Microcapital Monitor the CANDID VOICE for MICROFINANCE INVESTMENT
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CONFIDENTIAL FOR RESTRICTED USE ONLY (NOT FOR USE BY THIRD PARTIES) Public Disclosure Authorized BOLIVIA FINANCIAL SECTOR NOTES Public Disclosure Authorized ASSESSING THE SECTOR’S POTENTIAL ROLE IN FOSTERING RURAL DEVELOPMENT AND GROWTH OF THE PRODUCTIVE SECTORS DECEMBER 2011 Public Disclosure Authorized THE WORLD BANK FINANCIAL AND PRIVATE SECTOR DEVELOPMENT VICE PRESIDENCY Public Disclosure Authorized LATIN AMERICA AND CARIBBEAN REGIONAL VICE PRESIDENCY i Table of Contents Executive Summary ...................................................................................................................................... 1 Chapter 1 Introduction ......................................................................................................................... 12 Chapter 2 Composition and depth of the financial system ................................................................... 15 2.1 A brief overview over the core players ....................................................................................... 15 2.2 Financial depth and level of financial inclusion – an international comparison ......................... 17 Chapter 3 Competition and financial soundness of the financial system ............................................. 25 3.1 Concentration and competition ................................................................................................... 25 3.2 Selected financial soundness indicators and potential vulnerabilities ........................................ 27 Chapter 4 The regulatory and supervisory -
Private Equity Investments in Microfinance in India
Michigan Business & Entrepreneurial Law Review Volume 4 Issue 2 2015 Private Equity Investments in Microfinance in India Hugh Manahan University of Michigan Law School Follow this and additional works at: https://repository.law.umich.edu/mbelr Part of the Banking and Finance Law Commons, and the Comparative and Foreign Law Commons Recommended Citation Hugh Manahan, Private Equity Investments in Microfinance in India, 4 MICH. BUS. & ENTREPRENEURIAL L. REV. 293 (2015). Available at: https://repository.law.umich.edu/mbelr/vol4/iss2/5 This Note is brought to you for free and open access by the Journals at University of Michigan Law School Scholarship Repository. It has been accepted for inclusion in Michigan Business & Entrepreneurial Law Review by an authorized editor of University of Michigan Law School Scholarship Repository. For more information, please contact [email protected]. Private Equity Investments in Microfinance in India Hugh Manahan* TABLE OF CONTENTS I. INTRODUCTION ......................................... 294 II. MICROFINANCE BUSINESS MODEL ....................... 294 A. Overview and History ............................... 294 B. Business Model ..................................... 297 1. Target Population and Products ................. 297 2. Joint Liability Groups .......................... 299 3. Customer Acquisition and Loan Servicing ....... 301 III. REGULATION OF MFIS.................................. 303 A. Non-Banking Financial Companies (NBFCs) ........ 305 B. Non-Banking Financial Companies – Microfinance -
Impact Investing for Institutional Investors
RACHEL F. WANG IMPACT INVESTING FOR INSTITUTIONAL INVESTORS JULY 2016 About the Authors About New America Rachel F. Wang is a fellow with New New America is committed to renewing American politics, America’s Bretton Woods II Initiative. She prosperity, and purpose in the Digital Age. We generate big explores the current state of impact ideas, bridge the gap between technology and policy, and investing and focuses on studying curate broad public conversation. We combine the best of financial vehicles that can be used to a policy research institute, technology laboratory, public solve critical global issues. Wang worked at the forum, media platform, and a venture capital fund for International Monetary Fund on public financial ideas. We are a distinctive community of thinkers, writers, management, where she contributed to ongoing researchers, technologists, and community activists who macroeconomic work in Sub-Saharan and European believe deeply in the possibility of American renewal. countries after the recent financial crisis. She recently co- authored an IMF working paper and database showing Find out more at newamerica.org/our-story. how countries’ fiscal transparency performance has changed over time. Previously, Wang worked for economist Robert Shiller and U.S. Ambassador to China Gary Locke. About Bretton Woods II She is a graduate of Yale University. Bretton Woods II is engaging sovereign wealth funds, Acknowledgments pension funds, endowments, and family offices to build a new business model for social finance. The initiative is harnessing analytics, advocacy, and financial tools to The author would like to thank the various civil society channel part of the $25 trillion controlled by long-term organizations, academic institutions, financial asset holders into strategic investments in social impact institutions, and impact investing-related organizations that address root causes of volatility. -
