Evolution of Microfinanance Investment Landscape and Reasons behind the growth of Social Investments

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Evolution of Microfinanance Investment Landscape and Reasons behind the growth of Social Investments

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Evolution of Microfinanance Investment Landscape and Reasons behind the growth of Social Investments — Presentation Transcript