• Myanmar
Geographic location 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.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 5, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
GRET international non-government organization
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 1.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 1.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 1.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Dec 7, 2023

Disclosed by Bank Nov 6, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

This transaction comprises the equivalent USD 1m (+1m limit) senior unsecured debt in LCY to Thitsar Ooyin to support the institution in its future loan growth plans. Thitsar Ooyin provides loans to clients, about 74% of women, in poor and remote areas of Myanmar, a low-income country. Proceeds of loans are for livestock, production, and services and the rest is for cultivation.

Through this investment, FMO is able to pursue its inclusive goals and geographically diversify its presence in Myanmar. FMO will be the second foreign lender in Thitsar Ooyin. It fits the MASSIF strategy, as the transaction is for the unbanked, in Myanmar, a low-income country and a fragile state, and it serves the agri/rural clients. Local currency funding to international MFIs in Myanmar remains scarce therefore this transaction is highly additional to Thitsar Ooyin.


Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Thitsar Ooyin is a newly registered limited company that took over the microfinance activities that GRET had been implementing in Myanmar for more than twenty years. GRET is well-known to FMO, as it was the main founder of Amret Cambodia. Thitsar Ooyin promotes financial inclusion in Chin State and Sagaing Region with a particular focus towards rural areas to the benefit of poor disadvantaged community. The MFI uses group-lending methodology, but it also provides individual loans to previously successful group borrowers. Thitsar Ooyin currently has a loan portfolio of USD 3.2 mln and serves 20,552 clients of whom 90 % live in rural areas.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

1/Project Contact:

Press contact:

Name: Claire Labat 

Phone No.: +33 (0)1 70 91 92 76 / +33 (0)6 06 61 74 22 


In Myanmar:

Name: Baptiste Larnaudie 

Phone No.: + 95 (0) 99 77 412 767



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:

How it works

How it works