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Cyranos Fund Family
Investing in Microfinance
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Kind of Investors
To provide quasi-equity instruments to minimize
the exit risk of investment exposures and to
maximize the returns of the MFIs financial
structure.
Investment Objective
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Cyranos Fund Family
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Counterpart Risks Factors

• QUALITATIVES
• Transparency
• Information Quality
• Commercially Oriented Ownership
• Governance
• Organization
• Internal Audit
• Business Plan

• QUANTITATIVES
• Terms Matching
• Currencies Matching
• Portfolio Quality
• Level of Provisions
• Profitability
• Leverage
• Efficiency

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Eurasia Foundation
Russia
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Eurasia Foundation, Russia
Eurasia Foundation

• Founded in 1993
• Major funding from USAID, private foreign and
  Russian corporations
• Operates in 12 countries of the Newly Independent
  States
• Awards small grants in areas of business support,
  public administration policy, civil society
• Made over 2000 grants totaling 70 million to
  Russian organizations since 1994
• The New Eurasia Foundation, a partnership of the
  Eurasia Foundation, the European Madariaga
  Foundation and the Russian Dynasty Foundation, to
  be launched in summer 2004

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Eurasia Foundation, Russia
Eurasia Foundation Microfinance Grants

• 104 grants totaling 2,650,000 in 35 Russian
  regions
• 3,000,000 leveraged by grantees
• Types of grantee organizations rural credit
  cooperatives, credit unions, regional and
  municipal funds for small business support,
  business support agencies, non-government
  organizations
• Partner organizations Federal Fund for Small
  Business Support, Union of Rural Credit
  Cooperatives, ACDI/VOCA, commercial banks
• Types of grants launch of microfinance
  programs, personnel training, information
  campaigns, development of guarantee systems,
  favorable legal environment, research,
  publications, conferences and seminars,
  development of leasing schemes

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Eurasia Foundation, Russia
Distribution of Grant Fundsby Categories
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Micro Credit Company, Frontiers
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Overview

• Legally registered in Kyrgyzstan as LLC in 2003
• Provide loans to NGOs and MFIs in CAR
• Supervised by the National Bank of Kyrgyzstan
• Mission assist NGOs/MFIs to expand portfolios,
  increase outreach, and create more jobs

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Benefits

• Competitive interest rates
• Loan amounts from 5000 to 200,000
• Tailored repayment terms
• Flexible collateral arrangements
• Technical assistance through Frontiers partner
  institution, CAMFA

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Lending Criteria

• Legal registered entity
• Reached or approaching operational self
  sufficiency
• Clear vision articulated through strategic plan
• Efficient operational systems in place
• Sound internal control system
• Minimum 6 months lending experience
• Sound governance
• Operating independent of local government

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How to contact Frontiers
Frontiers, LLC Zum Business Center, Suite 507 155
Chui Ave. 720011, Bishkek Kyrgyz
Republic 996(312)69 00 91 E-mail
info_at_frontiers.kg
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• The first private microfinance investment firm in
  the U.S.
• Seeks to mobilize capital markets to expand the
  capacity of microfinance institutions.
• Founded by
• CARE (Cooperative Assistance and Relief
  Everywhere),
• MEDA (Mennonite Economic Development
  Associates),
• SCDF (Seed Capital Development Fund).
• Recently launched MicroVest One, a 15 million
  fund placing debt and equity investments.

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• Targets regulated, profitable MFIs or NGOs with a
  portfolio of at least US5 million and at least
  three years of audited financials.
• Looking to
• Place short term debt immediately with
  institutions with strong credit ratings, and
• Develop relationships for medium term debt,
  convertible debt equity positions.
• Contact Information
• Matthew Speh Investment Officer
• 301-664-6661 (US)
• Email mspeh_at_microvestfund.com
• WebSite www.microvestfund.com

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Novib Fund
Profile General Novib, the Dutch organisation for
international development co-operation,
predominantly finances viable microcredit
institutions. The size of the Novib fund per 31
March 2004 amounts to EUR 12 M. Objectives Novib
s core objective is to achieve that microfinance
as an industry at large will profoundly
contribute to improving income and overcoming
injustice faced by the millions of people living
in inhumane conditions across the world. Target
clients The Novib microfinance fund lends to
start-up and young expanding financial
institutions (NGOs, microfinance institutions,
savings and credit co-operatives) that provide
credit to small-scale entrepreneurs. Area of
operations Latin America, Africa, Asia and
Eastern Europe
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Novib Fund

