Consorzio Etimos
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Table of contents
1. Consorzio Etimos
• Introduction to Etimos
• Institutional Organization
• Operational Areas
2. Etimos in the world
• Latin America
• Africa
• Asia
3. Work in progress and goals
• Etimos - Fund
• Development of a Venture capital
4. Etimos in figures
1. Consorzio Etimos
Introduction to Etimos
International financial consortium based in Italy
Specialized to offer financial products and services to microfinance programmes, producers’organizations
(POs), and social initiatives in developing and emerging markets
Origins in 1989
As a civil association to sustain the development of fair trade and social economy in Italy
Founder of
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Banca Etica, first Italian ethical bank (1999)
SEFEA, European Financial Fund composed by European ethical banks (2002)
Fefisol, investment fund focused on MFIs and POs in Africa (2009)
Meeting point of 278 organizations: 113 Italian, 165 foreign organizations
Link between two complementary needs:
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an efficient and responsible financial management
an effective social impact
Sister not-for-profit foundation, Etimos Foundation, focusing on:
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research and training
technical assistance to enhance MFIs and POs
communication
Introduction to Etimos
Key figures (as of 31 December 2009)
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Team of 20 qualified and motivated professionals
3 decentralised offices
Wide product range tailored to different financial needs and maturity of MFIs
and POs
Total assets: Euro 34 M
Equity: Euro 6 M
Outstanding portfolio: Euro 23 M, directly invested in MFIs and POs
3 funds under management:
- Fodima
- Plasepri
- Etimos Fund
Institutional organization
Consorzio Etimos
Etimos Cono Sur
Etimos Africa
Etimos Lanka
Operational areas
1. Microfinance institutions Department
• more than 100 MFIs financed;
• working with a wide range of institutions: local associations, financial NGOs, savings and credit
unions;
• from solid, well managed, fast growing MFIs to small-scale, niche or start-ups;
• focused on social impact.
2. Producers organizations Department
• in 2004, Etimos diversified the portfolio and included consortiums and producers’ co-operatives fair trade
and/or organic oriented;
• nowadays, finances 25 POs;
• product range: advances on purchase contracts and long-term investments for infrastructures and
transformation plants.
3. Projects Department
Through subsidised funds, this department can:
• support the development of Etimos financial offer;
• offer technical assistance to enhance MFIs and POs:
- supporting the governance and institutional process;
- supporting and counselling in the internal organisation (business plan, staff training).
2. Etimos in the world
Where Etimos is
Etimos is present in 47 countries all around the world:
Albania
Argentina
Benin
Bolivia
Bosnia and Herzegovina
Brazil
Bulgaria
Burkina Faso
Cambodia
Camerun
Canada
Chile
Congo
Ivory Coast
Ecuador
El Salvador
France
Ghana
Guatemala
Guinea
Honduras
India
Italy
Kosovo
Mali
Malta
Mexico
Moldava
Mozambique
Nepal
Nicaragua
Palestine
Panama
Paraguay
Peru
Great Britain
Dominican Republic
South Africa
Senegal
Serbia
Sri Lanka
United States
Switzerland
Tanzania
Togo
Uganda
Uruguay
Where Etimos is
Latin America
• Starting point of Etimos’ activities, now present in almost all countries in the area.
• Highly consolidated geographical area for Etimos investments, still offering many
opportunities both in Microfinance and Producers’ sector.
Etimos Cono Sur
Since 2007, Etimos has a representative office based in Argentina.
Etimos Cono-Sur, as all the other representative offices based abroad, is in
charge to keep all the institutional relationships with national, international and
regional bodies and to carry out all the activities connected with the identification,
assessment and monitoring of the MFIs financed by Consorzio Etimos.
Latin America
Focus on Fodima
Fodima is a trust fund created with the objective to enhance microfinance
institutions based in Argentina. So far, the principal investors are Consortium
Etimos, IBD (Interamerican Bank of Development) and CAF (Corporación Andina
de Fomento).
Etimos Cono Sur has been appointed by the founders shareholders as managing
company of the fund.
Few figures:
•Starting amount of the Fund: 4 M Euro
•Currency: Pesos Argentinos
•Products: senior-debts and technical assistance
•Beneficiaries: 35 Argentine MFIs
•Term: 10 years
Africa
The area where investments are most needed and where is more difficult to attract
financial resources.
