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Development agencies & investors launch global US$75 million fund for micro-entrepreneurs: consortium includes Deutsche Bank, Axa, Hewlett-Packard, Merrill Lynch, Munich Re, Standard Life, CNP Assurances, Co-operative Bank, Calvert, Storebrand

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3 November 2005

Leading Institutional Investors and Development Agencies Launch The Global Commercial Microfinance Consortium; Landmark Global Collaborative $75 Million Fund for Micro-Entrepreneurs

Author: AXA, Deutsche Bank, Merrill Lynch, Munich Re, Storebrand Life Insurance, US Agency for Intl. Development

A group of leading institutional investors and development agencies today announced the successful arrangement of the Global Commercial Microfinance Consortium, a ground-breaking $75 million multi-tiered commercial fund that will provide local currency financing for up to five years to Micro Finance Institutions (MFI) globally...Consortium [includes] Agence Francaise de Developpement, AXA Group, Calvert Social Investment Foundation, CNP Assurances, Deutsche Bank,...HP,..Merrill Lynch, MMA, Munich Re,...Standard Life, State Street Corporation, Storebrand, The Church Pension Fund, The Co-operative Bank plc, UK Department for International Development, US Agency for International Development...Deutsche Bank acted as lead arranger and managed the sale of the $75 million fund...Nearly $30 million has already been committed to MFIs working in Peru, Kosovo, Nicaragua, Azerbaijan, Colombia, Pakistan, Mozambique and India.

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3 November 2005

SURVEY: MICROFINANCE - The hidden wealth of the poor - Financial services are at last spreading from the rich to the developing world—and even making money

Author: Tom Easton, Economist

What makes microfinance such an appealing idea is that it offers “hope to many poor people of improving their own situations through their own efforts,” says Stanley Fischer, former chief economist of the World Bank...Local banking giants that used to ignore the poor, such as Ecuador's Bank Pichincha and India's ICICI, are now entering the market. Even more strikingly, some of the world's biggest and wealthiest banks, including Citigroup, Deutsche Bank, Commerzbank, HSBC, ING and ABN Amro, are dipping their toes into the water.
[also refers to SKS, Grameen Bank, K-Rep]

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