• Instruments
• Novib offers (subordinated) loans and guarantees.
  In addition, the Novib fund also provides grants
  for capacity building and technical assistance
  for start-up operations in under-serviced
  countries or regions. The fund does not provide
  grants for running costs of MFIs.
• Eligibility criteria for Novib fund
• Organisational track record of three years,
  including three years of externally audited
  annual reports
• Income generating enterprise
• Minimum 90 operational sustainability
• Sound business plan
• Direct and indirect beneficiary information
• Decent portfolio quality
• Legal status enabling to borrow from abroad
• Reporting quarterly financial reports,
  semi-annual balance and income statements
• Minimum amount EUR 150,000
• Near market interest rate

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ASN-Novib Fund
Profile General The ASN-Novib Fund (ANF) is an
investment fund supervised by the Dutch Central
Bank and was created in 1996. Since January 2000,
the fund is open to private investors. The size
of the fund per 31 March 2004 amounts to EUR 10
M. Objectives The ANF aims to promote a broad
participation of all groups in the market economy
of developing countries. Therefore it makes
capital available to financial institutions that
provide credit to clients with economic
opportunities but who lack access to financial
services. Target clients The ANF lends to
financial institutions (microfinance
institutions, savings and credit co-operatives,
banks and investment funds) that provide credit
to small-scale entrepreneurs. The fund
exclusively supports experienced financial
institutions with proven management capacities.
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ASN-Novib Fund

• Area of operations
• Latin America, Africa, Asia and Eastern Europe
• Instruments
• The ANF offers (subordinated) loans, guarantees
  and equity.
• Eligibility criteria
• Organisational trackrecord of five years,
  including five years of externally audited annual
  reports
• Income generating enterprise
• Minimum 100 financial sustainability
• Sound business plan
• Direct and indirect beneficiary information
• Good portfolio quality
• Legal status enabling to borrow from abroad
• Reporting quarterly financial reports,
  semi-annual balance and income statements
• Minimum amount EUR 250,000
• Market interest rate

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Oikocredit
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Oikocredit
We are Dutch Credit Cooperative with EUR 200
million sharecapitalwe finance MFIs and credit
cooperatives worldwide with around 160 MFI
clients and EUR 50 million in financingwe
finance 16 MFIs and credit cooperatives in
Central and Eastern Europe
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We provide

• Loans
• Loan sizes between EUR 50,000 2 million
• Varying Maturities between 2 5 years
• USD and EUR loans with fixed variable interest
  rates
• Local Currency Loans with variable interest rates
• Bank Guarantees
• Equity Participations
• Minority stakes in top MFIs with good governance
  structures.
• Typically a guaranteed minimum return for five
  years with an exit option

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You can contact us
Central and Eastern Europe - Florian Grohs
(fgrohs_at_oikocredit.org) Tel 49 6131
6223720 Central Asia - Guillermo
Salcedo(gsalcedo_at_oikocredit.org) Tel 31 33
4224040 Bulgaria - Mira Andonova(office.sofia.eu_at_
oikocredit.org) Tel [phone] Romania -
Monica Tache(office.bucarest.eu_at_oikocredit.org)
Tel [phone] Slovakia - Pavol
Kapsdorfer(office.nitra.eu_at_oikocredit.org) Tel
421 37 7336748 Ukraine - Svitlana
Zubrytska(office.ukraine.eu_at_oikocredit.org) Tel
380 322 971911 www.oikocredit.org
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• Mission of Triodos Bank Group
• Triodos Bank aims to be a pioneering force in
  the world of sustainable banking.
• Triodos Bank aims to contribute to a more
  decent, dignified and kinder society and a world
  that respects people, environment and culture.
• 3 Investment Funds for microfinance
• Hivos-Triodos Fund, Triodos-Doen Fund, Triodos
  Fair Share Fund
• Target Group
• Financially sustainable MFIs, who combine
  commercial objectives with social values.

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• Funding to date In region Bai-Tushum
  (Kir), KCLF (Kaz), KMB (RF), Mikrofin
  (BiH), Mi-Bospo (BiH), PSHM (Alb)
• Worldwide gt EUR 40 million, 40 MFIs, 11
  equity inv.
• Financial instruments
• - Term loans at commercial rates
• - gt EUR 200.000
• Local or hard currency
• 1-5 years
• No collateral
• Variations in instalments
• Equity participation (IRRgt15)

• Non financial instruments
• Contribute our knowledge and experience in
  socially responsible banking to partner
  organizations.
• Board representation in case of equity
  investments.

