Production

Dvara Kshetriya Gramin Financial Services Private Limited – USD 13.0 mln Debt

Dvara KGFS is a non-deposit taking systemically important non-bank financial institution headquartered in Chennai, India, established in 2008. The company’s mission is to maximise the financial wellbeing of individuals and small enterprises in India by providing access to financial services. Dvara KGFS uses a customer-centric, technology-enabled business strategy to provide financial products to women and microenterprises in rural /semi-rural areas. MASSIF’s funding of USD 13 mln will be used for the growth of Dvara’s microfinance portfolio towards female or young microentrepreneurs, women-owned micro enterprises, supporting the themes of gender and inclusive finance, and climate resilient agriculture.

MCE Empowering Sustainable Agriculture Fund LLC – USD 10.0 mln Debt

MCE Empowering Sustainable Agriculture (MESA) is a recently established 9-year close-ended debt fund that aims to scale economic opportunities within local communities, enhance the climate resilience of smallholder farmers, and empower women throughout the agricultural sector in emerging markets. MESA will seek to provide capital to gender-inclusive agribusinesses throughout their lifecycle, either through direct lending or through financial services providers. FMO funds will be lent out to agricultural-focused SMEs with significant exposure to women, and rural and agricultural-focused tier 2 and 3 financial service providers in Sub-Saharan Africa, Latin America, and Southeast Asia. By investing in MESA, FMO will contribute to job creation and strengthening local communities and livelihoods, supporting vulnerable segments of the population (women and rural communities) and enhancing climate resilience of these communities.

Ameriabank CJSC - USD 1.1 mln NASIRA Guarantee

Ameriabank is a privately-owned bank in the Republic of Armenia. The bank distinguishes itself by providing an extensive range of financial and advisory services through its omni-channel distribution, with a focus on the Corporate and SME segments. The NASIRA Risk Sharing Facility (RSF) represents the next milestone to the well-established partnership with Ameriabank. Through its controlled risk environment, the NASIRA RSF will bolster Ameriabank's endeavours to expand its MSME portfolio. The facility places particular emphasis on empowering Young and Women entrepreneurs by supporting their income generating business activities, thereby aligning with FMO’s goal in Reducing Inequalities. The NASIRA transaction of USD 1.1 mln guarantee will support Ameriabank in achieving its strategic goal of growing its MSME customer base.

JSC TERABANK - GEL 0.8 mln NASIRA Guarantee

JSC Terabank is a universal commercial bank in Georgia focusing on SMEs, retail, and digital channels for all banking products. We offer risk sharing facility to Terabank to support a new micro and SME loan portfolio of people from Georgia to support their income generating business activities. The risk sharing facility increases Terabank’s risk appetite and incentivizes it to finance the underserved and marginalized communities in Georgia.

Dashen Bank Share Company – USD 10.0 mln Debt

Dashen Bank is the oldest and second largest privately owned bank in Ethiopia. FMO provides the bank with a senior loan facility, of which USD 10 mln is committed and USD 10 mln is uncommitted. The bank is a new client for FMO with FMO’s facility providing much needed foreign currency for on-lending to the bank’s agriculture/exporting clients. The funding is used for purchasing of machinery and working capital facilities to enable the clients to increase their productivity and the outputs they are exporting, as well as to increase the number of small holder farmers that they are working with. By investing in Dashen, MASSIF contributes to job creation, strengthening local communities & livelihoods and in supporting segments of the population (rural communities) that have difficulty in accessing formal financing.

Joliba Capital Fund I – EUR 10.0 mln Equity Fund

Joliba Capital Fund I is a first-time fund raised by Joliba Capital. The Fund targets EUR 150 mln in fund size and will build a diversified portfolio of 8-10 investments in consumer-driven sectors across Francophone West- & Central Africa. The private equity market development in the fund’s target region lags behind many of the other large economies in the continent. The resulting funding gap hampers the growth of SMEs in the region. By contributing to the establishment of a dedicated and professional fund manager, our capital commitment supports the success of local entrepreneurs in the region. Economic growth funded by ‘conscious capital’ also helps to ingrain institutional quality to the benefit of all stakeholders, whilst improving the appeal of the portfolio companies to international investors. In collaboration with Joliba we expect to promote SDG5 (gender equality), SDG8 (decent work and economic growth) and SDG 10 (reduced inequalities). These objectives are aligned with the mandates of both MASSIF and Building Prospects, which both contribute to this investment (EUR 10 mln and EUR 5 mln respectively).

Insitor Impact Asia Fund II Pte. Ltd. – USD 10 mln Equity Fund

Insitor Impact Asia Fund II is a sector-agnostic Private Equity fund targeting investments in high-growth and scalable businesses active in Cambodia, India, and Pakistan. It is the second close-ended fund managed by Singapore-based Insitor Partners. The Fund will exclusively invest in companies providing solutions to low-income consumers/households along the main investment themes of better health, sustainable living, and economic growth. Insitor has been active in South/South-East Asia since 2009 with a consistent investment strategy focused on low-income households. The team has on-the-ground presence in its three target countries, while being supported by a strong senior team in Singapore and an experienced Investment Committee.

