2005 / 30 : . ) ) ( . .( 1.0-0.5 2000 .(MicroVest)(DexiaMicrocreditFund) 5001.22004 . 31 "". . : : .www.cgap.org . 505 . / . 54 (ADA) . 505"" 25 " " . . 33 ­54 . 2004/ . (MIX) 2. . 3.60216 . 4. : . 2004 . 5460 " " (MIX) .(1 )(ADA) : . " ) - (" ­ .(KfW) . :""1 .2004 . 2 1. www.surveymonkey.com/s.asp?u=33938560773 : 3 (CAPAF) . (IBD) 4 2004// MicroRate (MIX) . (MIX) 2 . . . .(" ") . . 460 . . 1.13 1.6 . 1.2. 5. 1 6.2004 . 400 .1.2 2004 611 400 104 5. ( 56 648 ) .1502005 . 484 .654 . . . 1.2 2004 Société) 5 (Citigroup)(Générale . 31 2003 / 31 6 .2004 / 30 2004 / ( ) 2004 1 1.159 511 648 : 100% 44% 56% 611 126 848 : 100% 21% 79% 637 1.132 : 36% 64% :2004: :.(MIX) . . 3 . ) 75( : ­ . 1.62004 ­ 1.13 63 . (CDC) ­ (CABEI) . .50 1.25 ": 75 " . . () .() . 7 . 166505 . 196 . 143 .-- ) ( . . . ­ ­ 7 . : . 4 82: . ) 872 .(1 ) /( . .() (ProCredit) . / .(1) 24( 69) 10. 8 25505 . 148 . .89 4 (ProCredit) . 34 60 . . :8 . .2004 8. ) 2 2004 89 506 2 2 323 68 39 74 18% 46% 3% 3% 71% 0% 14% 46% 193 447 57 136 13 6 166 69 / 38% 41% 76% 29% 78% 78% 59% 43% (LAC) 104 62 8 2 6 1 30 15 21% 6% 11% 0% 6% 10% 11% 9% 63 36 0 6 6 1 23 2 / 12% 3% 0% 0% 4% 9% 8% 1% (EAP) 48 30 1 0 5 0 23 1 10% 3% 1% 0% 5% 3% 8% 1% (SAR) 8 9 7 0 0 0 2 1 / 2% 1% 9% 0% 0% 0% 1% 0% (MENA) 505 1.090 75 467 96 8 283 161 100% 100% 100% 100% 100% 100% 100% 100% 2004: . . (MIX) 5 2004 1 41% 69% 92% 8% ( 46% 24% 6% 3% 3% 1% 169 82% 148 = 89% 273 > 4% 500000 2% 336 84 18% 5% 500000 ( ) 2004 ProCredit 3 1858% 210.9 59.1 0.0 0.0 7.3 92.7 92.7 18 4% 34% 6% 44% 61% 0% 3% 58% 2004: . (MIX) 6 45 9 .3 . . (EBRD) (IFC) . (DCA) (KFW) ()54 .(USAID) 15 (AG) ProCredit : ­ 11()Confianza ­Oikocredit 10 ( ) Fundacin Nieberowski .( ) SFE ( ) Caja Los Andes . 54 6 . IMI (Internationale Micro (AG) ProCredit 9 (Investitionen AG . / ( ) 2004 8 4 45 9 54 40.9 0 19.1 > 21.7 15 () 6.1 15 0.3 1 5.8 14 Confianza () 3.7 11 0 0 3.7 11 Fundacin Nieberowski () 34.2 10 24.7 5 9.5 5 Caja Los Andes () 21.1 10 9.5 5 11.6 5 SFE () 14.8 9 10.1 3 3 4.8 6 WWB Cali () 14.0 9 5.9 2 8.1 7 FFP FIE () 19.1 8 11.0 3 8.1 5 () 7.3 8 1.5 1 5.8 7 Findesa () 1.5 8 0 0 1.5 8 Prestanic () 2004: . (MIX) 7 4 : 37 - . . . BIO CajaLosAndes 15 . . ProCredit BIO Caja Los AG . BIO.Andes SIDIAlterfin . ProFund ProCredit2004 BIO.CajaLosAndes SIDICajaLosAndes . BIO.LA-CIF "AGProCredit . 20 ProCredit )ProCredit . ( CajaLosAndes ". 10 ProCredit . ()ProCredit2004/: 6.5 (AIM) (ACCIÓN) . .ProFund . /11. : 392004 . 2001 1 14 . .2004 / IMI AG) 28) Fitch 10 : 11 .2004 (MIX) 8 (Mibanco)8 : 1112. 20 )3746 . . 2003 1997 ( . . . 199740 13.2003 62 . ×5.0 ×8.0 . . (1 - - 2.9 ) × 2.9 (MicroBanking Bulletin) . 14 . ×5.6 (CMEF) . El Fondeo de las Instituciones" - Fitch 12 ",deMicrofinanzas:OportunidadesyDesafios .2004 / (IADB) (MIX) .MicroRate 1997-2003 13 (2003) MicroBanking 14 .5 5 " " "" 112 36 78% 86% 72% 69% 66% 69% 66% 61% ( ) 65% 56% 60% 56% 56% 44% 54% 32% 40% 31% . 2004 (MIX) : 9 . 115 15. : . / . (CGAP-MIX) 48 .45 . (CMEF) . . . 16. . 17. . . 19. 23. . 8.8 22 . . 20. . 1 ) ×1.0 18. (1 15 .2004 .25 16 . . 17 ×1.0 18 . .2004 (MIX) .19 () . 20 166 .2004 10 .1 92 . 21 . . 40 . .2003 . . . . . .(5) . 25105 . [ ]" ." . . ) ( . . . . 22. . : . . . : 2004 21 . (MIX) . 0.922 -14.1.1 212005 . . .2005 11 . . 11(Oikocredit) . 140 23. Rabobank 84100 ( ) (1.6) . . .2 4 . .1 20 1 . . . . . ) . . ( .3 . . 2004 . .8 . . . . 23 . . . . "" . . . 