by the MicroCapital Team - Africa, Deals, Investment Funds, Key Players, Middle East -

Microfinance Institution Swaziland Development Finance Corporation (FINCORP) Lands $3 Million Loan from OPEC for Microcredit Investment

The Swaziland Development Finance Corporation (FINCORP), formerly known as the Enterprise Trust Fund, received a $3 million loan from the Organization of Petroleum Exporting Countries (OPEC) Fund in September. Microfinance institution (MFI) FINCORP, which was founded by the government in 1995, provides “individual loans along with wholesale lending.” In April 2004, FINCORP had a gross loan portfolio of approximately $15.17 million and total assets of about $15.62 million.

FINCORP’s recent investor, the OPEC Fund, is an “intergovernmental development finance institution” headquartered in Vienna, Austria. In 2004, the OPEC Fund had $528.624 million in committed investment and $287.722 million in disbursed investments to the private and public sectors. Typically, these monies are directed to public and private sector project and program financing, technical assistance, and research—among other areas. Since the fund’s inception in 1976 by OPEC’s member states, the OPEC Fund’s cumulative total committed investments stand at $7.474 billion and total disbursed investments stand at $4.925 billion, as of the end of 2004.

Additional Resources
1) Consultative Group to Assist the Poor (CGAP): “Microfinance Capital Markets Update” is the best source for monthly updates on debt and equity deals in microfinance.
2) “Investment: Swaziland Development Finance Corporation.”
3) MIX Market: “FINCORP: Financial Data.”
4) “OPEC Fund for International Development.”
5) “OPEC Fund Headquarters.”
6) “The OPEC Fund for International Development: Annual Report 2004.”
7) “OPEC Fund at a Glance.”

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