I and M Bank (Rwanda) PLC – RWF 345.4 mln NASIRA Guarantee

Incorporated in 1963, I&M Bank (Rwanda) Plc is the oldest bank in Rwanda and offers the full range of personal, business, institutional and corporate banking products throughout its locations. FMO is providing a USD 10 mln “NASIRA” portfolio guarantee with a possibility to top up to USD 20 mln within one year of effectiveness. The facility provides credit risk sharing for I&M Rwanda’s MSME portfolio with a focus on MSME loans to women, youth, and agriculture clients. With this guarantee in place, FMO will be supporting I&M Rwanda to increase their lending to MSMEs by managing the potential credit risks for the underlying portfolio.

Palestinian Company for Credit and Development - FATEN – USD 5.5 mln Debt and USD 0.2 mln NASIRA Guarantee

Faten (Palestine for Credit and Development) started as a program under Save the Children in 1995 and was spun-off in 1999 into a not-for-profit company with a mission to serve the financial needs of low- and middle-income Palestinian entrepreneurs and individuals. It became licensed and monitored by the Palestine Monetary Authority in 2014 and is currently the largest microfinance institution in the West Bank and Gaza. We offer Faten USD 10 mln (USD 5.5 mln committed and USD 4.5 mln uncommitted). These additional funds will support its portfolio growth in the West Bank and Gaza, especially towards women, young people, and refugees. We also offer a risk sharing facility to support M/SMES loan portfolio growth in Gaza specifically.

Following the war in Gaza and rising tensions in the Middle East, we assessed the impact on our customers in the region. MASSIF is exposed to two clients in the Palestinian territories, we will continue to monitor the situation closely in 2024.

Babban Gona Farmer Services Nigeria Limited – USD 5.0 mln Debt  

Established in 2012, Babban Gona (“Great Farm” in Hausa) is a financially sustainable and scalable agricultural enterprise co-owned by its farmers. The company provides cost effective end-to-end services to a network of franchise farmer groups on credit that is repayable at the end of the season. These services include training in sustainable farming, crop insurance, access to storage facilities, including a warehouse receipt program, marketing and distribution of products and access to credit, fertilizer and seeds. Furthermore, Babban Gona has developed a ‘Last Mile’ business line. This initiative provides Babban Gona members with products (e.g. fertilizer, FMCG goods) to sell to non-Babban Gona members, thus further increasing their net incomes. After a first loan provided to Babban Gona in 2017, the new facility (up to USD 15 million – consisting of a committed and an uncommitted facility) will allow Babban Gona to further expand its innovative farmer service model which is estimated to increase smallholders’ yields to up to 2 times the national average. Through its model, Babban Gona creates much-needed jobs in northern Nigeria and a path out of poverty and subsistence farming for smallholder farmers. Over the past 9 years, Babban Gona has provided its services to over 200,000 smallholder farmers while maintaining a 99% loan repayment rate, showcasing that smallholder farmers can be invested in in a financially sustainable way.

NMB Bank PLC - TSZ 643.5 mln NASIRA Guarantee

NMB Bank Plc. (NMB) is one of the largest commercial banks in Tanzania, providing banking services to individuals, MSMEs, agribusinesses and corporates. NMB has an extensive network of agents, branches and ATMs spread across Tanzania and is enabling access to finance to end clients across the country. FMO is providing a USD 11 mln NASIRA Risk Sharing Facility (with a possibility to top-up to USD 25 mln within 1 year of effectiveness). The facility will be geared towards NMB’s loans to MSMEs with a specific focus on the agriculture value chain being a key driver of the Tanzanian economy.

Advans S.A. Sicar- EUR 2.5 mln Equity

We support the Advans Group in order to support financial institutions, which contribute to strengthening local businesses, creating and sustaining jobs and improving clients’ living standards in order to foster private sector–led economic and social development in Africa, the Middle–East and Asia. Through this investment we want to strengthen our shareholding in the Advans Group and further support the company in the markets it is active in. Additional investment in Advans S.A. Sicat equity has been made in 2023. 

IDH FarmFit Fund B.V. - EUR 1.3 mln Debt

Since its inception in 2008, the Sustainable Trade Initiative (“IDH”) has developed a market-based approach to smallholder value chain development. Currently, IDH works with over 600 companies, financial institutions, producer organisations, and governments in 12 value chains across 40 countries worldwide. As an evolution of its grants-based investments strategy, IDH established the Farmfit Fund (the “Fund”). To strengthen smallholder value chains and improve the livelihoods of farmers, the Fund will support a wide variety of actors ranging from traders to input providers, Agri SMEs and financial institutions across Africa, Asia, and Latin America. The Fund is an existing MASSIF client, to which in 2023 additional funding in a total amount of EUR 1.3 mln was committed. 

Araratbank OJSC - USD 0.2 mln NASIRA Guarantee