12 : . . . " " . . :1 (MIX) ACCIÓN Latin) (American Bridge Fund BIO (Belgische Investeringsmaatschappij voor (AfriCap Microfinance Fund) Ontwikkelingslanden N.V (Alterfin) (Corporacin Andina de Fomento) ASN/Novib (AWF Development Debt) (EBRD) BlueOrchard Securities FinnFund FMO Nederlandse Financierings-Maatchappij (Calvert Social Investment Foundation) voor Ontwikkelingslanden NV (FMO) (Cordaid) CreSud SpA Deutsche Bank Microcredit) (Kreditanstalt für Wiederaufbau) (Development Fund (DBMDF) ( ) Developpement International Desjardins (Fonidi Fund) ( ) (ACCIÓN) Developpement International Desjardins (Guarantee Fund) ( ) Developpement International Desjardins (Partnership Fund) (ACCIÓN AIM) (Dexia Microcredit Fund) (ACCIÓN Gateway) (DOEN Foundation) (Etimos) 13 (MicroVest) (FIG) (NOVIB) (GrayGhost) (Oikocredit) (Hivos-Triodos Fund) - - (Opportunity International-Opportunity Micro- credit Fund) (ICCO) (Incofin) (Partners for the Common Good) Internationale Micro Investitionen (PlaNet MicroFund) (Aktiengesellschaft (IMI AG (.ProFund International, S.A) .. Investisseur et Partenaire pour le Développement (Rabobank Foundation) (IPD) Kolibri Kapital ASA (ResponsAbility Global Microfinance Fund) La Fayette Participations, Horus Banque et (Finance (LFP (Sarona Global Investment Fund) (ShoreCap International) Latin American Challenge Investment Fund, S.A. (LA-CIF) (SIDI) (LUXMINT) (Triodos Fair Share Fund) (Triodos-Doen Foundation) - (Unitus) :2 (MIX) . . .. NOVIB ANF BlueOrchard Finance - - - BIO FMO 14 Cavazos, R., J. Abrams, and A. Miles. Foreign Exchange Risk Management in Microfinance. Financial Products and Services Occa- sional Paper. New York: Women's World Banking, 2004. Chowdri, Siddhartha, and Alex Silva, eds. Downscaling Institutions and Competitive Microfinance Markets: Reflections and Case Stud- ies from Latin America. Toronto: Calmeadow, 2004. Christen, Robert Peck, Richard Rosenberg, and Veena Jayadeva. Financial Institutions with a "Double Bottom Line": Implications for the Future of Microfinance. CGAP Occasional Paper, no. 8. Washington, DC: CGAP, 2004. Fernando, Nimal A. Mibanco, Peru: Profitable Microfinance Outreach with Lessons for Asia. Manila: Asian Development Bank, 2003. Featherston, Scott, Elizabeth Littlefield, and Patricia Mwangi. Foreign Currency Exchange Risk in Microfinance. CGAP Focus Note. Washington, DC: CGAP, forthcoming 2005. Goodman, Patrick, International Investment Funds: Mobilising Investors towards Microfinance. Luxembourg: Appui Développement Autonome, 2003. Ivatury, Gautam, and Xavier Reille. Foreign Investment in Microfinance: Debt and Equity from Quasi-Commercial Investors. CGAP Focus Note, no. 25. Washington, DC: CGAP, 2004. Izquierdo, Johanna, Fitch Ratings Per, and Apoyo & Asociados. "El Fondeo de las Instituciones de Microfinanzas: Oportunidades y Desafios." Presentation at Inter-American Development Bank Forum, Cartagena, Colombia, September 2004. Jansson, Tor. Financing Microfinance: Exploring the Funding Side of Microfinance Institutions. Sustainable Development Department Technical Paper Series. Washington, DC: Inter-American Development Bank, 2003. Kadderas, James, and Elisabeth Rhyne. Characteristics of Equity Investment in Microfinance. Council of Microfinance Equity Funds. Boston, Mass.: ACCIN International, 2004. MicroBanking Bulletin 9 (2003). Schneider-Moretto, Louise. Tool for Developing a Financial Risk Management Policy, Financial Management Series, Tool No. 1. New York: Women's World Banking, 2005. 15 30 . . www.cgap.org : (CGAP) H Street, NW 1818 MSN Q4-400 Washington, DC 20433 USA 202-473-9594 : 202-522-3744 : : cgap@worldbank.org : www.cgap.org