Production

Production 2018

 

Acleda MFI Myanmar - LCY-equivalent EUR 4.4 mln loan

Acleda MFI Myanmar is one of the largest microfinance institutions in Myanmar. It is mainly lending to micro-and-small entreprises that have limited or no access to capital. MASSIF already provided a loan to the entity in 2017. Following good performance, we expect to provide the company with another loan in 2019.

 

Advans Cote d'Ivoire - LCY-equivalent EUR 5 mln loan + EUR 0.4 mln equity top up

Advans Cote d’Ivoire is an existing FMO client since MASSIF became a shareholder in 2010. The company has a strong development mandate to drive financial inclusion and specifically support rural and agricultural companies. In order to meet this mandate, it runs a special program to finance cocoa farmers, an important driver for the Ivory Coast economy.

 

Al Majmoua - EUR 4.2 mln loan

The Lebanese Association for Development - Al Majmoua is the first Microfinance Institution in Lebanon which started its activities by providing group-loans to women in urban and rural areas. Over time, Al Majmoua also developed its product offering adding individual loans and started providing free business development services and socially oriented activities.

 

BRAC Myanmar Microfinance - EUR 2.1 mln loan

BRAC Myanmar is the youngest subsidiary of BRAC International, and it replicates the group lending methodology tested through the last four decennia by BRAC NGO. BRAC renders it financial services to women micro-entrepreneurs in Myanmar. MASSIF's USD loan will be used as collateral by a reputable local bank, Yoma Bank, who will in turn leverage 2.5x FMO’s amount in local currency for BRAC Myanmar.

 

Dawn Myanmar Microfinance Pte - EUR 1.6 mln equity

Dawn Microfinance Company is one of Myanmar's leading microfinance institutions, serving female entrepreneurs. MASSIF has been an equity investor in Early Dawn since 2014 and also provided a first-time loan to the entity in 2016. This loan was FMO's first debt financing in the country.

 

Dolma Impact Fund 1 - LCY-equivalent EUR 2.7 mln equity top up

Dolma Impact Fund 1 is the first private equity fund operating in Nepal. By providing capital to SMEs in the country, the fund invests in high-impact sectors, including renewable energy. MASSIF already provided financing for the fund in 2014. Since then, Dolma's team has shown the ability to execute its strategy, almost fully committing its initial capital. It has already built up a solid pipeline to commit the funds raised for the top-up, which will help in reaching a financially sounder fund size.

 

Equity For Tanzania Limited - LCY-equivalent EUR 3.5 mln + EUR 0.8 mln loans

Equity for Finance Tanzania (EFTA) is a fast-growing, yet still small leasing company. Clearly distinguishing itself from traditional finance providers, EFTA does not require collateral other than the asset financed, which makes its products highly innovative and inclusive. EFTA has a strong focus on SMEs in the underserved agricultural sector. The assets financed are used for productive purposes and include for example tractors, machinery and vehicles.

 

FDH Bank Limited - EUR 6.6 mln loan

FDH Bank is one of the commercial Malawian Banks licensed by the Central Bank. It currently services about 300 k clients ranging from individuals to corporates. Going forward, FDH pursues an inclusive financing strategy largely driven by digitalization and supported through the largest banking network outreach country-wide of all Malawi banks.

 

Liwwa Inc - EUR 0.4 mln convertible loan

Liwwa is a crowdfunding platform providing trade finance to un(der)served small businesses in Jordan. Funded in 2015, it services MSMEs with an online loan application process and marketplace function, while retail investors can crowdfund ‘campaigns’ based on the credit assessment, loan structuring and pricing determined by Liwwa.

 

Mercapital de Nicaragua S.A. - EUR 4.4 mln loan

Mercon is an existing client and has long-term experience in the coffee supply chain. It is known for having close involvement with producers, focusing on sustainability (e.g. improvements of soil, water conservation and biodiversity) as well as for having consistent financial performance. This second loan will support the company's early move into Robusta sourcing and processing in the Nueva Guinea region.

 

Novastar Ventures Africa Fund II LP - LCY-equivalent EUR 4.3 mln equity

The fund is the successor of Novastar Ventures East Africa Fund in which FMO participated in 2014. It is a pioneer in the venture capital space with strong social objectives in East Africa. The fund will focus on providing seed and early stage growth capital for innovative business models in the low-income population. Target sectors involve healthcare, agriculture, education, renewable energies or access to internet.

 

Partech Africa SLP - EUR 7 mln equity

This Pan-African generalist VC fundis the first to be exclusively dedicated to the fastgrowing technology ecosystem in Africa. It intends to focus on early-stage growth funding, providing funds to talented entrepreneurs to address large emerging market opportunities and targets industries ranging from fintech to online and mobile consumer services, as well as mobility, supply chain services and digitization of the informal economy.

 

Proximity Finance - LCY-equivalent EUR 1.7 mln loan

Proximity Finance is a microfinance program under the Proximity Designs. The latter NGO started operations in 2012 in Myanmar following the devastating consequences of the nargys cyclone. The program serves about 80,000 farmers by providing them microfinance loans.

 

Samunnati Financial Intermediation & Services Private Limited - Local currency equivalent EUR 4.4 mln debt instrument

Established in 2014, Samunnati is a specialized agricultural value chain financial institution that provides value chain solutions to reach out to smallholder farmers in India. It is based on fully cashless and technology driven operations. The organization provides loans to farmers and aggregators or to farmer producer organisations on the supply side (asset finance, working capital and onlending to farmers) and agricultural enterprises on the demand side. 

 

The Meloy Fund I - EUR 4.3 mln debt fund

The Meloy Fund is the world’s first impact investment fund dedicated to supporting sustainable coastal fisheries in Indonesia and the Philippines. It invests in agribusinesses that are well-embedded in their respective value chains and work directly with small-scale fishermen in Indonesia and the Philippines. The investees of the fund are assisted with funding, technical expertise and grants, thereby creating economic opportunities for conservation of critical marine habitat.

 

Thitsar Ooyin Company Limited - LCY-equivalent EUR 0.9 mln loan

Owned by GRET Myanmar, Thitsar Ooyin renders financial services in two of the most remote rural provinces of Myanmar. The investment is highly inclusive in a country where more than 80% of the population has no access to formal financial services. Thitsar targets lowest-income and geographically the most remote end-clients. Over 70% of all active clients are women and 100% of the organization’s loan portfolio is in rural areas. The loan is the first debt instrument contracted by the company, and is therefore highly additional. 

 

VisionFund International - EUR 2.3 mln guarantee & EUR 8.1 mln loan

VisionFund International is a global network of 32 Microfinance Institutions and an existing MASSIF client. It is the not for profit microfinance arm of World Vision, a child focused global development, relief and advocacy organisation. The guarantee transaction will focus on Ethiopia and the loan will further support VisionFund International’s growth in women-focused and rural-based microfinance sectors.