By Vuthy Chea, BlueOrchard Cambodia Office May 2017, Bangkok
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1 SWITCH-Asia Workshop Case study: Microfinance Initiative for Asia (MIFA) Debt Fund SA, SICAV-SIF By Vuthy Chea, BlueOrchard Cambodia Office May 2017, Bangkok
2 Table of contents Fund Objectives and Structure Fund Portfolio Update Renewable Energy Component & Technical Assistance Examples of MIFA s Investees 5 Conclusion 2
3 Fund Objectives and Structure Fund Portfolio Update Renewable Energy Component & Technical Assistance Examples of MIFA s Investees 5 Conclusion 3
4 The MIFA Debt Fund: objec<ves Provide financing (senior and subordinated loans) mainly in local currency on commercial terms to Microfinance Ins:tu:ons (MFIs), especially Tier 2 and Tier 3 MFIs, in emerging Asian and Central Asian markets. Strengthen financial intermediaries, encourage them to lend to micro and small enterprises and low income households. Foster responsible finance principles in the region and further develop local financial markets. more than 15 countries 4
5 Advantages of the partnership concept Public-private partnership as a means to promote financial inclusion USD 175m size Public investors are catalysts in aerac:ng new investors: crowding-in of private sector generates a broader impact and ensures long-term sustainability Private investors benefit from the subordina:on of public investors in the fund structure and earn ajrac<ve risk-adjusted returns Technical assistance provided by public donors 5
6 Fund structure: 3 Tranches with Different Risk Profile: Contributed Capital as of 31 March 2017: USD 172 Million Senior Tranche USD 72,126,112 Investors meeting Luxemburg SICAV-SIF requirements Fully private sector funded Mezzanine Tranche USD 53,848,499 USD 13 Mil private investor USD 40.8 Mil DFIs & Investment Manager Junior Tranche USD 45,846,114 USD 36.4 Mil BMZ USD 9.3 Mil EU 6
7 Fund Objectives and Structure Fund Portfolio Update Renewable Energy Component & Technical Assistance Examples of MIFA s Investees 5 Conclusion 7
8 MIFA PorQolio Update as of 31 March 2017 The outstanding pormolio as of 31 March 2017 was USD 153 Mil in 42 MFIs and 15 countries. USD 240 Mil disbursed from incep:on (11 Dec. 2012) to 54 MFIs. The Fund has an outreach to 15 countries. An average amount disbursed per MFI of USD 4.4 Million. 8
9 Fund Objectives and Structure Fund Portfolio Update Renewable Energy Component & Technical Assistance Examples of MIFA s Investees 5 Conclusion 9
10 Renewable Energy/Energy Efficiency Component The Fund sponsors have undertaken to assign specific addi:onal funding to financing MFIs that are already ac:ve in lending to renewable energy/energy efficiency (RE/EE) projects borne by micro-borrowers. The RE/EE component includes: BMZ investment in the C tranche, and BMZ technical assistance funding. A long-term technical expert Econoler from Canada- accompanying the development of the RE/EE pormolio was selected in November The long-term expert assists BlueOrchard over a 3 year period in the revision of the MIFA Investment Guidelines, the defini:on of the specific eligibility criteria for RE/EE investees, and repor:ng/monitoring templates for MFIs. 10
11 MIFA Technical Assistance Facility (TAF) Since August 2014, the TAF approved 16 TA projects EUR 1.7 m: 4 TA projects finalised: Humo, Tajikistan; OXUS, Tajikistan; First Finance, Cambodia; and TYM, Vietnam 8 TA projects currently ongoing: Over-indebtedness Study, Cambodia; Salym Finance, Kyrgyzstan; Bina Artha, Indonesia; Arohan, India; Saija, India; LOLC, Myanmar; Training Course Program (various MFIs); and BRAC Lanka, Sri Lanka 3 TA projects to be started: Alliance, Myanmar; Social Performance Management (SPM) support (various MFIs) and Opera:onal Efficiency (OE) Framework (various MFIs) Tier 1, 8% Average cost share contributed by the investee is between 10 and 25% Main areas addressed: Strategic and business planning, Quality of credit process, Product development, Risk Management. Tier 3, 75% Tier 2, 17% 11
12 Fund Objectives and Structure Fund Portfolio Update Renewable Energy Component & Technical Assistance Examples of MIFA s Investees 5 Conclusion 12
13 Khan Bank - Mongolia A client of MIFA since August Khan Bank is the largest bank with the widest outreach in Mongolia. The Bank maintains the number one posi:on for both loans and deposits. With over 500 branches, Khan Bank is a key agent of financial inclusion in Mongolia, par:cularly in rural areas. Khan Bank s target clients are mainly retail and SME. Through Khan Bank MIFA is enabled to reach 70% of the Mongolian popula:on. 50% of the Bank s client are rural. Even though in percentage terms, the total microfinance pormolio is a small part of Khan Bank s business (given the large size of the bank), in terms of absolute values Khan Bank has the largest micro and SME pormolio in Mongolia (as of Dec-2016, USD 200mm are microloans loans below USD 10k). 13
14 Microcred China Hong Kong (China) A client of MIFA since December Microcred China via its two affiliates in Sichuan provinces, mainland China has served more than 27,000 clients who are mainly micro, small and medium entrepreneurs. Around 50% of the loan pormolio is below USD 10,000. The average loan size is around USD 4,500. The fund received from MIFA would allow the ins:tu:on to expand its coverage Aye Finance India Aye Finance is expected to be in MIFA s pormolio in May While most of MIFA pormolio in India is focusing on tradi:onal group lending microfinance, Aye Finance offers working capital loans to SMEs which are part of various industry clusters. Currently 40+ clusters have been iden:fied, such as shoe making, garment-making and Kinara (corner/grocery shop). Target clients are those SMEs who on average employ ten people, and/or with annual turnover between USD 15k to USD 60k. 14
15 Fund Objectives and Structure Fund Portfolio Update Renewable Energy Component & Technical Assistance Examples of MIFA s Investees 5 Conclusion 15
16 Conclusion Typical MIFA s investees are Tier 2 and Tier 3 MFIs with total assets below USD 30mm. In addi:on to tradi:onal microfinance borrowers with smaller loan size, most of the MIFA s investees also target small entrepreneur as well as SMEs. With the RE component, the Fund is also able to provide support to the MFIs who are offering green financing. Via the TA funding, MIFA has contributed significantly to the strengthening and capacity building of selected Tier 2 and Tier 3 MFIs. 16
17 THANK YOU for Your AJen<on! 17
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