PACT GLOBAL MICROFINANCE FUND (FMO-57920)

Countries
  • 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.
Project Status
Active
Bank Risk Rating
C
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
Aug 10, 2020
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.
Borrower
Pact Global Microfinance Fund
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 15.00 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)
$ 15.00 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 Aug 28, 2020

Disclosed by Bank Aug 10, 2020


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Project Description

According to the bank document, "the proposed funding is a senior unsecured facility of USD 15 million, with a tenor of 5 years. The loan will be used to finance PGMF's microfinance portfolio. Pact Global Microfinance Fund (PGMF) is a wholly-owned subsidiary of Pact, Inc. ("Pact") incorporated in the State of Delaware, USA". 

 

 

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors

PGMF is a charity created by Pact, a non-profit international development organization founded in 1971, active in nearly 40 countries. PGMF operates directly as an international non-governmental organization in Myanmar, where it is licensed by the Financial Regulatory Department to implement microfinance activities. PGMF operates with a loan book of ~USD 275 million serving more than 950,000 borrowers - 99% of them women - which is present in more than 79 townships and >14,000 villages.

Contact Information
*There is no information being disclosed at this stage of the project*
 
ACCESS TO INFORMATION 
As part of FMO’s “ex-ante disclosure” (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl
 

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