2. World Bank Group Assistance to Bolivia, Fy05–13
99361 Public Disclosure Authorized The Plurinational State of Bolivia Country Program Evaluation, FY05–13 Public Disclosure Authorized An Independent Evaluation Public Disclosure Authorized Public Disclosure Authorized © 2015 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e- mail: [email protected]. ii Contents ABBREVIATIONS ................................................................................................................................. -
ALADI - LISTA DE ENTIDADES AUTORIZADAS a OPERAR POR EL CPCR (Datos Actualizados Al 16/03/2020
ALADI - LISTA DE ENTIDADES AUTORIZADAS A OPERAR POR EL CPCR (Datos actualizados al 16/03/2020 PAIS COD SICAP ENTIDAD PLAZA ARGENTINA 0014 BANCO BICA S.A. BUENOS AIRES ARGENTINA 0017 BANCO CENTRAL DE LA REPUBLICA ARGENTINA BUENOS AIRES ARGENTINA 0027 BANCO CREDICOOP COOPERATIVO LTDO. BUENOS AIRES ARGENTINA 0037 BANCO DE GALICIA Y BUENOS AIRES S.A. BUENOS AIRES ARGENTINA 0040 BANCO DE LA CIUDAD DE BUENOS AIRES BUENOS AIRES ARGENTINA 0042 BANCO DE LA NACION ARGENTINA BUENOS AIRES ARGENTINA 0043 BANCO DE LA PAMPA SOC.ECONOMIA MIXTA BUENOS AIRES ARGENTINA 0044 BANCO DE LA PROVINCIA DE BUENOS AIRES BUENOS AIRES ARGENTINA 0045 BANCO DE LA PCIA. DE CORDOBA S.A. BUENOS AIRES ARGENTINA 0047 BANCO DE FORMOSA S.A. BUENOS AIRES ARGENTINA 0055 BANCO DEL CHUBUT S.A. BUENOS AIRES ARGENTINA 0068 NUEVO BANCO DEL CHACO SA BUENOS AIRES ARGENTINA 0072 BANCO PROVINCIA DE TIERRA DEL FUEGO BUENOS AIRES ARGENTINA 0084 BBVA BANCO FRANCES S.A. BUENOS AIRES ARGENTINA 0094 BANCO ITAU ARGENTINA S.A. BUENOS AIRES ARGENTINA 0098 BANCO MARIVA S.A. BUENOS AIRES ARGENTINA 0100 BANCO PATAGONIA S.A. BUENOS AIRES ARGENTINA 0104 BANCO MUNICIPAL DE ROSARIO ROSARIO ARGENTINA 0118 BANCO SANTANDER RIO S.A. BUENOS AIRES ARGENTINA 0119 HSBC BANK ARGENTINA S.A. BUENOS AIRES ARGENTINA 0128 BANCO SUPERVIELLE S.A. BUENOS AIRES ARGENTINA 0135 BNP PARIBAS BUENOS AIRES ARGENTINA 0154 CITIBANK N.A. BUENOS AIRES ARGENTINA 0182 BANCO MACRO BANSUD S.A. BUENOS AIRES ARGENTINA 0209 BANCO DE INVERSION Y COMERCIO EXTERIOR S.A. BUENOS AIRES ARGENTINA 0222 BANCO CMF S.A. BUENOS AIRES ARGENTINA 0227 DEUTSCHE BANK S.A. -
NBK Capital Partners and the Role of Private Capital in Emerging Markets 2020
2020 Legatum Center for Development and Entrepreneurship at MIT NBK Capital Partners and the Role of Private Capital in Emerging Markets CASE STUDY DECEMBER 2020 REGIE MAURICIO DINA H. SHERIF SECTION I: NEW IDEAS FOR A CHALLENGING MARKET Yaser Moustafa joined National Bank of Kuwait Capital Partners (NBKCP) as Senior Managing Director at a turning point in April 2015. His primary goals were to diversify the alternative investments company’s LP base and grow multi-fund platform investment strategies. However, Yaser quickly realized that more time and effort was required to ensure that the portfolio companies created value that would bring back solid returns for the fund. The macroeconomic environment at the time was unforgiving. The 2011 revolutions in the area scared off many foreign investors, and in the year that Yaser assumed this role, the price of oil dropped by 70%. Portfolio companies needed to weather challenging circumstances but often lacked the institutional resilience. One such firm was Yatsan, a mattress and sleep product manufacturer in Turkey. The platform had only recently acquired a majority in the company in 2014. It had previously held a minority share in the company and realized that it could not affect the kind of changes needed for the business to grow. Yatsan was a family business and faced many endemic challenges including irregular financial bookkeeping and inconsistent compliance efforts. All 800 of the company's employees reported directly to the owners who managed by personal relationships. The salary scale was not uniform, the pay schedule unpredictable, the health and safety standards inadequate, and no union in operation. -
Economic Openness
