The document summarizes the evolution of microfinance from its origins focused on poverty reduction and social goals, to its current state with an increased focus on commercialization and profitability. This has led to greater scrutiny of the sector and questions around whether microfinance is truly achieving its original social mission. There are concerns that an overemphasis on growth and profits could lead microfinance to drift from its original social objectives and potentially harm its clients. Transparency and clear demonstration of social impact are now expected from investors and institutions in the sector.

1. RBAP-MABS National Roundtable Conference
Evolution of the Microfinance Investment Landscape
and Reasons behind the Growth of Social Investments
A Broad Overview
By James Soukamneuth, Ph.D.
Asia Office Director, Planet Rating
jsoukam@planetrating.com
Hyatt Hotel, Malate Manila
June 2, 2010
Planet Rating, c/o James Soukamneuth Accredited by ADA Rating Initiative
444 EDSA, 21st floor– Guadalupe Viejo Société par Actions Simplifiée au capital de 580 000 EUR
Makati 1211– Manila – Philippines Immatriculée sous le n° 483 538 369 R.C.S. Bobigny
t:+63 9 07 385 0035 rating@planetrating.com www.planetrating.com

2. Microfinance and Social Investments
 Microfinance Institutions as Agents of Social Change
 A Victim of Its Own Success: Growth and Professionalization of
Microfinance
 The Commercial Drift of Microfinance: From Social Goals to
Capitalist Principles
 Beyond Good Intentions: Assessing Social Performance in
Microfinance
 The Road Ahead: Greater Transparency and Accountability in
Realization of Social Goals
Microfinance Investment Landscape and the Growth of Social Investments 2

3. Microfinance Institutions
Agents of Social Change
Microfinance Investment Landscape and the Growth of Social Investments 3

4. Microfinance as a Tool for Poverty Alleviation
 Out of the world’s 6.7 billion inhabitants,
3 billion live on less than 2 USD per day
 80% of the world’s population has no
access to financial services
Agent of
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 4

5. Originals of Microfinance
 Microfinance has social objectives at its core
Poverty reduction
Agent of
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 5

6. Originals of Microfinance
 Microfinance has social objectives at its core
Poverty reduction
Employment creation
Agent of
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 6

7. Originals of Microfinance
 Microfinance has social objectives at its core
Poverty reduction
Employment creation
Empowerment of marginal groups
Agent of
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 7

8. Originals of Microfinance
 Microfinance has social objectives at its core
Poverty reduction
Employment creation
Empowerment of marginal groups
Social mission and commitment
Agent of
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 8

9. Building Inclusive Financial Systems
 Microfinance implies building inclusive
financial systems that serve the poor
 Around the world, over 10,000 MFIs
provide funding to 150 million active
clients (3/4 women)
 66.6 million microfinance clients are
among the poorest, living on less than
1 USD per day.
 Yet, poor borrowers have proven to be
astonishingly creditworthy.
Agent of
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 9

10. A High Growth Sector
 MFIs manage a loan portfolio estimated at 30 B USD.
 The potential demand reaches 263 B USD.
 About 500 million microfinance clients have yet to be reached.
 The sector enjoys an annual growth of almost 30%.
 For investors, microfinance is often considered a special asset class of
socially responsible investment, balancing
 financial return with
 positive social impact.
 Traditionally, microfinance grew with the support of government subsidies,
donor funding, and grants.
Agent of
Growth
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 10

11. A High Growth Sector
Number of MIVs, 2000-2008
 Foreign capital investments in
microfinance topped 10 B USD
(2008)
 103 Microfinance Investment
Vehicles (MIVs) claimed an
estimated 6.6 B USD in assets
under management
Source: CGAP 2009 MIV Survey
Agent of
Growth
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 11

12. A High Growth Sector
Growth in Assets, MIVs, 2006-2009
 Foreign capital investments in
microfinance topped 10 B USD
(2008)
 103 Microfinance Investment
Vehicles (MIVs) claimed an
estimated 6.6 B USD in assets
under management
 MIVs are expected to grow at
double-digit rates.
Source: CGAP 2009 MIV Survey
Agent of
Growth
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 12

