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| Recognitions 2006 |
IADB gives Solidario first prizeAccording to IADB’s rating, based upon a series of surveys to financial, auditing and regulatory entities in the region Solidario is at the top of the best MFIs. Achievement AwardsHonorable Mention in Financial Transparency in 2006, from CGAP, World Bank. Printed publications, on the Internet and on international writings: Center for International Private Enterprise, Washington, D.C., August 18th, 2006Believe in the Poor: The Future of Microfinance www.microfinanzas.net www.globalreporting.org www.accion.org (micronews) www.cgap.org |
Stronger equity: a process of capitalization concluded in October of 2006. There was an increase of $12 million dollars in the signed capital, which in turn changed the ownership structure of the Bank. Unibanco, a larger bank, became Solidario’s largest shareholder. Both Banks will keep their operations separate. This capital increase improved Solidario’s liquidity indicator and capital sufficiency, which by December 2006 was at 11.10% (up from 9.52 in December 2005).
Alliances: the remittance Project of Money transfers from the United States was created through an Alliance between Solidario and Citigroup. The pilot Project started in 4 branches and by year’s end it had spread to 33 branches.
Credit lines continue with international agencies: during 2006 the loans from international agencies have evolved in a positive way. These agencies continue to support the Bank’s mission by renewing and increasing their participation. In 2006 these loans amounted to $12.2 million dollars, an annual increase of 23%. The average credit term is 1.313 days.
New International investors: ASN-Novib Funds through Triple Jump Fund Management; Global Commercial Microfinance Consortium, managed by the Deutsche Bank Microfinance Funds; Emergency LIQUIDITY Fund ELF. Thanks to Symbiotics the Bank received Financing by the Dual Return Fund and the Finethic Microfinance Fund.
Current investors and strategic alliances increase their investments and support: Oikocredit, Dexia Micro-Credit Fund (Sub-Fund Blueorchard Debt), Blueorchard Loans for Development 2006-1 S.A., Calvert Foundation, and Accion International.
Sustainability: with the support of Triodos Bank and Global Reporting Initiative (GRI), and with six other leading microfinance banks in Asia, Africa and Latin America, Solidario created its first Sustainability Annual Report 2005. It will be available soon on our Website. It presents the impact of its activities in the social and environmental fields, as well as in its financial statements.
Rating: Solidario maintains its “A” risk rating with PCR and “A+” with Ecuability.
International seminars: In September 2006 the Inter-American Development Bank (IADB) organized the IX Interamerican Micro enterprise Forum in Quito, Ecuador. Solidario was both a sponsor and part of the organization of the seminar. Hundreds of executives from many microfinance organizations worldwide attended. In addition, Solidario was invited to attend the Project Creating Opportunities for the Majority, organized by the IADB, in June 2006, in Washington, D.C. This event had a technology fair, where Solidario exposed its products and services.
The Bank
