Symbiotics NewsWatch #190, 20 December 2011

Dec. 20	India: Microfinance Lenders Can Now Borrow Up To $10M From Abroad The Indian central bank has eased the norms for local microfinance institutions (MFIs) – so that these may raise funds through overseas borrowings. On the face of it, the move is positive for the MFI sector which is, otherwise, beset with regulatory issues and a largely ambivalent domestic fundraising environment. But the quantum of money that an MFI can scoop up outside India is too paltry to make much of a difference for the large players. Source: VCCircle
Dec. 16	Kyrgyzstan: European Bank for Reconstruction and Development Arranges the First Syndicated Loan in the Kyrgyz Republic in Local Currency The EBRD is continuing its efforts to develop local currency lending and local currency capital markets by arranging the first ever syndicated loan in the Kyrgyz Republic, which is also the first syndicated loan in the local currency (som). Source: EBRD
Dec. 16	UK Launches Pro-Poor Private Investment Programme in India with Small Industries Development Bank of India  The UK has launched private sector development programme in India with a commitment of 65 million pound (Rs 520 crore) in partnership with the Small Industries Development Bank of India (SIDBI). 'Samridhi' aims to help the poor in low income states get access to financial services to improve their income and quality of life as well as by promoting responsible and sustainable private sector investment, British International Development Minister Andrew Mitchell said here. Source: The Economic Times
Dec. 15	Two additional Microfinance Investment Vehicles obtain LuxFLAG Microfinance Label LuxFLAG is pleased to announce that two new microfinance investment vehicles have been granted the LuxFLAG Microfinance Label. These are the Azure Global Microfinance Fund SICAV-SIF and responsAbility SICAV (Lux) Financial Inclusion Fund. Source: LuxFLAG Press Release
Dec. 15	Zimbabwe: Wholesale Funding Scheme Launched CBZ Bank and the Zimbabwe Microfinance Wholesale Trust have launched a wholesale funding scheme to financial service providers for on lending to small-scale enterprises. The funding scheme is expected to give impetus to the small and medium enterprises to recapitalise their operations. Source: AllAfrica.com
Dec. 14	Microfinance: Industry Urged to Refocus On Poverty Sharia-compliant retail products now come in every shape and size. From mortgages to insurance and even the Islamic credit card, the choice and availability for Muslims seeking religiously compliant finance has never been greater. But one sector that has continued to lag behind is microfinance. Source: The Financial Times