to regulate the microfinance sector will be applicable to the company. The ordinance is aimed at regulating microfinance institutions (MFIs), which have come under criticism for charging exorbitant interest rates from the poor and for their strong arm tactics for recovering money.
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Innovations in Savings Services in Rural Sub-Saharan Africa
October, 18 2010
Washington D.C. - While savings services in rural sub-Saharan Africa face numerous challenges such as inadequate infrastructure and low literacy levels, exciting innovations from the private and public sector are helping to overcome these difficulties
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Mexico: Compartamos Banco Issues Long Term Debt
October, 14 2010
Mexico City, Mexico - Banco Compartamos, S.A., Institución de Banca Multiple (“Compartamos” or “the Bank”) (BMV: COMPARTO) informs that it has obtained Ps. 1,000 million through the public issuance of Local Bank Bonds (‘Certificados Bursátiles Bancarios’) in the local debt capital markets for a tenor of 5 years at an interest rate of TIIE plus 130 basis points, in line with Compartamos’ interest rate expectations.
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Rwanda Launches New Plan for Economic Recovery
October, 14 2010
Kigali, Rwanda - Rwanda's government has launched a seven-year blueprint to improve economic output that includes plans to massively increase electricity generation and have at least 80 percent of its people accessing financial services.
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Results of the 2010 CGAP MIV Survey
October, 14 2010
Washington D.C. - The 2010 CGAP MIV Survey, powered by Symbiotics, is based on the industry standards for MIV reporting, the CGAP Microfinance Investment Vehicle Disclosure Guidelines
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CGAP Awards Recognize Three Microfinance Investors For Social Commitment
October, 12 2010
Amsterdam, Netherlands - Microfinance investors have quietly become important allies for the poor globally, providing billions of dollars to back the micro loans that are making a difference for millions of people globally. Today, CGAP recognized three microfinance asset managers as being “best in class” for their commitment to environmental, social, and governance (ESG) issues in their investment decisions
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Protecting Cooperatives and their Low-Income Members in the Philippines Against Extreme Weather Events Through Microinsurance
October, 11 2010
Munich, Germany - Philippine cooperative insurance company Coop Life Insurance & Mutual Benefit Services (CLIMBS) together with Munich Re and the Deutsche Gesellschaft für Technische Zusammenarbeit GmbH (GTZ) on behalf of the Federal Ministry for Economic Cooperation and Development (BMZ) are launching a microinsurance product to protect the loan portfolio of cooperatives against losses from extreme weather events in the Philippines. A core concern is to pass on the benefits to end customers in low-income household
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Housing Finance Needs to Reach South Asia's Poor
October, 10 2010
Katmandou, Nepal - High economic growth coupled with rapid urbanisation and a rising middle-class have created a considerable demand for housing and housing finance in South Asia, according to a World Bank report 'Expanding Housing Finance to the Underserved South Asia'
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Citi Considers Microfinance Service in HK
October, 06 2010
Hong Kong - Citigroup is looking into launching microfinance services in Hong Kong, a city that boasts one of the highest gross domestic product per capita in the world but where many low-income individuals have no access to small bank loans
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India: Equitas Securitises Rs 100 Crore Loan
October, 04 2010
Chennai, India - Chennai-based Equitas Micro Finance India Private Limited has securitised loans worth over Rs 100 crore (USD 22 million) with financial institutions including UTI Mutual Fund and HDFC Bank. The transaction also marks the biggest ever securitisation deal in terms of size in the Indian microfinance space
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