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SHORECAP INTERNATIONAL
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Introduction to ShoreCap

• New international investment company founded in
  July 2003 based in London
• Purpose to invest in and support development
  financial institutions serving micro and small
  enterprises in developing counties
• 15.5 million in committed capital with goal of
  25 million
• Offering equity and near equity products in local
  currency
• Targeting regulated institutions in Africa, Asia
  and non-EU Eastern Europe
• Investment size from 500,000 to 2.5 million
• Looking for active governance role and offering
  TA support

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ShoreCap Investors
(US Millions)

• Existing
• ShoreBank - 2.5
• IFC - 2.5
• Ford Foundation - 3.0
• ABN AMRO - 2.5
• FMO - 2.5
• BIO - 1.5
• FinnFund - 1.0

• Expected
• Gatsby - 1.8
• ADB - 2.5
• EIB - 2.5
• Calvert - 1.0
• Evslin Trust - 0.25

23.5 million plus
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ShoreCap Exchange

• Newly formed NGO designed to support capacity
  building initiatives within ShoreCap Investees
• 100 grant supported
• Managed by ShoreBank Advisory Services with 20
  years serving micro and small business financial
  institutions around the world
• Able to deploy in-house bank expertise as well as
  external consultants (Investees option)
• Most likely TA needs include risk management,
  systems support, new product development and
  governance training

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EBRD
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EBRD

• Mission
• The Group for Small Business engages in
  sustainable, commercially viable Micro and Small
  Enterprise (MSE) Finance and institution
  building projects in CEE/NIS. We work with
  universal commercial banks, set up specialised
  Microfinance banks and continually explore new
  ways to co-operate with MFIs and NGOs. We also
  provide credit lines to our partners for
  on-lending to MSEs as well as the necessary
  technical assistance to implement efficient and
  profitable MSE finance operations on a mass
  scale.
• Target Group
• All MSE projects aim to create access to finance
  for any creditworthy MSE independent of loan
  size, economic sector and location. Loans to
  MSEs typically range from USD 20 to USD 200,000,
  while 70-80 of all loans disbursed are below USD
  5,000. We do not focus on a specific sector,
  gender or ethnic group but instead aim to reach
  as many MSEs as possible who have been neglected
  by the formal financial sector.

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EBRD

• Investments to Date
• Investment 1 EBRD is currently providing credit
  lines to 54 universal and microfinance banks and
  MFIs/NGOs for on-lending to MSEs ranging from USD
  0.5 million to USD 50 million (tenor up to 5
  years). Total loan funds provided by EBRD
  (including special funds) at present amounts to
  USD 500 million (outstanding).
• Investment 2 EBRD has invested equity in 11
  Microfinance Banks and one microfinance company
  ranging typically between 15-25 of equity.
• Investment 3 EBRD provides long term Technical
  Assistance Funds to universal banks, microfinance
  banks and to MFIs/NGOs for set-up and regional
  expansion of MSE lending operations, loan officer
  training, and institution building etc.
• Requirements for EBRD funded projects
• Requirement 1 Long term Commercial viability
• Requirement 2 Sufficient Outreach to the target
  group
• Requirement 3 Implementation of sound lending
  technology

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Lending results of EBRD funded MSE projects
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USAID
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• USAID Microenterprise Development Office
• Support to Microfinance in Eastern Europe and
  Eurasia
• Global Statistics (2003)
• MF funding worldwide 105.8 million
• Partnerships with 285 MFIs world
• Working in 54 countries
• Europe and Eurasia Statistics (2003)
• MF funding
• 26.9 million (2003)
• 25.7 million (2002)
• 17.2 million (2001)
• Active agreements with 57 partners

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• Regional Strategies
• Investing in promoting best practices by
  supporting market
• leaders in region (FINCA/Kyrgyzstan,
  KCLF/Kazakhstan,
• ASBW/Tajikistan) Institutions that combine
  outreach to
• the very poor with financial sustainability
• Support for creation of CAMFA Supports
  expansion of
• market leaders and provides training, capacity
  building, grants,
• loans and policy support to MFIs throughout the
  region
• Support for Constanta/Georgia- Designed
  strategies and
• products to support displaced women and female
  head families

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• Assistance Mechanisms
• Accelerated Microenterprise Advancement Project
  (AMAP)
• 180 million indefinite quantity contract for
  technical
• assistance provided by pre-selected partners
• Practitioner Learning Project (PLP)
• Peer learning grant program for MF practitioners
• Grants Under Contract (GUC)
• Practitioner grant support to complement AMAP
• learning agenda activities
• Implementation Grant Program (IGP)
• Grant support for practitioners to increase
  scope and
• scale of MF activities
• Program for Innovation in Microenterprise (PRIME)
• Matching grant support for MF innovations by
  USAID
• field missions

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