13. A High Growth Sector with Imbalances
Risk Exposure, % of Microfinance Portfolio
MIVs, 2006-2008
 Funding continues to be widely
available and concentrated in the
largest 150 MFIs.
 Over 40% of the funding provided
by MIVs have been allocated to as
low as five MFIs only.
Source: CGAP 2009 MIV Survey
Agent of
Growth
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 13

14. A High Growth Sector with Imbalances
Regional Distribution of Microfinance
Portfolio, MIVs, 2006-2008
 Geographic concentration of
microfinance funds is also
skewed.
 Africa and Asia, where poverty
and potential demand for
microfinance are highest,
receive less than 20% of foreign
investments.
Source: CGAP 2009 MIV Survey
Agent of
Growth
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 14

15. From Extensive to Intensive Growth
 Financial sustainability through professionalization is essential for massively
expanding services.
 A key bottleneck derives from the shortage of strong institutions and
managers.
 Many MFIs have experienced extensive growth marked by rapid expansion of
branch networks.
 Professionalization for intensive growth results from
 Productivity gains: economies of scale leading to improved efficiency,
reduced transaction costs, and overall profitability;
 Innovation: (i) diversified product offerings (e.g. savings, remittance
services, micro-insurance, and micro-housing and agricultural loans) and (ii)
expanded delivery mechanisms (e.g. mobile banking); and
 Improved utilization of organizational capacity.
Agent of
Growth Professionalization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 15

16. The Commercial Drift of Microfinance
 Microfinance enters the mainstream as a profitable business proposition.
 This commercialization has increased market competition at both the
wholesale and retail levels, to the general benefit of microfinance lenders
and borrowers alike.
 The entry of private capital has improved access to diversified sources of
funding.
 With more funding options and higher volume, MFI managers have enhanced
their negotiating power and skills to access better financing terms.
 Commercialization is necessary to sustain growth in the sector, to scale up
outreach, and serve a greater number of financially excluded, low-income
people.
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 16

17. The Commercial Drift of Microfinance
 A competitive marketplace tends to reduce costs and increase consumer
choices.
 The push to place significant amounts of additional capital in a limited pool of
high-growth MFIs and regions increases the risks of the sector overheating,
with
 Challenges of managing accelerated growth rates in an increasingly
competitive microfinance market;
 Uneven management and staffing capacity at MFIs; and
 MIVs taking higher exposure with medium-sized MFIs less experienced with
commercial borrowing.
 Moreover, this migration towards capitalist principles of profit-maximization
has increased public scrutiny of the sector.
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 17

18. Microfinance as Sub-subprime
 Lax lending practices and weak regulatory
oversight, coupled with overabundant
funding, can lead to irrational growth.
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 18

19. Microfinance as Sub-subprime
 Lax lending practices and weak regulatory
oversight, coupled with overabundant
funding, can lead to irrational growth.
 Commercial pursuit of profits can result in
perverse incentives for quantity over quality.
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 19

20. Microfinance as Sub-subprime
 Lax lending practices and weak regulatory
oversight, coupled with overabundant
funding, can lead to irrational growth.
 Commercial pursuit of profits can result in
perverse incentives for quantity over quality.
 Mainstreaming has allowed some MFIs to stray
up-market (e.g. consumer, SME, and larger
loans with extended tenors).
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 20

21. Microfinance as Sub-subprime
 Lax lending practices and weak regulatory
oversight, coupled with overabundant
funding, can lead to irrational growth.
 Commercial pursuit of profits can result in
perverse incentives for quantity over quality.
 Mainstreaming has allowed some MFIs to stray
up-market (e.g. consumer, SME, and larger
loans with extended tenors).
 Rapid growth and lack of transparent pricing
has led to accusations of predatory lending
and aggressive collection practices by MFIs.
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 21

22. Microfinance as Sub-subprime
 Lax lending practices and weak regulatory
oversight, coupled with overabundant
funding, can lead to irrational growth.
 Commercial pursuit of profits can result in
perverse incentives for quantity over quality.
 Mainstreaming has allowed some MFIs to stray
up-market (e.g. consumer, SME, and larger
loans with extended tenors).
 Rapid growth and lack of transparent pricing
has led to accusations of predatory lending
and aggressive collection practices by MFIs.
 Over-borrowing on top of high interest rates
can produce a cycle of debt that makes the
poor worse off.
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 22

