1. The Global Landscape: ApexCharacteristics and Trends
CGAP’s 2008 mapping identified 76 microfinanceapexes. A 2010 survey collected information from 23of the largest of these, representing the vast majorityof apex portfolio and disbursements worldwide.Numerical analysis in this section is based mainly onthe 15 largest apexes.
Globally, apex funding is significant, growing,and concentrated.
The largest 15 apexes had atotal gross loan portfolio (GLP) of over US$3 billionin 2009. Although apexes exist in all regions, theyare most prevalent in Latin America and South Asia(Duflos and El-Zoghbi 2010).These apexes disbursed close to US$1.5 billion toMFIs in 2009, an increase of 25 percent over 2008.Three quarters of the total portfolio was held bythe four largest apexes. Almost three quarters of total disbursements came from three apexes: SIDBI,Bancoldex, and PKSF, which are discussed in thispaper as case studies.
Apexes use a wide variety of organizationalforms
, ranging from small divisions of governmentdevelopment banks to large standalone foundations.Bancoldex, BMS, and SIDBI are all specialist unitswithin development banks that have a broader focuson SMEs and industrial development. PKSF wasestablished as a foundation specializing in microcredit,though it is now supporting wider livelihoods efforts.SFD is a foundation that funds community-levelinfrastructure projects as well as microfinance andsmall enterprise development. MISFA began as partof a government ministry, but always had operationalindependence and a nongovernment board majority.Table 3 illustrates the range of institutional types withexamples from around the world
Table 3. Institutional Type
Development BankGovernmentSIDBI (India), Bancoldex (Colombia), RDB(Cambodia), CFN (Ecuador)Commercial BankPrivateBMS (Mali), Bank Andara (Indonesia)Standalone Fund
(could be legally constituted as a nonprofit foundation or a company)
GovernmentPCFC (Philippines), DAMU (Kazakhstan), PKSF(Bangladesh), NAFINSA (Mexico), SFD (Yemen),PPAF (Pakistan)Quasi-governmentMISFA (Afghanistan), SFD (Egypt)PrivateJaida (Morocco), Funda-Pro (Bolivia), MITAF (SierraLeone), MDF (Mongolia), FFSA (Kazakhstan),RMDC (Nepal)Donor Project Implementing UnitGovernmentLID (Bosnia) and MISFA (Afghanistan) were initiallydonor projects before legal entities were created
Table 2. Top 15 apexes 2009, byoutstanding portforlio
SIDBIIndia$847,080,000NafinsaMexico$491,195,601BancoldexColombia$462,000,000PKSFBangladesh$429,601,508PPAFPakistan$137,705,613BTSTunisia$117,908,000FedecreditoEl Salvador$102,215,808PCFCPhilippines$74,743,843MISFAAfghanistan$69,348,000SFD EgyptEgypt$67,889,186FFSAKazakhstan$66,344,711JAIDAMorocco$47,500,000Funda-ProBolivia$39,610,405RMDCNepal$27,523,071BfP (FNI)Nicaragua$24,404,795$3,005,070,541
Source: CGAP 2010 survey.