By Ingrid Matthäus-Maier, J. D. Pischke
Microfinance has skilled dynamic improvement. this day, microfinance services achieve with reference to a hundred million consumers all over the world and are becoming quick. New partnerships extend the impression of microfinance even additional. 3 varieties of partnerships are tested during this e-book, every one along with a thematic pillar. Pillar I specializes in fairness investments in microfinance, particularly the probabilities for attractive inner most traders via established microfinance funding cash. score corporations are concerned with supplying extra transparency during this rising fund undefined. Pillar II makes a speciality of collaboration between microfinance companies, governments, deepest traders and know-how businesses which aid microfinance associations to combine new applied sciences into their enterprise versions, decreasing fee and extending outreach to consumers. Pillar III covers micropensions, microinsurance and the position of securitisation for the way forward for microfinance.
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Extra info for New Partnerships for Innovation in Microfinance
Impulse, founded in December 2004, is a closedended 12-year investment company under Belgian law. Its shareholders are Incofin and other Belgian financial institutions, including KBC, one of Belgium’s largest banks. This € 10 million fund will primarily provide loans to mediumsized, commercially viable MFIs, but may also invest up to 20% of its portfolio in equity positions. Gray Ghost Microfinance Fund, founded in 2003, does not directly invest in the equity of MFIs, but it is the first microfinance fund of funds.
Small funds require subsidies one way or another, if only by investors willing to accept a lower return due to the fund size. Setting up an investment fund requires seed capital, usually provided by the promoter of the fund. DFIs have a role to play here and some DFIs do that by facilitating the creation of new structures. Similarly, one of the aims of Gray Ghost is to provide seed capital to new funds. A traditional stand-alone investment fund with assets below € 20 million which is not growing significantly would be terminated by many traditional investment fund promoters.
Raising MFI Equity Through Microfinance Investment Funds 37 The commercial microfinance investment funds would logically be the least involved in the governance of MFIs. But probably because these funds are relatively new and also because they have very few equity investments, they also demand involvement in the governance of the MFIs in which they invest equity capital. The more commercial funds are likely to assume a more passive role, focusing essentially on the potential for a financial return in addition to the social return.