2011年-世界发展银行全球_Trends_in_Cross-Border_Funding_4页_761kb

Summary of Trends in Cross-Border Funding

Core Content

This document outlines key trends in global cross-border funding for microfinance between 2007 and 2010, focusing on the growth, distribution, and instruments used in the sector. It highlights the increasing transparency of microfinance funding and the evolving role of different types of funders, as well as the impact of exchange rates and regional dynamics on funding patterns.

Main Trends and Findings

1. Cross-Border Funding Growth

• Cross-border funding for microfinance increased significantly over four years, reaching $24 billion in commitments by December 2010.
• $3 billion was disbursed in 2010, indicating a growing trend in capital flows.
• Total commitments grew at a decreasing rate, from 30% in 2008 to 13% in 2010.

2. Funding Distribution by Funder Type

• Public funders account for 70% of total cross-border funding, while private funders contribute 30%.
• In 2010, private funders grew at a higher rate than public ones, but the gap narrowed as public funders increased their commitments by 8%, and private funders by slightly more.

3. Funding Channels

• Indirect funding through MIVs and other intermediaries makes up around half of total cross-border funding.
• Direct funding represented 38% of the 20 largest funders' commitments in 2010.
• Development Finance Institutions (DFIs) significantly increased their use of MIVs, raising their share from 22% (2008) to 29% (2010).

4. Funding Instruments

• Debt remains the most commonly used instrument, but its share in total commitments decreased from 68% (2008) to 60% (2010).
• Equity investments increased from 9% (2008) to 13% (2010), with a growing number of institutions receiving support.
• Guarantees rose from 5% (2008) to 10% (2010), driven by new programs in regions like East Asia and the Pacific and India.

5. Capacity Building

• Capacity building remains a stable portion of total commitments, around 14–17% over the past four years.
• It is primarily funded through grants and loans to governments, and is used to support retail institutions, market infrastructure, and policy.
• The retail level receives the largest share of capacity building funding.

6. Regional Funding Allocation

• South Asia attracted the highest level of cross-border funding, with India receiving 18% of the 20 largest funders' commitments.
• India's funding is largely channeled through the government (78%) and local wholesale institutions (21%), with only 1% directly to MFIs due to legal restrictions.
• Latin America and the Caribbean saw a 12% increase in commitments, while Eastern Europe and Central Asia (ECA) experienced a first-time decrease in dollar terms.
• Sub-Saharan Africa (SSA) showed steady growth, albeit slower than global trends.
• Middle East and North Africa remained relatively consistent at $0.6 billion.

7. DFIs Portfolio Concentration

• The 10 DFIs in the CGAP survey reported $9.1 billion in commitments as of December 2010.
• Half of this funding was concentrated in 30 recipients, including 12 MFIs and 18 MIVs, holdings, local banks, and funds.
• ProCredit Holding, EFSE, and Microfinance Enhancement Facility accounted for close to half of the $4.6 billion channeled through intermediaries.
• Concentration levels in DFI portfolios have decreased over the years due to diversification.

Key Information

• Microfinance funding transparency has improved, with over 60 funders reporting to CGAP and data available through Symbiotics and MicroRate.
• Exchange rate fluctuations (particularly the Euro depreciation) impacted total commitments and growth rates.
• Policy reform is a key area for funders, with grants and long-term loans supporting regulatory frameworks, financial inclusion strategies, and consumer protection.
• Responsible finance is expected to be a major focus for funders in the next five years, driven by concerns over overindebtedness.
• Funders aim to expand outreach beyond the credit-only model to underserved markets.

Methodology

• The report is based on data from the CGAP Funder Survey, an annual survey of major cross-border funders.
• In 2011, the survey included 20 funders representing 85% of total commitments from the previous year.
• Regional allocation is based on direct and indirect funding with a clear regional focus.
• Total global commitments are estimated using data from 20 largest funders, 61 funders in 2009, and 90 MIVs.

Figures

• Figure 1: Cross-border commitments to microfinance (US$ billion)
• Figure 2: Commitments by type of funder (estimate Dec. 2010)
• Figure 3: Funding channels (% of commitments of 20 largest funders)
• Figure 4: Total commitments by instrument (data from 20 largest funders)
• Figure 5: The purpose of funding (% of commitments of 20 largest funders as of Dec. 2010)
• Figure 6: Commitments by region (US$ billion)

Conclusion

The report highlights a maturing microfinance funding landscape with increased transparency, diversification, and a shift toward more sustainable and inclusive financing models. While debt remains dominant, equity and guarantees are gaining traction, and regional funding patterns continue to reflect market development and policy priorities.