23. The Ugly Side of Microlending
The unhappy
client
The bad loan officer
Photos: Kiva
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 23

24. A Victim of Its Own Success
Beyond Good
Intentions
 The success of microfinance has led to more scrutiny of the sector, with
increasing pressure to substantiate its social claims and business model.
 Microfinance can be over-sold and misleadingly described, with often
exaggerated, excessive, and unsupported myths of poverty impact.
 With negative media coverage, the industry faces a growing challenge to
demonstrate objectively that microfinance is a sound tool for aiding economic
and social development.
 Mere fact of investing in microfinance is no longer sufficient to demonstrate
that an investor is socially responsible.
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 24

25. Limited Evidence of Poverty Alleviation
Beyond Good
Intentions
 Many studies on the impact of microfinance have been plagued by
methodological flaws (e.g. selection bias, lack of control groups, measurement
of counter-factuals, causal links, descriptive case studies, anecdotal evidence,
limitations in data collection).
 Rencently, more analytically rigorous studies (e.g. randomized control trials)
paint a measured picture of microfinance’s impact on the poor.
 There is no scientific evidence to suggest that Microfinance is a
transformational tool to lift people out of poverty.
 The research findings have been disappointing because the expectations of
microfinance were unrealistically high.
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 25

26. Limited Evidence of Poverty Alleviation
Beyond Good
Intentions
 Microfinance has a constructive role to play in the campaign to help the
world’s poor.
 Its impact is not as large and powerful as some promoters romanticize.
 Nor is its contribution in the struggle against poverty as inconsequential as
critics dismissively contend.
 In general, it is difficult to conduct reliable, scientific testing on the impact
of microfinance in a cost-effective way.
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 26

27. Questioning the Faith
Re-evaluation of Beyond Good
Ethical Principals Intentions
 Is microfinance displacing more effective anti-poverty measures?
 Will the legitimate drive to maximize profits result in neglect/abuse of the
interest of poor clients?
 What exactly is sustainable growth in microfinance?
 How can the interest of all stakeholders (from borrowers, lenders, third party
businesses, and investors) be better balanced?
 What lessons can be learned from the pitfalls of sub-prime lending in the US?
 How can industry players ensure that microfinance plays a constructive role in
alleviating poverty?
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 27

28. Commitment to Benefit Poor People
Re-evaluation of Beyond Good
Ethical Principals Intentions
 Without commercial foundations, microfinance would struggle to become a
profitable business needed to survive.
 Yet, without firm ethical principles and a strong commitment to benefit the
lives of poor people, the sector has no privileged status as a vehicle for
socially responsible investing.
 There is a growing urgency and moral responsibility to ensure that
microfinance contributes to solving social issues and not to maximize profits.
 Social investors are demanding evidence of not only financial but also social
returns on investments.
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 28

29. Commitment to Benefit Poor People
Re-evaluation of Beyond Good
Ethical Principals Intentions
Do Social
Best-in-class MFIs
Impact
Good
Social
Do Your Best All MFIs
Performance
All responsible Consumer
Do No Harm
financial institutions Protection
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 29

30. Client Protection Principles
Assessing Social Re-evaluation of Beyond Good
Viability Ethical Principals Intentions
 Avoidance of Over-indebtedness
 Transparent Pricing
 Appropriate Collection Practices
 Ethical Staff Behavior
 Mechanisms for Redress of Grievances
 Privacy of Client Data
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 30

31. Social Performance Management
Assessing Social Re-evaluation of Beyond Good
Viability Ethical Principals Intentions
 Measuring and managing social performance of MFIs help them fulfill their
mission and increase the impact on target groups.
 The sector has shifted from traditional evaluations (with their focus on end
results and impact) to assessing the entire process by which impact is created.
 As promoted by the Social Performance Task Force, social performance
management strives to make microfinance more effective in achieving its
social mission.
 Effective Performance Management means the continual process of translating
mission and values into practice.
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 31

32. Social Performance Management Principles
Assessing Social Re-evaluation of Beyond Good
Viability Ethical Principals Intentions
MFIs that manage their social performance will deliberately:
 Translate its missions and values into clear, measurable objectives to capture
intentional social benefits;
 Design and implement systems for social responsibility, including client
protection;
 Track, understand, and report on whether it is achieving its social objectives;
 Align its business processes to achieve both social and financial objectives;
and
 Ensure that decision-making considers both social and financial outcomes.
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 32