Etimos has expanded its presence in many countries especially targeting small
MFIs and POs. This strategy has enabled Etimos to directly reach the poorest
segments of the population, to strengthen the local economy and to improve the
living standards.
Etimos Africa
Since last year, Etimos has been working in this region through its representative
office based in Senegal.
Africa
Focus on Plasepri
Plasepri is a fund constituted by the Italian and Senegalese Government for the
development of small and micro-enterprises in Senegal.
Consorzio Etimos was appointed by Plasepri as consultant for the selection, the
assessment and the monitoring activities of the microfinance institutions which will
have access to this fund.
Few figures:
•Starting amount of the Fund: 8 M Euro
•Currency: FCFA
•Products: senior-debts
•Beneficiaries: Senegalese MFI investing in small and micro enterprises based
in Senegal
Africa
Focus on Fefisol
Fefisol is an investment fund focused on investments in African microfinance
institutions and producers’ organizations.
It was created by Etimos in partnership with other European organizations (SIDI
and Alterfin). The client identification, the due diligence and the field client follow
up will be carried out by the fund founders.
Few figures:
•Starting amount of the Fund: 15 M Euro
•Currency: the majority of the fund will be invested in local currency
•Products: 70% in senior-debts and 30% in equity
•Beneficiaries: 80% MFIs and 20% producers’ organizations
•Principal Investors: the founders, Agence Française de Développement,
Proparco, Norway Microfinance Initiative, Caritas France
Asia
It is the last step in Etimos’ growth after Latin America, Africa and Eastern Europe.
Etimos started its activities in Sri Lanka, where Microfinance played an essential
role in the reconstruction of local economies affected by tsunami, and has
expanded further the activities in Cambodia, Thailand, Nepal and India.
Etimos Lanka
Based in Sri Lanka since 2005, where Etimos run a project to enhance
Microfinance institutions affected by tsunami.
Etimos Lanka monitors and supervises the portfolio invested by Etimos, but also
develops new relationships and investments in the island and in other countries in
South-East Asia.
Summarizing
The success of Consorzio Etimos is the result of the 20 years track record in
financing with good performance over 100 microfinance institutions across more
than 40 developing countries.
Consorzio Etimos’ experience has been recognized last year by multilateral banks,
Italian and foreign governments and international organizations.
3. Work in progress and goals
Etimos Fund
Etimos Fund is a Luxembourg Specialized Investment Found (SIF), established as
an investment company with variable share capital (SICAV). It was formed as a
public limited liability company, in accordance with the law of 2007.
Etimos Global Microfinance debt is the first sub-fund mainly investing in
microfinance institutions included in Tier 2 and Tier 3 level and up to 20% of its
assets in producers organizations.
Etimos Fund is aiming at combining an attractive and competitive financial return
while delivering an effective social impact in developing countries.
Development of a Venture Capital
The next goal of Consorzio Etimos is the establishment of a Venture capital
company.
It aims at intervening directly into the equity of the companies, on one hand, to
strengthen, from a financial point of view, their structure, and, on the other hand,
to enhance human resources, know-how, expertise and new commercial markets.
The first experience has been already realized.
Aim of this year: 5 M Euro.
4. Etimos in figures
Etimos in figures (data as of 31 December 2009, in Euro)
Equity by organization’s type
Etimos in figures (data as of 31 December 2009, in Euro)
Equity by country
Etimos in figures (data as of 31 December 2009, in Euro)
Comparison between A & L
Total assets:
34.051.200
Liabilities and equity
34.051.200
Etimos in figures (data as of 31 December 2009, in Euro)
Members
Italian: 113
Foreign: 165
Etimos in figures (data as of 31 December 2009, in Euro)
Portfolio by sector
Etimos in figures (data as of 31 December 2009, in Euro)
Portfolio by geographical area
Etimos in figures (data as of 31 December 2009, in Euro)
Portfolio by currency
Etimos in figures (data as of 31 December 2009, in Euro)
Number of investments
Etimos in figures (data as of 31 December 2009, in Euro)
Largest outstanding positions
Consorzio Etimos S.c.
Via G. de Menabuoi, 25
35132 Padova - Italy
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