VisionFund Myanmar has received $4 million in financing from the Japan ASEAN Women Empowerment Fund (JAWEF) and Microfinance Initiative for Asia (MIFA) Debt Fund, the firm announced on Friday.
The financing will be in the form of a loan for a two-year term from JAWEF, a microfinance initiative aimed at the empowerment of women in Southeast Asia, and MIFA. Both funds are managed by global impact investment manager BlueOrchard Finance Ltd.
VisionFund Myanmar claims to have the largest geographical reach in providing microfinance services in the country. The firm will use the loan to extend services to rural and urban communities, it said in a statement.
Rommel Caringal, Chief Executive Officer of VisionFund Myanmar, said, “We believe in brighter futures for children, empowering families to create incomes and jobs and unlocking economic potential for communities to thrive. We are pleased to collaborate with BlueOrchard, and this cooperation will enable us to expand our services and bring greater financial inclusion to families of Myanmar.”
VisionFund Myanmar is a wholly-owned entity of VisionFund International which has a network of microfinance institutions in over 30 countries. As of August 2017, VisionFund Myanmar has served more than 152,000 clients (87 per cent of whom are women borrowers) with a total loan portfolio of over $25 million.
The microfinance arm of the World Bank aims to provide quality financial services to vulnerable communities with a special focus on empowering women and smallholder farmers in rural settings.
BlueOrchard was founded in 2001 by initiative of the United Nations as the first commercial manager of microfinance debt investments worldwide. To date, BlueOrchard has invested more than $4 billion in 350 institutions across 70 countries in emerging and frontier markets, providing access to financial and related services to over 30 million low-income individuals.