GLOBAL INDEX OF ECONOMIC OPENNESS Economic Openness Romania Case Study 2019 CREATING THE PATHWAYS FROM POVERTY TO PROSPERITY ABOUT THE LEGATUM INSTITUTE The Legatum Institute is a London-based think tank with a global vision: to see all people lifted out of poverty. Our mission is to create the pathways from poverty to prosperity, by fostering Open Economies, Inclusive Societies and Empowered People. We do this in three ways: Our Centre for Metrics which creates indexes and datasets to measure and explain how poverty and prosperity are changing. Our Research Programmes which analyse the many complex drivers of poverty and prosperity at the local, national and global level. Our Practical Programmes which identify the actions required to enable transformational change. ABOUT THE AUTHOR Dr. Stephen Brien is Director of Policy at the Legatum Institute. ACKNOWLEDGEMENTS The authors would like to thank Helen Slater, Bianca Swalem, Hugh Carveth, Daniel Herring, and Edward Wickstead for their contributions to this work. This report was prepared as briefing for the Aspen Europe Next conference, held in Bucharest. This publication was made possible through the support of a grant from Templeton World Charity Foundation, Inc. The opin- ions expressed in this publication are those of the authors and do not necessarily reflect the views of Templeton World Charity Foundation, Inc. The Legatum Institute would like to thank the Legatum Foundation for their sponsorship. Learn more about the Legatum Foundation at www.legatum.org ©2019 The Legatum Institute Foundation. All rights reserved. The word ‘Legatum’ and the Legatum charioteer logo are the subjects of trade mark registrations of Legatum Limited is a registered trade mark of Legatum Foundation Limited. -
Credit Bureaus and the Rural Microfinance Sector: Peru, Guatemala, and Bolivia
Credit Bureaus and the Rural Microfinance Sector: Peru, Guatemala, and Bolivia A joint project between The University of California at Berkeley and The FAO Office for Latin America December 8, 2003 Teams of participants University of California at Berkeley Alain de Janvry Elisabeth Sadoulet Craig McIntosh (University of California at San Diego) Bruce Wydick (University of San Francisco) Jill Luoto (University of San Francisco) FAO Office for Latin America Gustavo Gordillo Guilherme Schuetz Country teams Peru: Martin Valdivia and Jonathan Bauchet (Grupo de Análisis para el Desarrollo)) Guatemala: Carlos Enrique Herrera Bolivia: Rémy Kormos Presentation Credit markets are notably imperfect, and most notably for the rural poor. The result is that a vast majority of rural households are excluded from financial services, reproducing their lack access to sources of income and to sources of protection from income shocks. The imperfect nature of credit markets comes from the fact that loans are transactions over time occurring under imperfect information between lender and borrower. This creates four problems that need to be solved for a loan transaction to occur: Adverse selection in recognizing borrower types. Moral hazard in project choice and management by borrowers. Need for insurance by borrowers to limit personal exposure. Moral hazard in loan repayment. The consequence of these difficulties is that formal lenders require the pledging of collateral. As a consequence, credit markets are both wealth constrained, which severely limits access for the poor, and risk constrained as the poor cannot expose collateral to risk even if they have collateral to pledge such as title over a house or a plot of land. -
Global Finance Announces the Winners' Circle a Ranking of the Top
Global Finance announces The Winners' Circle The reach of Global Finance A ranking of the Top Winners of our Annual Awards Global Finance, founded in over the magazine's 25-year history 1987, has a circulation of 50,050 and readers in 163 countries. Its circulation is audited by BPA. Global NEW YORK, June 4, 2012 – Global Finance magazine is proud to announce The Winners' Circle – the Top Winners from 25 years of the magazine's annual awards Finance’s audience includes program. chairmen, presidents, CEOs, CFOs, treasurers and other “The world has changed dramatically since Global Finance first appeared in 1987. Global senior financial officers respon- financial markets have undergone a seismic shift, and the firms and individuals that made sible for making investment it into our Winners' Circle are those that have shown their true mettle and transformed and strategic decisions at themselves to meet the demands of a changing environment," says Global Finance’s publisher, Joseph D. Giarraputo. “We recognize these firms and individuals for their multinational companies and outstanding accomplishments over the past 25 years.” Global Finance’s annual awards financial institutions. Global program is a recognized and trusted standard for the entire financial world. Finance also targets the 8,000 international portfolio investors A full report on the winners will appear in the Special Commemorative 25th Anniversary responsible for more than Issue, released on June 25th, 2012. Award tallies are calculated to June 2012 issue. To compile the winners, we tallied winners/those taking first place over all of the years that a 80% of all global assets under particular award was given. -
