KUALA LUMPUR, Sept 2 (Bernama) -- Emerging Markets Global Advisory Ltd (EMGA), a niche investment bank focused on emerging markets, has announced a senior debt transaction in Ecuador that will allow Banco D-Miro to continue expanding its microcredit lending activities in Ecuador.
Banco D-Miro is an Ecuadorian bank specialising in microfinance and its vision is to be the bank that contributes the most to poverty reduction, a statement from EMGA said today.
The US$10 million debt facility was originated, advised upon, and structured by EMGA with financing provided by U.S. International Development Finance Corporation (DFC) and the transaction is the first EMGA has completed in Ecuador.(US$1 = RM4.483)
“It was a real pleasure for EMGA to advise Banco D-Miro on this important transaction aimed at funding their small and medium enterprise loan portfolio with a particular focus on women-owned enterprises,” EMGA managing director and head of investment banking Sajeev Chakkalakal said.
Furthermore, closing yet another transaction with DFC demonstrates the strength of our relationship built over several years. We believe DFCs position as a pre-eminent development finance institution will add a new, strategic long-term funding source for Banco D-Miro,” he said.
Commenting on the transaction, Banco D-Miro’s chief financial officer Fabian Victores Baque said: “We appreciate the support of EMGA and DFC to finalise this important transaction.
“Having a strategic partner such as DFC will help us to meet our objectives of generating financial inclusion and increasing financing to women micro-entrepreneurs,” Baque said.
London-based EMGA helps financial institutions and corporations seeking debt/equity capital.
-- BERNAMA
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