MIV Performance and Prospects: Highlights from the CGAP 2009 MIV Benchmark Survey

September, 2009     Xavier Reille, Jasmina Glisovic-Mezieres, and Yannis Berthouzoz

CGAP’s 2009 Microfinance Investment Vehicles (MIVs) Survey sheds light on the resilience of microfinance investments. MIVs grew by 31 percent in 2008 and posted strong returns on investments in the face of one of the toughest financial crises in decades. However, overall MIV performance may deteriorate in 2009 as the impact of adverse market conditions, including increased credit risks, hits. The survey, for the first time, also reveals MIVs’ efforts to include environment, social, and governance (ESG) considerations in their investment policies, due diligence, and monitoring.