Another story coming to us courtesy of the CGAP-MIX Capital Markets Update newsletter. Institution Mutualiste Communautaire d’Epargne et de Credit THIES (IMCEC) based in Senegal, Africa, received a USD 650, 400 investment from Oikocredit. Founded in 2001, IMCEC’s goal is to provide families with appropriate access to financial services so that they obtain a stable income. According to the MIX Market, the microfinance clearing house, as of December 31st 2003, IMCEC had a gross loan portfolio of USD 571,122, total assets of 907,359, a return on assets of -8.01% and a debt to equity ratio of 147.07%.
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