Understanding the Ecosystems of Chinese and American Entrepreneurship Education Chien Wen Yu Bridgewater State University, [email protected]
Bridgewater State University Virtual Commons - Bridgewater State University Management Faculty Publications Management Department 2018 Understanding the Ecosystems of Chinese and American Entrepreneurship Education Chien Wen Yu Bridgewater State University, [email protected] Follow this and additional works at: http://vc.bridgew.edu/management_fac Part of the Business Commons Virtual Commons Citation Yu, Chien Wen (2018). Understanding the Ecosystems of Chinese and American Entrepreneurship Education. In Management Faculty Publications. Paper 42. Available at: http://vc.bridgew.edu/management_fac/42 This item is available as part of Virtual Commons, the open-access institutional repository of Bridgewater State University, Bridgewater, Massachusetts. Journal of Entrepreneurship Education Volume 21, Issue 2, 2018 UNDERSTANDING THE ECOSYSTEMS OF CHINESE AND AMERICAN ENTREPRENEURSHIP EDUCATION Chien Wen Yu, Bridgewater State University ABSTRACT Since the 1980s, entrepreneurship education in the United States has become increasingly popular. The system of entrepreneurship education in the United States is characterized by relatively scientific and systemic teaching and research. The concept of ecosystems, which comes from the natural sciences, is increasingly applied to regional development and focused on inter-organizational relationships. One way to assess the ecosystems of entrepreneurship education is to consider all components of the whole–the business model, teaching philosophy, curriculum, teaching content, teacher training, infrastructure, culture, network and practices of each country. A useful tool for understanding these interrelationships is the Triple Helix Model (university-government-industry). This approach is applied in here this research to compare and analyse the ecosystems of entrepreneurship education in the United States and China, the top two economic and entrepreneurial powers in the world. -
Economic Openness
GLOBAL INDEX OF ECONOMIC OPENNESS Economic Openness United Kingdom Case Study 2019 CREATING THE PATHWAYS FROM POVERTY TO PROSPERITY ABOUT THE LEGATUM INSTITUTE The Legatum Institute is a London-based think tank with a global vision: to see all people lifted out of poverty. Our mission is to create the pathways from poverty to prosperity, by fostering Open Economies, Inclusive Societies and Empowered People. We do this in three ways: Our Centre for Metrics which creates indexes and datasets to measure and explain how poverty and prosperity are changing. Our Research Programmes which analyse the many complex drivers of poverty and prosperity at the local, national and global level. Our Practical Programmes which identify the actions required to enable transformational change. ABOUT THE AUTHORS Dr. Stephen Brien is Director of Policy at the Legatum Institute. James Sproule was a Senior Fellow at the Legatum Institute from 2017-2019. ACKNOWLEDGEMENTS The authors would like to thank Molly Kiniry, Daniel Herring, Joshua Lee, and Bianca Swalem for their contributions to this report. This publication was made possible through the support of a grant from Templeton World Charity Foundation, Inc. The opinions expressed in this publication are those of the Legatum Institute and do not necessarily reflect the views of Templeton World Charity Foundation, Inc. The Legatum Institute would like to thank the Legatum Foundation for their sponsorship. Learn more about the Legatum Foundation at www.legatum.org ©2019 The Legatum Institute Foundation. All rights reserved. The word ‘Legatum’ and the Legatum charioteer logo are the subjects of trade mark registrations of Legatum Limited is a registered trade mark of Legatum Foundation Limited. -
The Plurinational State of Bolivia Country Program Evaluation, FY05
99361 Public Disclosure Authorized The Plurinational State of Bolivia Country Program Evaluation, FY05–13 Public Disclosure Authorized An Independent Evaluation Public Disclosure Authorized Public Disclosure Authorized © 2015 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e- mail: [email protected]. ii Contents ABBREVIATIONS .................................................................................................................................