33. Contribution of Microfinance
Social Impact Assessing Social Re-evaluation of Beyond Good
Viability Ethical Principals Intentions
 As formal employment opportunities shrink, demand for microcredit grows.
 There is strong evidence that poor people value financial services (credit,
savings, insurance) as a way to cope with poverty and financial shocks.
 Although claims of raising poor people’s income remain unsubstantiated, many
microfinance clients tend to use microloans and savings to smooth
consumption rather than purely to grow their enterprises.
 By working with people in poverty, MFIs have a large capacity to empower
them to better manage their own financial affairs.
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 33

34. Influencing the Agenda
Social Impact Assessing Social Re-evaluation of Beyond Good
Viability Ethical Principals Intentions
Social Investors
Social Investors
Social Investors
Tier 2 MFIs Tier 1 MFIs
Tier 3 MFIs
Agent of
Growth Professionalization Commercialization
Social Change
Microfinance Investment Landscape and the Growth of Social Investments 34

35. The Road Ahead
Greater Transparency/Accountability in Realization of Social Goals
Microfinance Investment Landscape and the Growth of Social Investments 35

36. The Road Ahead for Social Investments in Microfinance
 Recognition of social performance assessment as a completely separate and
technically valid area of inclusive finance
 Increased social transparency in the microfinance sector
 A shift from extensive to more intensive growth
 Integration of the assessment of social performance into the regular
management systems of MFIs
 Social performance and management
 No longer viewed as a cost/burden on administrative/operational systems
 An opportunity to develop sound and socially viable institutions
 Assessment of social performance of social investors
 Geographic outreach
 Depth (rural/urban, special social group niches, low/high end segment of
poverty focus, etc.)
 Product diversity
Microfinance Investment Landscape and the Growth of Social Investments 36

37. Thank You
 Planet Rating Asia
444 EDSA, 21st Floor
Guadalupe Viejo
Makati 1211, Philippines
Tel: +632 897 7992
Fax: +632 897 7992
James Soukamneuth, Ph.D.
Asia Office Director
jsoukam@planetrating.com
Société par Actions Simplifiée
with authorized capital of 667,000 EUR.
Registration number 483 538 369 RCS Bobigny
Microfinance Investment Landscape and the Growth of Social Investments 37

38. Planet Rating
The Global Microfinance Rating Agency
Microfinance Investment Landscape and the Growth of Social Investments 38

39. Planet Rating: The Global Microfinance Rating Agency
Created in 1999 and transformed into a private, independent rating firm in 2005, Planet Rating
has over ten years of experience rating microfinance institutions
Planet Rating boasts the most extensive global coverage, thanks to a network of 6 offices
spread over 4 continents
 Paris HQ: covering Eastern Europe
 Lima Office: covering Latin America & the Caribbean
 Dakar Office: covering West & Central Africa
 Nairobi Office: covering East & Southern Africa
 Beirut Office: covering Middle East & North Africa
 Manila Office: covering Asia Offices
Missions
Qualified & experienced team
 Each senior analyst has conducted at least 12 rating missions on 3 different continents
 Analyst backgrounds: investment banking, management consulting, non-profit, microfinance
Microfinance Investment Landscape and the Growth of Social Investments 39

40. GIRAFE Methodology
Powerful framework to understand an MFI’s risk profile and evaluate its institutional sustainability
 Created in 1999, it is the most comprehensive and transparent rating methodology
 Certified and accredited by CGAP and the ADA Rating Initiative
 Widely recognized worldwide by investors, donors, regulators and microfinance consultants
 Specifically designed and adapted to microfinance, relevant to suit all types, sizes and stages of
development of MFIs
 Proven and stable methodology already employed for more than 410 ratings in over 65 countries
 An enhanced GIRAFE methodology was finalized in January 2008 in order to anticipate future
microfinance rating risks and challenges
Rating Domains Weightings
G overnance 24%
Qualitative
I nformation 10% domains
R isk 10%
A ctivities 20%
F unding and liquidity Quantitative
14% domains
E fficiency and 22%
profitability
Microfinance Investment Landscape and the Growth of Social Investments 40

