Production 2021


BRAC Myanmar Microfinance Company Limited – USD 7.5 mln Debt

BRAC Myanmar Microfinance Company Limited ("BRAC") is a for-profit institution in Myanmar, active since 2014. BRAC is a 100% subsidiary of BRAC international holdings BV (est. 2010), active in more than 11 countries through different subsidiaries. The activities of BRAC are providing micro and small-scale loans, based on the solidarity group model, small enterprise loans, Agricultural focused loans, and loans to people with disabilities. FMO has had a long-standing relationship with BRAC International, supporting several of its subsidiaries across Africa and Asia. FMO provided USD 7.5mln debt facility to BRAC Myanmar. BRAC will use this fund to provide micro and small-scale loans to underserved women in peri-urban areas of Myanmar. This loan is highly inclusive as Myanmar is categorized as a fragile state. This year, Myanmar was plunged into a political crisis following the military coup in February. We continued to support BRAC in these uncertain times.


Credit Access Philippines Financing – USD 7.5 mln Debt

Microfinance Philippines Financing Company "One Puhunan" is a young, transparent, and professionally managed MFI that gained sizeable market share in the Philippine microfinance market within nearly three years of existence supported by Credit Access Asia, a solid and well-capitalized group in the Netherlands. One Puhunan provides financial services in the form of unsecured working capital to low income individuals and small businesses who are not served by the traditional banks, with a focus on youth and female owned enterprises and those based in rural Philippines. MFIs play a pivotal role promoting economic growth for the Base of the Pyramid by providing finance to micro and small entrepreneurs. FMO provided One Puhunan with a USD 7.5mln loan. This facility will support the expansion of the MFI’s MSME and individual loan portfolio as well as contribute to enhancing company's asset and liability matching.


Financiera Fondo de Desarollo Local – USD 3 mln Debt

Financiera Fondo de Desarollo Local (“FDL”) is the largest microfinance institution (MFI) in Nicaragua. FDL was founded with the aim of establishing and/or improving access to finance for micro-entrepreneurs in Nicaragua's rural areas. FMO and FDL have had a long-standing partnership which started in 2019. In 2021, MASSIF provided FDL with a USD 4.5mln facility (with USD 3.0mln committed tranche and a USD 1.5mln uncommitted tranche), which will be used by FDL to extend access to finance for micro-, small- and medium-sized enterprises and local agribusinesses. FMO believes that stable access to finance for micro and small enterprises contributes to economic development. With this long-term financing FMO supports Financiera FDL in its mission to extend access to small enterprises and contributes to the stability of the Nicaraguan financial sector.


Fin'Elle, La Finance pour Elle – EUR 3 mln Debt

Fin'Elle, La Finance pour Elle (‘FE”, is a young microfinance institution founded in 2007 and based in Côte d'Ivoire, whose mission is to create added value for women entrepreneurship and participate sustainably in their financial and social emancipation. FE is majority-owned by the COFINA Group, which bought a 70% stake mid-2018. Prior to this, FE was a marginal player with an insignificant market share and less than Eur 1mln of Total Assets. COFINA group is a fast-developing Group, now active in 8 African countries, with Cofina Senegal & Cofina Côte d'Ivoire being existing MASSIF partners. MASSIF provided FE with a synthetic Local currency equivalent EUR 5 mln senior unsecured loan. This loan is split between a EUR 3 mln committed facility (Tranche 1) and up to EUR 2 mln uncommitted facility (Tranche 2). The proceeds of Tranche 1 are to be fully used for financing female entrepreneurs; whilst the proceeds of Tranche 2 shall be used for financing female entrepreneurs and/ or eligible green projects. FMO supports this project as it offers the development of sustainable alternatives for inclusive finance and gender-smart solutions for women entrepreneurs. FE is also a beneficiary of the MASSIF Capacity Development program.


Global Partnerships Social Investment Fund 6.0 LLC – USD 5 mln Debt

Social Investment Fund 6.0 ("SIF 6.0" or the "Fund") is an existing 10-year open-ended fund that provides debt financing to microfinance institutions (MFIs) and other social enterprises in Latin America, the Caribbean, and sub-Saharan Africa with a mission to expand opportunity for people living in poverty. The fund is managed by Global Partnerships ("GP"), a US-based fund management company and not-for-profit, well-known to FMO through previous investments in SIF 6.0 itself as well as in two other GP-managed funds, SIF 5.0 and SIF 2010. SIF 6.0 provides loans to financially self-sustaining microfinance institutions (MFIs), agricultural cooperatives and other types of 'social enterprises' -entities providing basic products and services to the Base of the Pyramid (BoP). The USD 5 mln loan will be used to onlend to MFIs and other social enterprises that provide essential services and products to improve the livelihoods of the Base of the Pyramid population. 100% of the social enterprises funded by SIF 6.0 reach people living under $5.50 PPP/day (the "Downstream Clients"). 72% of Downstream Clients are women, and 60% live in rural areas.



