Illustration: Aïda Amer/Axios

One of Facebook's launch partners in its new cryptocurrency Libra is Kiva, a nonprofit that has married the concept of third-world microloans to first-world crowdfunding.

Catch up quick: Ordinary Americans use Kiva to lend money to some of the poorest people in the world, receiving 0% interest in dollars. The dollars go to microfinance institutions in more than 80 countries, which convert them to local currency and then lend them out to individuals who have to repay the loans with interest.

  • Kiva's model of giving its investors a 0% return has been reasonably successful: It has lent a total of $1.3 billion over the past decade, with a 97% repayment rate. But when it comes to refugees in particular, the numbers are much lower: Since it started offering loans to refugees in 2016, Kiva has totaled just $12.5 million in loans.

So, Kiva is introducing the Kiva Refugee Investment Fund, a lending vehicle aimed at impact investors seeking a positive return. The fund will be part of Kiva Capital Management, a new shop that will join what the Global Impact Investing Network estimates as the $502 billion market for investments aimed at positive social change.

  • "Impact investing" is not particularly well defined. The RealReal, for instance, a luxury-goods marketplace going public this week, has attracted capital from impact investors like DBL Partners on the grounds that it "promotes sustainability by extending the lifespan of upscale goods."
  • The impact investing universe is also relatively small: The $502 billion stock of impact investing funds globally is significantly less effective than the $428 billion flow of funds donated to charity by Americans alone in 2018.

The bottom line: A recent UBS survey of 443 asset managers controlling more than $20 trillion among them found that 78% of them actively take ESG (environmental, social and governance) factors into account when making investments. But it's hard to see what difference that has made. More focused impact investors tend to be keener on quantifying their impact — and efforts to do that on a comparable basis are still at a very early stage.

Go deeper: Global refugees face increasing risk of long-term displacement

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Robert Mueller speaks out on Roger Stone commutation

Former Special Counsel Robert Mueller testifies before the House Permanent Select Committee on Intelligence on Capitol Hill on Wednesday July 24, 2019. Photo: The Washington Post / Contributor

Former special counsel Robert Mueller responded to claims from President Trump and his allies that Roger Stone was a "victim" in the Justice Department's investigation into Russian interference in the 2016 election, writing in a Washington Post op-ed published Saturday: "He remains a convicted felon, and rightly so."

Why it matters: The rare public comments by Mueller come on the heels of President Trump's move to commute the sentence of his longtime associate, who was sentenced in February to 40 months in prison for crimes stemming from the Russia investigation. The controversial decision brought an abrupt end to the possibility of Stone spending time behind bars.

Trump dons face mask during Walter Reed visit

Trump wearing a face mask in Walter Reed National Military Medical Center on July 11. Photo: Alex Edelman/AFP via Getty Images

President Trump wore a face mask during his Saturday visit to Walter Reed National Military Medical Center, according to AP.

Why it matters: This is the first known occasion the president has appeared publicly with a facial covering as recommended by health officials since the coronavirus pandemic began, AP writes.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 12,607,510 — Total deaths: 562,338 — Total recoveries — 6,948,863Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 3,228,884 — Total deaths: 134,600 — Total recoveries: 983,185 — Total tested: 38,919,421Map.
  3. Public health: Jimmy and Rosalynn Carter: "Please wear a mask to save lives" Fauci hasn't briefed Trump on the coronavirus pandemic in at least two months — We're losing the war on the coronavirus.
  4. Food: How the coronavirus pandemic boosted alternative meat.
  5. Sports: Charge of "money grab" by college football.
  6. World: India reimposes lockdowns as coronavirus cases soar.