41. A Full Range of GIRAFE-based Rating Products
I) GIRAFE Institutional Rating
 Comprehensive analysis of the MFI risk profile and organizational performance
 Valuable tool for mature MFIs in search of new financing and greater international visibility
II) Social Performance Rating
 Evaluation of the MFI’s ability to reach its social mission and objectives
 Identification of strengths and weaknesses of its social performance management system
III) GIRAFE Interactive Assessment
 Interactive approach to the rating analysis that includes training
 Management and internal communication tool for young MFIs in search of technical assistance and donor funding
IV) GIRAFE Training Module
 Theoretical and practical training with case studies over the course of 2-3 days
 Flexible content and modules suitable for all kinds of participants, regardless of prior knowledge of microfinance
Microfinance Investment Landscape and the Growth of Social Investments 41

42. Large experience in Latin America
Guatemala Dominican Republic
Mexico
 FUNDAP  ECLOF
 11 MFIs: ADMIC, Caja
Cresciencio Cruz, CONSERVA,
Haïti
Despeno, Durango,
Empredamos Juntos,  COD/MEH
FOCRECE, PEN, Santa Fe de
Guanajuato, Semisol, Brazil
Unicreich
 17 MFIs: Banco da Familia,
BluSol Brésil, Casa do
Nicaragua Microcredito,CEADe BRAZIL,
 3 MFIs: 20 de Abril, FODEM, CEAPE / MA, CEAPE / PB,
FUNDENUSE CEAPE / PE, CEAPE / PI,
CEAPE / RN, CEAPE / SE,
CEAPE PI, Credisol, CRESOL,
Ecuador PortoSol, RioCred,
 1 MFI: Fundamic SOCIALCRED, VivaCred
 20 ratings
Peru
 11 MFIs: CAC Santa Maria de Bolivia
la Magdalena, COOPAC San 10 MFIs: ANED, CIDRE,
Martín de Porres, COOPAC CRECER, Crédito Amigo,
Tochache, Epydme DIACONIA, Eco futuro,
Alternativa, Prisma, Finca, Chile FADES, FONDECO,
FONDESURCO, GCOD, FUBODE, IMPRO
 1 Bank: Banco del
Arariwa, Caritas Felices
Desarrollo  14 ratings
 15 ratings
Microfinance Investment Landscape and the Growth of Social Investments 42

43. Excellent track record in the MENA region
Jordan
Morocco  3 MFIs: AMC, JMCC, MFW
 9 MFIs: Al Amana, Al  6 ratings
Karama, Amos, AMSSF/
MC, FCAMC, FONDEP,
INMAA, Ismailia, Palestine
Zakoura  8 MFIs: ACAD, Alrafah,
 20 ratings Asala, FATEN, PDF, PARC-
SCA, UNRWA, YMCA-SED
 8 ratings
Tunisia Egypt Yemen
 1 MFI: Enda  7 MFIs: ABA, Al Tadamun,  1 MFI: Hodeidah
ASBA, DBACD, Lead Microfinance Program
 2 ratings Foundation, SBACD, FMF
 1 rating
 10 ratings
Microfinance Investment Landscape and the Growth of Social Investments 43

