As cofounder and largest shareholder of MicroVest, CARE announced the sale of MicroVest to DAI Capital. In 2003 CARE and MEDA cofounded MicroVest to provide capital to Small Business banks and Microfinance banks in emerging and frontier markets that lend money primarily to, female unbanked and underbanked entrepreneurs. During the last 18 years, MicroVest has lent over one-billion dollars to over 200 banks and financial institutions in over 60 countries, who provided capital to over 10M borrowers.
Mark Muckerheide, CARE’s AVP, Market Based Approaches and CEO, CARE Social Ventures Corp, noted that “the sale of MicroVest to DAI Capital is great news, both for MicroVest and CARE. For MicroVest, this sale will allow them to continue to grow the amount of funds available for unbanked and underbanked entrepreneurs. For CARE, it will allow us to invest more in gender-based market approaches, with a goal to positively impact the lives of 100 Million people by 2030.”
Muckerheide attributed the Fund’s success reflects CARE’s long history in developing innovative Market Based Approaches starting in the 1980s and 1990s when CARE helped create several, local microfinance institutions throughout the world. He added, however, that more work needs to be done before we can truly address global poverty.
“There is still a $1.5 Trillion annual capital gap to achieve the SDGs, but only $150 billion in annual aid funding. Aid alone cannot achieve the SDGs and end global poverty. CARE will continue to work to help bridge this gap through its leadership in gender-based market approaches, and by enabling the communities we partner with to access private capital.”
For More Information:
Rachel Kent
Senior Press Officer
Rachel.Kent@care.org