Based on the proceedings of one of the most talked about events of the Year of Microfinance, this book makes a compelling business case for private capital investments in microfinance in developing countries. Using a lifecycle perspective, it highlights the needs for capital in microfinance, the emerging successful models for microfinance institutions, and investigates the issues that need to be addressed from the investor's perspective to obtain a larger mobilization of private capital. Combining real case studies of leading for-profit microfinance institutions and discussions with influencial investors and money managers, this book provides the first integrated business case for a re-energized industry.

Foreword; S.Fischer
Introduction; B.Leleux, D.Constantinou & M.Ogunsulire
Introductory Speech; K.Annan
PART I: MARKET DEMAND
The Demand for Micro and Small Business Finance: The $500 Billion Question
Institution Building; V.Mahajan
An Analysis of Microfinance Business Models; B.Leleux & D.Constantinou
Downscaling Projects in CIS countries - Revisited; C.Freytag
Case Study - ICICI Bank; S.Chakraborty
PART II: PRIVATE CAPITAL IN MICROFINANCE
Capital for Microfinance: From Public and Social Investment to Integration into Mainstream Financial Markets; M.Steidl
Challenges in the Transition to Private Capital; M.de Sousa Shields
A Real Business Case On Its Way; H.Hoelz
PART III: STRUCTURAL FACTORS IN MICROFINANCE
Building Inclusive Financial Sectors for Development: The Policy Framework; K.Imboden
PART IV: ASSESSING MICROFINANCE INSTITUTIONS
Rating Microfinance Institutions in Latin America and Africa; D.von Stauffenberg
Rating Microfinance Institutions in Asia; S.Sinha

BENOIT LELEUX is Stephen Schmidheiny Professor of Entrepreneurship and Finance at IMD, Switzerland, where he is the Director of the MBA Program and Director of Research and Development. He specialises in venture financing and management, combining expertise in entrepreneurship, venture capital, private equity and growth management.

DINOS CONSTANTINOU has twelve years experience in banking, microfinance and management consulting. He co-founded Global Microfinance Group SA in Lausanne, Switzerland and Argentina Microfinanzas SA, the first for-profit MFI in Argentina.