44. The Leading Rating Agency in Sub-Saharan Africa
Mali: Kafo Jiginew, FCRMD, Jemeni, Kondo Niger: ASUSU, MCPEC, Ethiopia: OCSSCO, PEACE,
Jigima, Misélini, Niako, CVECA ON, Nyeta UMEC, MECREF, Albarka Buusaa Gonofaa, SFPI, Eshet,
Musow, Piyeli, Soro Yriwaso, PASECA SA, Yarda Zinder, Yarda Wasasa, AVFS, Harbu,
Kayes, RMCR, Nyesigiso Madaoua Metemamen
Kenya: EBS, SMEP, ECLOF,
Senegal: UMECU,
SISDO, Yehu, PAWDEP, AAR,
PAMECAS, ACEP, Delta, Ebony Foundation
AFER, Caurie, Tostan
Uganda: UML, HOFOKAM, SMS,
Burkina: RCPB, UCEC- FOCCAS, Ugafode, Terudet,
Z, URCCOM, URCBAM SAO-MFI and 10 SACCOs
Ghana: SAT, APED, Rwanda: COOPEDU,
CRAN, ECLOF Ghana Duterimbere, ACB, CAF Isonga
and 9 rural banks;
Madagascar: Otiv de la Sava,
Benin: Vital Finance, PAPME, PADME, Vola Mahasoa
FINADEV, FICA, FENACREP, Convergence
2000, CNACFD, CBDIBA, ASSEF South Africa: Marang, Kuyasa
Fund, NBF, Tiisha
Tanzania: SELFINA; Mozambique: Socremo Bank, Burundi: COSPEC; Malawi: CUMO; Zambia: CETZAM; Comoros:
Sanduk; Central Africa Republic: CMCA, Ivory Coast: CICA, Chad: UCEC Pala, Gambia: GAWFA; Guinea Conakry: PRIDE,
CRG; Cameroon: CDM, ACEP, SAILD, COMECI, SOFINA; Togo: WAGES, TIMPAC, SEBADERS, UMECTO;
Microfinance Investment Landscape and the Growth of Social Investments 44

45. Diversified experience in Eastern Europe and Central Asia
Bosnia Herzegovina Ukraine Russia
 10 MFIs: Mikrofin,  HOPE  5 MFIs: FFECCC, RWMN,
Benefit, EKI, LOK micro, VRFSBS, Doveriye,
Mi-Bospo, Partner, Narodnyi
Prizma, Sunrise, Women
 7 ratings
for Women, Sinergija
Plus
 23 ratings
Serbia
Montenegro
 AgroInvest
 3 ratings
Mongolia
 2 Banks: Khan Bank,
Bulgaria Xac Bank
 Easy Credit  1 MFI: VisionFund Mongolia
Kosovo Tadjikistan
 KEP  1 Bank: Bank Eskhata
Azerbaijan
Moldova Georgia Armenia  AzerdemyriolBank
 MicroInvest  Constanta AzeriStar
 3 MFIs: Aregak, MDF-
 3 ratings  2 ratings Kamurj, Nor Horizon  3 ratings
Microfinance Investment Landscape and the Growth of Social Investments 45

46. Growing experience in Asia
Mongolia
China
 2 Banks: Khan Bank, Xac
Bank  Industry diagnostic
 1 MFI: VisionFund Mongolia  Training
 Interactive Assessment
(Harbin Bank)
Afghanistan
 1 MFI: Sunduq Vietnam
 3 MFIs: CEP, TYM Fund,
Binh Minh
India  5 ratings
 3 MFIs: ASA Grama
Vidiyal, LEAD, SWC
Cambodia
 5 MFIs: CREDIT, Vision Indonesia Philippines
Fund Cambodia, TPC,
 Ratings of 5 Cooperatives,  8 MFIs: CARD, LifeBank,
Seilanithih, CCSF
including KOMIDA PMPC, CEVI, GM Bank,
 9 ratings ECLOF, HSPFI, SEDP
 Workshop
Microfinance Investment Landscape and the Growth of Social Investments 46

47. Contacts
 Global Headquarters  Middle East & North Africa
13 rue Dieumegard Picadilly Bldg #407
93400 Saint-Ouen Paris – France Hamra Street
Tel: +33 1 4921 2630 Beirut – Lebanon
Fax: +33 1 4921 2627 Tel: +961 3 11 96 81
 Latin America  West Africa & Central Africa
Francisco de Paula Ugarriza 813 – Oficina 301 Boulevard Djily Mbaye
Miraflores, Lima 18 – Peru Immeuble FADH, 14th floor
Tel: +51 1 242 4597 BP 5695 Dakar – Senegal
Fax: +51 1 242 4597 Tel/Fax: +221 33 821 79 39
 Asia  East Africa & Southern Africa
444 EDSA 21st floor, Guadalupe Viejo Shelter Afrique House – Mamlaka Road
1211 Makati, Manila – Philippines PO Box 16658, 00100 Nairobi – Kenya
Tel/Fax: +632 897 7992 Tel: +254 20 271 42 20
www.planetrating.com - rating@planetrating.com
Microfinance Investment Landscape and the Growth of Social Investments 47