• Myanmar
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 4, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Early Dawn Microfinance (DAWN)
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 3.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 3.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Mar 27, 2019

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Project Description

The funding equivalent of USD 3 million in LCY will be fully used to provide micro loans to women with limited or no access to capital in the (semi) urban areas in Myanmar. The impact of the project is significant, given that this is one of the first long-term debt products provided to the financial sector in a highly underserved market.

Through DAWN, FMO is able to pursue its inclusive goal, as DAWN focuses on microfinance to financially underserved women in (semi) urban areas. It is also an excellent opportunity for FMO to substantiate its presence and achieve a strategic foothold in Myanmar, a relatively new market for FMO and a LIC55. Myanmar is one of the poorest countries of Southeast Asia with a GDP per capita of USD 1,203 (below Laos, and in line with Cambodia). However, with its sheer population size of 54 million, its large natural resource base and its geographic location near large markets, it has huge potential. The impact is large as FMO contributes to the development of a high-quality microfinance institution in a relatively new market environment.

Investment Description
  • Netherlands Development Finance Company (FMO)

Early Dawn Microfinance (DAWN) is one of the earliest microfinance institutions (MFIs) established in Myanmar. It was a program created in 2002 by the NGO, Save the Children, which was jointly acquired by Accion (40 percent), Triodos (30 percent) and FMO (30 percent) in March 2015, with the goal to establish DAWN as a premier MFI and model for Myanmar's nascent microfinance sector. It was FMO's first investment in Myanmar. DAWN is one of Myanmara€™s top 5 MFIs, with a balance sheet of USD 10 million and a loan portfolio of USD 9 million.

Contact Information


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