NMI Professional Assistance Facility
News
Norad to Fund NMI Professional Assistance Facility
Oslo, Norway - 10 January 2010: NMI today signed an agreement with Norad, the Norwegian Development Agency, to provide financial support to the NMI Professional Assistance Facility. This Facility will provide technical assistance to microfinance institutions in which the NMI Frontier Fund invests.
The NMI Professional Assistance Facility will support NMI Frontier Fund's investments. Experience indicates that many MFIs need substantial institutional and human capacity building to become viable and sustainable institutions. This capacity building may include training and skills development in areas such as markets and products, management information systems, risk management, financial management, human resources management, and strategic issues. A diverse range of Professional Assistance (PA) providers will be required to meet these needs, and Norwegian NGOs and other individuals and organizations may be eligible to provide PA services to NMI portfolio companies. Further, funding from the NMI Professional Assistance Facility may be available on an exceptional basis to encourage and support innovation and enhance development impact in the microfinance industry.
Funding for the NMI Professional Assistance Facility will come through Norad, the development agency of the Government of Norway.
The Norwegian Agency for Development Cooperation (Norad) is a directorate under the Norwegian Ministry of Foreign Affairs (MFA). Norad's most important task is to contribute in the international cooperation to fight poverty. From February 2004 Norad is reorganized to fulfil a new role and new expectations. Norad will contribute to effective management of development funds and ensure that the Norwegian development cooperation has high quality and is evaluated. Norad is headed by a Director General, Poul Engberg-Pedersen.