BlueOrchard Finance, a Swiss asset management company, recently informed MicroCapital that it has provided USD 4 million in loans from two funds it manages, the Dexia Micro Credit Fund and the Microfinance Enhancement Facility, to three Asian microfinance organizations. Frontiers, a microfinance investment vehicle (MIV) in Kyrgyzstan, will receive USD 500,000. The Eskhata Bank in Tajikistan will receive USD 2 million. The Middle East Micro Credit Company (MEMCO) in Jordan will receive USD 1.5 million.
According to the MIX Market, the microfinance information clearinghouse, as of 2009, Frontiers had USD 12.6 million in total assets, USD 8.9 million of which were allocated microfinance funds in 53 active microfinance investments. As of 2008, Eskhata Bank had total assets of USD 75.5 million, 11,000 active borrowers, a return on assets (ROA) of 3.37 percent and a return on equity (ROE) of 21.44 percent. As of 2008, MEMCO had total assets of USD 33.6 million, 46,000 active borrowers, a ROA of 7.01 percent and a ROE of 14.68 percent.
The deals were closed in May 2010.
About BlueOrchard Finance:
The BlueOrchard Private Equity Fund was established in 2007 to invest in the microfinance industry. Approximately 80 percent of funding is from European and US institutional investors, and 20 percent is from individual investors. The main focus of the fund is to work with leading regulated, fast growing microfinance banks through direct participations in their capital or through the creation of holding companies.
About Dexia Micro Credit Fund:
The Dexia Micro-Credit Fund (DMCF) invests in debt instruments issued by microfinance institutions (MFIs), which are retail micro-lenders. DMCF finances 88 institutions in 33 developing countries in Africa, Asia, Eastern and Central Europe and Latin America. DMCF is managed by BlueOrchard Finance SA.
Sources:
[1] E-mail correspondence with MicroCapital, June 11, 2010.
[2] MicroCapital Universe: BlueOrchard Finance.https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=BlueOrchard+Private+Equity+Fund
[3] MicroCapital Universe: Dexia Micro Credit Fund.https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Dexia+Microcredit+Fund+(DMCF)
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