The Norwegian Microfinance Initiative (NMI) is a new and innovative strategic partnership between the Norwegian public and private sectors that will invest in microfinance institutions (MFIs) in developing countries and provide professional assistance and technical support for these institutions. The mission of NMI is to contribute to the empowerment of poor people and to the creation of jobs, wealth, and economic and social sustainability in developing countries by investing in and supporting MFIs. Learn more
News
NMI Frontier Fund Commits USD 3.5 Million to Newly Founded MIV to Support Microfinance Activities in Eastern Africa
December 20, 2011Oslo, Norway: NMI Frontier Fund today announced an investment of USD 3.5 million in Class A Shares into Progression Eastern African Microfinance Equity Fund ("Progression" or the "Company"). Progression is a Microfinance Investment Vehicle set up to provide Equity capital to Microfinance Institutions and Microfinance Enablers in Eastern Africa. The Company's operations will be based in Nairobi, Kenya, enabling frequent contact and hands-on follow-up and support to the Company's investees. The Managing Partners of Progression estimate that the Company has the potential to reach about 500 000 clients and to have a positive social impact on the lives of about 2.5 million people in Eastern Africa during the Company's lifetime.
NMI GLOBAL Fund Lends USD 4.5 million to PRASAC Microfinance Institution Limited in Cambodia
November 17, 2011Oslo, Norway: NMI Global Fund today announced the disbursement of USD 4.5 Million in the form of a Senior Loan to PRASAC Microfinance Institution Limited ("PRASAC"). PRASAC is a large and well-established MFI with a long and profitable track record in Cambodia, operating in all 24 provinces in the country. In addition, over 90% of the borrowers are in the rural areas with roughly two-thirds of these being women. The Company currently serves more than 120 000 clients and has a Gross Loan Portfolio of over USD 135 million.
NMI Global Fund disburses USD 5.6 million to Bank Andara to support microfinance institutions in rural Indonesia
October 24, 2011Oslo, Norway: NMI Global Fund today announced the disbursement of IDR 50 Billion (USD 5.6 million) in the form of a Senior Loan to PT Bank Andara ("Andara"). This is the largest investment into one financial institution by NMI to date. Andara is a wholesale commercial bank that exclusively serves as a strategic banking partner to the Indonesian microfinance industry.
NMI leads USD 5.5 million Equity Round to Support Financial Inclusion in Northern India
September 26, 2011Oslo/Hyderabad, India: In a joint press release, The Norwegian Microfinance Initiative (NMI) and Utkarsh Micro Finance Pvt Ltd (Utkarsh) announced that the NMI Frontier Fund KS had led an INR 250 Mn Series B investment in Utkarsh. A registered Non-Banking Finance Company (NBFC), Utkarsh currently operates in 13 districts of Uttar Pradesh and Bihar. It has 56 branches, over 57,000 active clients and a loan portfolio of INR 410 Mn. Aavishkaar Goodwell (AG), an existing investor in the MFI also participated in this Series B round of investment in the company. IFC, a member of the World Bank Group, is also an existing investor in Utkarsh and has been supporting the firm since March 2010.
