FMO's local currency loan will be used by AMM to further expand its lending operations to microfinance clients in urban and rural areas of Myanmar, who currently have limited or no access to capital.
The project is envisaged to have high impact which derives from providing LT capital to a well-established microfinance institution in Myanmar, a country which has been isolated for more than 50 years and where more than 80 percent of the population has no access to financial services.
Microfinance Myanmar (AMM) is the newest subsidiary of ACLEDA Bank PLc. Cambodia (ABC), a well-reputed client and long-lasting relationship of FMO. AMM started operations in February 2013. With support from its shareholders- ABC (55%), IFC (15%), KFW (15%) and COFIBRED (15%), it has become a top 5 microfinance institution in Myanmar. AMM has built a loan portfolio of USD 13.5 million, a balance sheet of USD 14.7 million and it serves 44,516 clients. AMM provides mainly microfinance loans up to USD 5000.
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/