How Have Market Challenges Affected Microfinance Investment Funds?
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Washington, DC: World Bank
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Despite the global economic recession,
total assets of the 10 largest Microfinance Investments
Vehicles (MIVs) grew in 2011, reaching US$4 billion. During
the year, MIVs continued to face many challenges, including
increased credit risk in several markets and lower returns,
but the overall investment market was more active than in
2010, with renewed capital appetite from most microfinance
services providers and more focus on underserved markets.
Overall, lower fund returns since 2009 reflect lower market
interest rates, higher loan loss provisions, and increased
competition for placement of funds, especially in several
saturated markets.
Palabras clave
AGRICULTURAL FINANCE, ASSET MANAGERS, ASSETS, CAPACITY BUILDING, CREDIT RISK, DEBT, DEBT INSTRUMENTS, DEMAND FOR CAPITAL, DEVELOPMENT FINANCE, DEVELOPMENT FINANCE INSTITUTIONS, DIVERSIFICATION, ENTERPRISE FINANCE, EQUITY FUNDS, EQUITY INVESTMENTS, EXCHANGE RATES, EXPANSION, EXPOSURES, FINANCIAL ACCESS, FIXED INCOME, FOREIGN EXCHANGE, FUND MANAGERS, FUND PERFORMANCE, GLOBAL PORTFOLIO, GLOBAL PORTFOLIOS, GROWTH RATE, GROWTH RATES, HEDGES, HIGH INFLATION, HIGH INTEREST RATES, HOLDING, HOLDING COMPANIES, HOLDING COMPANY, INDEBTEDNESS, INFLATION, INSTITUTIONAL INVESTORS, INTEREST RATES, INVESTING, INVESTMENT FUND, INVESTMENT FUNDS, INVESTMENT MANAGERS, INVESTMENT MARKET, LOAN, LOCAL CURRENCY, LOCAL CURRENCY LOANS, LOCAL MARKET, LOW-INCOME COUNTRIES, MARKET INTEREST, MARKET INTEREST RATES, MEDIUM ENTERPRISE, MFI, MFIS, MICRO-CREDIT, MICROFINANCE, MICROFINANCE INSTITUTION, MICROFINANCE MARKETS, MULTILATERAL DEVELOPMENT, PORTFOLIO, PORTFOLIOS, PRIVATE CAPITAL, RECESSION, RETAIL MARKET, RETURN, RETURNS, RISK PREMIUM, RURAL MARKETS, SMALL ENTERPRISE, SMALL ENTERPRISES, SOCIAL PERFORMANCE, STARTUPS, TOTAL MARKET, TRANSPARENCY, VOLATILITY, WORLD MARKETS