The Norwegian Microfinance Initiative (NMI) is an 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
Oslo, Norway - 15 May 2013: NMI Global Fund today announced the disbursement of USD 4.0 Million in the form of a Senior Loan to Sathapana Microfinance Institution Limited ("Sathapana"). Sathapana is a large and well-established MFI with a long and profitable track record in Cambodia, operating in 22 (of 24) provinces in the country. In addition, 60% of the borrowers are in the rural areas with roughly two-thirds of these being women. The Company currently serves more than 68 000 clients and has a Gross Loan Portfolio of over USD 120 million.
Oslo/Hyderabad, India - April 24, 2013 - Utkarsh Micro Finance Pvt ltd ("Utkarsh") today announced the closure of its new round of infusion of INR 20.0 crore (approx. USD 3.7 million) subscribed by its existing investors Aavishkaar Goodwell, International Finance Corporation and Norwegian Microfinance Initiative. Utkarsh, a registered Non-Banking Finance Company (NBFC), currently operates in 24 districts of Uttar Pradesh, Bihar, Madhya Pradesh, Uttarkhand and Delhi. It has 102 branches, over 192,000 active clients and a loan portfolio of INR 175 crore (approx. USD 33 million).
March 4, 2013 - The NMI MFI Team competed in the cross country ski race, Vasaloppet, in Sweden on March 1, 2013. A distance recognized as 90,000 meters or 56 miles, indeed a long distance on snow. Please find the track profile on the following link.
New Delhi, February 28, 2013 - The Norwegian Microfinance Initiative's Frontier Fund (NMI) has led an INR 250 Million ($4.6 Million) Series B investment in Fusion Microfinance Pvt. Limited. Incofin-Rural Impulse Fund II, an existing investor in the MFI also participated in this Series B round of investment.