Incofin Investment Management, a Belgium-based microfinance investment fund manager, and Agora Microfinance NV (AMNV), an Amsterdam-based microfinance holding company, have acquired minority stakes in Angkor Mikroheranhvatho Kampuchea (AMK), a microfinance institution (MFI) that distributes loans to approximately 300,000 clients in Cambodia [1]. Incofin’s share of the investment was channeled through its Rural Impulse Fund II, a fund that invests in rural MFIs through debt and equity investments. The amount of the minority stakes is undisclosed.
In June 2013, AMK reported assets of USD 68 million. As of June 2011, Incofin manages six facilities with total outstanding investments of USD 426 million in approximately 39 countries. Its Rural Impulse Fund II reported assets of USD 173 million in 2012. As disclosed by Agora Microfinance, AMNV’s assets totaled approximately USD 3.3 million as of 2011.
By Anesa Kratovac, Research Associate
About Angkor Mikroheranhvatho Kampuchea (AMK Cambodia)
Angkor Mikroheranhvatho Kampuchea (AMK) is a microfinance institution (MFI) located in Cambodia. It was originally founded in 1999 by Concern Worldwide, a charitable organization located in Ireland. It became an independent company in 2003 and was licensed as an MFI in 2004. It offers loans and was granted a deposit-taking license in February of 2010. As of June 2013, it reported assets of USD 68 million. It currently serves approximately 300,000 active borrowers.
About Incofin Investment Management (Incofin IM)
Incofin Investment Management is a private Belgian company that develops and manages funds investing in microfinance institutions (MFIs) in developing countries. As of June 2011, Incofin manages six facilities with total outstanding investments of USD 425 million in approximately 39 countries.
About Incofin Rural Impulse Funds (RIF)
The Incofin Rural Impulse Funds (RIF) were launched by Incofin Investment Management to invest in rural microfinance institutions (MFIs) that are deemed commercially viable. Rural Impulse Fund I and Rural Impulse Fund II target both farm and non-farm populations in small towns and villages. The funds invest primarily through loans, though they make equity investments and guarantees as well. As of 2012, Rural Impulse Fund I has a fund size of EUR 30 million (USD 38 million), while Rural Impulse Fund II a fund size of EUR 120 million (USD 173 million).
About Agora Microfinance NV (AMNV)
Agora Microfinance NV is a microfinance holding company with a mission to maximize the social returns on microfinance investments, while realizing a fair and attractive financial return for the company’s investors and partners. In 2011, AMNV launched Agora Microfinance Zambia Limited, a microfinance institution that specifically services loans to low-income rural households, and converted a local Mumbai NGO into Agora Microfinance India Limited, a non-bank financial company to help it better serve poor people in Mumbai. As of 2011, AMNV’s assets totaled approximately USD 3.3 million.
Additional Sources and Resources:
[1] Agora Microfinance Press Release, August 2013, “Rural Impulse Fund II and Agora Microfinance N.V. take equity stakes in AMK Cambodia,” http://www.agoramicrofinance.com/#!rif-ii-and-amnv-take-equity-stakes-in-amk/c1nf4
MicroCapital.org Article, February 9, 2011, “MICROCAPITAL BRIEF: Agora Microfinance Partners to Launch Fund Investing in Africa, Asia,” https://www.microcapital.org/microcapital-brief-agora-microfinance-partners-to-launch-fund-investing-in-africa-asia/
MicroCapital.org Article, March 11, 2013, “MICROCAPITAL BRIEF: Incofin’s Rural Impulse Fund II, Norwegian Microfinance Initiative (NMI) Frontier Fund, Invest $4.5m in Fusion Microfinance of India,” https://www.microcapital.org/microcapital-brief-incofins-rural-impulse-fund-ii-norwegian-microfinance-initiative-nmi-frontier-fund-invest-4-5m-in-fusion-microfinance-of-india/
MicroCapital Universe Profile: Angkor Mikroheranhvatho Kampuchea (AMK), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Angkor+Mikroheranhvatho+Kampuchea+%28AMK%29
MicroCapital Universe Profile: Incofin Investment Management (Incofin IM), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Incofin+Investment+Management+%28Incofin+IM%29
MicroCapital Universe Profile: Incofin Rural Impulse Funds (RIF), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Incofin+Rural+Impulse+Funds+%28RIFs%29
MicroCapital Universe Profile: Agora Microfinance Partners, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Agora+Microfinance+Partners
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