JSC MFO Crystal ("Crystal") was established as a commercial Micro Finance Institution in 2007. Currently Crystal is Georgia's largest MFI. It has a strong outreach in rural areas in the Western part of Georgia. Their client base consists of micro entrepreneurs in the agricultural and rural areas. MASSIF first partnered with Crystal in 2017 by providing a USD 10 mln loan. FMO wants to deepen the relations with its existing clients in the Georgian FI-sector and hence in 2021 advanced USD 10 mln senior loan to Crystal. Part of the funds will be earmarked to the Women in Business program and to provide dedicated lines into the Youth segment. In addition, we provided a USD 5mln uncommitted tranche. These funds will be earmarked for Energy Efficiency loans.


Lendable MSME FinTech Credit Fund – USD 5 mln Debt

Lendable is a leading debt finance provider to fintech companies across frontier and emerging markets that create access to new financial products and services for un- and under-banked populations. Lendable finances fintech companies that facilitate consumer and MSME credit, productive asset finance, payments, remittances, and digital marketplaces. From its offices in Nairobi, London, and Singapore, and using its proprietary technology and data, Lendable directly originates, structures, underwrites, and monitors all transactions. FMO co-anchored the Lendable MSME Fintech Credit Fund (LMFCF), providing a USD 5 mln debt facility. With this financing, Lendable will support fintech companies in Africa and Asia, a niche not served by traditional impact fund managers.


Maxima Microfinance Plc – USD 3 mln Debt

Maxima Microfinance Plc (“Maxima”) is a regulated microfinance institution in Cambodia. Maxima offers Group, Individual and Small Business loans. Maxima currently operates in 8 provinces in Cambodia, has 14 branches, employs over 170 staff and has over 6,800 active borrowers, of which roughly 91% are women. Maxima plays an important role in providing access to finance to micro and small enterprises, a critical segment in supporting job creation. FMO provided a USD 3mln loan to Maxima dedicated toward financing micro clients and water, sanitation, and hygiene (green) projects, thereby contributing to decent work and economic growth activities and supporting climate action. MASSIF’s financing to Maxima is highly additional as medium-term financing is scarce in Cambodia. This transaction will be the first DFI loan to Maxima.


Medical Credit Fund II Coöperatief U.A. – EUR 2.5 mln Debt

Our client is Medical Credit Fund Coöperatief U.A., (‘MCF’ or ‘the Fund’)) a Dutch entity affiliated with the PharmAccess Group, a Dutch NGO with a focus on making inclusive health markets work in sub-Saharan Africa and an existing FMO client. The Fund’s ambition is to provide EUR 250mio in loans to about 2,500 health SMEs over a period of 10 years with a maximum fund size of EUR 80mio, through direct and digital lending. As a start, MCF raised EUR 32.5 mln in debt and member’s equity of which EUR 7.5 mln was funded by FMO through the Building Prospects fund (EUR 5 mln) and MASSIF fund (EUR 2.5 mln). This financing is highly additional and leads to better health in the markets MCF operates. Additionally, MCF borrowers reach the base of the pyramid (BoP) where 54% of customers of borrowers are in the very low and low socio-economic bracket. In addition, 50% of beneficiaries are women.


Dolma Impact Fund II – USD 10 mln Equity

Dolma Impact Fund II (“DIF II” or Fund II”) is the follow-on fund of Dolma Impact Fund I, where FMO played an anchor investor role. Dolma is one of the first private equity (“PE”) fund managers focused on Nepal and has played a key role in developing the PE sector in the country. MASSIF provided DIF II with USD 10 mln equity investment to be used to advance the fund’s strategy to provide scarce (growth) capital to small- and medium-sized enterprises (SMEs) in Nepal, in the healthcare, renewable energy, technology, and other sectors with high growth and impact potential. Fund II is established to generate private sector-led growth while creating positive social and environmental impact. Nepal is one of poorest 55 nations in the world and hence is classified as Least Developed Country (“LDC”). Supporting investments in LDCs is one of the core strategies of FMO and MASSIF. In addition, Fund II’s strategy of investing in renewable energy in a country that has an energy deficit and investing in companies that need capital to grow alongside its economy (and hence simultaneously boosting it) touches another cornerstone of FMO’s strategy.


Access Bank Plc – NGN 102.5 mln NASIRA Guarantee

Access Bank Plc (“AB”) is a full-service commercial bank operating through a network of more than 700 branches and service outlets located in major centers across three continents. Apart from the Nigerian operations, the bank has 11 subsidiaries in Africa, 1 in the UK (with a branch in Dubai, UAE) and three representative offices: China, India and Lebanon. Access Bank Plc is listed on the Nigerian Stock Exchange since 1998 and provides a wide range of banking and financial services via four main business segments: Corporate & Investment banking, Commercial Banking, Business Banking and Personal Banking. Access Bank has been a long-standing partner with FMO. In 2021, FMO provided a revolving unfunded (NASIRA) portfolio guarantee covering loans provided to Nigerian MSMEs affected by the COVID-19 crisis including young & female entrepreneurs. The NASIRA program is a risk sharing facility for local financial institutions. It is an innovative way of unlocking support to underserved segments: young, migrant, women and COVID-19 affected entrepreneurs. The NASIRA target groups often remain underbanked due to high risks - both perceived and real - involved in lending to them. This is, amongst others, due to absence of collateral and credit history. The guarantee program takes away this hurdle, by agreeing in advance to share possible credit losses.



