Original disclosure @ FMO website
Updated in EWS Sep 16, 2019
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According to the bank document, these funds were used to acquire the assets from Save the Children. Further funds have and will be used to further grow the loan portfolio. The entire loan portfolio is focused on providing financing to the financially underserved, urban and rural women of a low-income country. With these loans, economic activity will be enhanced in rural areas.
This direct equity transaction is very much in need, as financing in Myanmar is still limited. Furthermore, commercial parties active in Myanmar are scarce due to political and regulatory risks. Early Dawn reaches out to the underprivileged, thus this transaction is highly inclusive. Being one of the top five microfinance institutions in the country, it may serve as an example in an upcoming and developing sector in Myanmar.
Early Dawn started as a microfinance program taking over assets, liabilities, and staff of the Save the Children microfinance project in Myanmar. It employs the traditional Grameen model group financing to provide microloans to the population of Myanmar. Early Dawn was set up by FMO, Accion and Triodos microfinance funds. With this transaction, Early Dawn has become a licensed, well-capitalized microfinance institution ready to expand operations.
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*There is no further information being revealed at this stage of the project*
ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism