FMO proposes to extend $7.5m loan to Bangladeshi social enterprise Sajida

Dutch development bank FMO has proposed a senior unsecured loan worth $7.5 million for Bangladesh-based social enterprise Sajida Foundation.

Sajida Foundation was set up in 1993 as a non-profit organisation providing microcredit products, healthcare services and social development programmes. Sajida is the seventh-largest microfinance institution in Bangladesh with $199 million in total assets and $34 million in equity by the third quarter of 2019. It has 199 branches serving more than 340,000 customers during the period.

FMO said the five-year loan facility funded by MASSIF will be used to finance Sajida’s microfinance portfolio. MASSIF is an FMO scheme that provides access to financial services such as bank accounts, savings and loan products for micro-, small- and medium-sized entrepreneurs.

“This transaction will fit in the MASSIF strategic investment theme of ‘The Unbanked’ as Sajida is a microfinance institution operating in Bangladesh,” FMO said in the proposal.

This transaction will be the first DFI (development finance institution) loan to Sajida, it added.

“Short-term loans form 50 per cent of Sajida’s borrowing and hence the present proposal of a 5-year loan will be highly additional to them in managing their ALM.”

Sajida was formed through receiving a 51 per cent shareholding of Renata Pharmaceuticals Ltd, formerly Pfizer Bangladesh.

Dhaka Stock Exchange-listed Renata is one of the fourth largest pharmaceutical companies and a leader in animal health products, with market capitalisation of approximately $1.1 billion as of June 31, 2019, Sajida said on its website.

“SAJIDA has grown into a self-sustaining organisation with a majority of its programmes financed by dividend earnings from Renata Limited, service charges from microfinance operations, and fees from its health and insurance ventures.”

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.