ARARATBANK OJSC is a mid-sized universal bank in Armenia focusing on Micro, SME, and Retail customers. The bank operates the 5th largest branch network in the country and employs around 1,025 staff. Araratbank is an existing client of FMO since 2014, with FMO having provided both funding and technical assistance support. In 2021, FMO advanced the partnership with AraratBank by offering a risk sharing facility to support Covid-19 affected MSMEs and a MSME business loan portfolio of displaced people from conflicted areas currently living in Armenia to support their income generating business activities. With this proposition, FMO shares directly the risk of the loan portfolio of displaced people, their enterprises and Covid-19 affected MSMEs with Araratbank and as a result, increasing Araratbank’s risk appetite and incentivizes it to finance the underserved and marginalized communities in Armenia.


Bank al Etihad - JOD 0.28 mln NASIRA Guarantee

Bank al Etihad is a Jordanian banking and financial institution. Founded in 1978 under the name Union Bank, its focus was mainly on the corporate segment. The bank changed its name to Bank Al Etihad in 2011 and rebranded itself, while expanding its offering with new innovative services to tap into the Jordan’s growing retail and SME markets. The bank believes that empowering its community can only be achieved by investing in digital transformation. Through this, clients can access products and services and control their money wherever they are and at any time. Bank al Etihad also has a strong focus on reducing inequalities which is demonstrated by its active membership of the Global Banking Alliance and the launch of its comprehensive program to empower female entrepreneurs. FMO supported the Bank al Etihad with an up to USD 30mln JOD equivalent NASIRA Risk Sharing Facility (JOD 0.28mln, MASSIF proportion) combined with a NASIRA Capacity Development package earmarked for COVID-19 affected entrepreneurs and focusing on underserved female entrepreneurs. The NASIRA Program supports the Bank in accelerating and continuing its drive towards serving MSMEs in Jordan. This transaction has been recognized as a ‘2X investment’ by the 2X Challenge FMO is member of.


Capital Bank of Jordan– USD 0.28 mln NASIRA Guarantee

Capital Bank of Jordan (“CBoJ”) is the 7th largest bank in Jordan, with the largest growing SME portfolio of Jordan (20% of loan portfolio). Total Assets amount to ~USD 4 billion. Together with its subsidiaries in Dubai (100%) and Iraq (61.85%), Capital Bank Group offers commercial and investment banking services and solutions tailored to the needs of individual, SME, and corporate clients alike. CBoJ is committed to become the number 1 digitally enabled bank of Jordan that can offer the most (cost) efficient services to its clients. With the support of a variety of partnerships, the CBoJ aims to grow and capture an increasing (MSME) market share. FMO supported CBoJ with a USD 20mln in JOD equivalent unfunded revolving Risk Sharing Facility (“RSF”), under the NASIRA guarantee program. The RSF covers loans to COVID-19 affected MSMEs and young entrepreneurs in Jordan. The Guaranteed Portfolio is earmarked to loans originated through alternative MSME lenders increasing their ability to get access to funding from a local Tier 1 bank. MSMEs in Jordan make up 95% of all businesses, account for 37% of private sector employment whilst they only receive 10% of total facilities granted by banks. In addition, unemployment is high amongst youth (37%). MSMEs are heavily impacted by COVID-19 due to the slowdown of the economy. Our guarantee represents a comprehensive COVID-19 support package to MSMEs and helps CBoJ and its partners to strengthen its ability to serve this market.


Sidian Bank Limited– KES 21.45 mln NASIRA Guarantee

Sidian Bank Limited ("Sidian") is a full-service commercial bank based in Nairobi, Kenya with majority shareholder Centum Investment Company Limited. It was originally established in 1984 as an MFI NGO under the name K-Rep. Per late 2014, Centum became the majority shareholder of the bank driving its strategy towards a full-fledge SME focused bank. In early 2016 the bank rebranded to Sidian Bank. FMO aspires to build a strong relationship with Sidian along the mutual strategy of sustainable commercial development through financing MSMEs in Kenya's real economy (including Young, Female and COVID-19 affected entrepreneurs), thereby enabling those companies to invest in their businesses, create jobs and contribute to the overall economic development and growth of the economy. To this end, FMO provided a revolving unfunded (NASIRA) portfolio guarantee covering loans provided to MSMEs affected by the COVID-19 crisis including female and young entrepreneurs.