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2013 Annual Report MEF Annual Report 2013 Page 2 2013 Annual report MEF Annual report 2013 page 2 The Mission, the Fund page 3 Client Stories page 16 Edpyme Alternativa page 16 Content The Structure page 4 Small grocery in Peru page 17 AMRET page 18 Letter of the Chairperson page 5 Farmer in Cambodia page 19 Supported by Three Investment Managers page 7 AccessBankTanzania Limited (ABT) page 20 Crickets farm in Cambodia page 21 BlueOrchard Finance S.A. page 7 Cyrano Management S.A. page 8 The Portfolio page 22 ResponsAbility Social Investment AG page 9 · Country distribution A facility enhancing MFIs page 10 · Regional distribution · Investment Manager distribution a. Key Figures · Currency distribution Portfolio in detail page 10 Portfolio evolution page 11 The Investors page 23 b. Impact Indicators page 12 Financial Information page 24 Activity Reports page 13 Balance Sheet page 24 BlueOrchard Finance S.A. page 13 Income Statement page 25 Cyrano Management S.A. page 14 ResponsAbility Investment AG page 15 MEF Annual report 2013 page 3 THE MISSION Recognised as an efficient and As a demand oriented fund, seeking THE FUND Mission of Initiated by KfW Entwicklungsbank responsible microfinance debt fund to respond to the needs of the market MEF aims to support economic (“KfW”) and International Finance providing stability to the microfinance and of individual MFIs, it opens the development and prosperity globally Corporation (“IFC”), a member of the market, MEF has an important possibility to provide financing to more through the provision of additional the fund World Bank Group, co-managed by three signalling effect and contributes to than 100 microfinance institutions development finance to micro- leading private investment managers the stabilisation of the microfinance in up to 40 countries and to support enterprises, via qualified financial (BlueOrchard Finance S.A., Cyrano sector. In times of uncertainty, a lending to as many as 60 million low institutions. Management S.A. and responsAbility vehicle that can respond quickly and income borrowers in many of the Social Investments AG), Microfinance decisively, such as MEF, can provide a world’s poorest countries. In pursuing its development goal MEF Enhancement Facility S.A., SICAV-SIF stable source of funding. observes principles of sustainability and (“MEF”) was setup in February 2009 The investment managers are led additionality, combining development as a USD 500 million facility to provide As a complement to existing sources by MEF’s Investment Committee, and market orientations. short and medium-term financing to of funding, MEF focuses on providing convening on a monthly basis and microfinance institutions (“MFIs”) liquidity that the market does not composed of reputable professionals facing difficulties in securing financing offer. MEF is a flexible vehicle of the microfinance industry, Mr. Syed as a result of the global financial crisis structured to meet the needs of MFIs, Aftab Ahmed, Mr. Karlo de Waal, and and, in particular, the 2008/2009 without crowding out private sector Dr. Klaus Glaubitt. liquidity crisis. initiatives. Initiated by Investors as placing agent Board of Directors General Secretary Investment Committee Innpact S.à r.l. Administrative Agent Investment Managers Credit Suisse Fund Services (Luxembourg) S.A. BlueOrchard Finance S.A. Auditor Ernst & Young S.A. Cyrano Management S.A. Legal Counsel responsAbility Arendt & Medernach Investments AG MEF Annual report 2013 page Custodian Hedging Advisor Credit Suisse (Luxembourg) S.A. Chatham Financial 4 The Structure Board of Directors Investment Committee Board of Directors Investment Committee Chairperson Chairman Ms. Monika BECK Dr. Klaus GLAUBITT Directors Members Mr. Robert Peck CHRISTEN Mr. Syed Aftab AHMED Ms. Andrea HAGMANN Mr. Karlo DE WAAL Mr. Tassilo HENDUS Mr. Martin HOLTMANN Mr. Karl VON KLITZING MEF Annual report 2013 page 5 This report documents another very Despite the slowdown of private capital very closely these developments and Letter dynamic year during which the MEF inflows into the emerging markets in has further increased its focus on continued on its strong growth path. mid-2013 and although the continuing responsible finance in particular the Positioned as an efficient microfinance recession in the Eurozone weighed on prevention of clients’ over-indebtedness of the debt fund the MEF was again able to microfinance activity in Southeastern and on strong risk management in its respond to the strong demand of MFIs Europe, strong economic growth in investment decision process. in 2013. The portfolio grew by 20% Sub-Saharan Africa and developing Asia Chairperson in 2013 to USD 441 million up from contributed to the rapid expansion In 2013, the MEF financed 13 new MFIs USD 365 million at the end of 2012. of microfinance activities in these in 9 countries. The MEF portfolio shows In response to the increasing funding markets. a very high degree of diversification needs of the market and thanks to its with its 86 MFIs in 33 countries at the innovative and flexible architecture, the Pursuing the trend from 2012, MFIs end of 2013 with no investment in MEF successfully attracted substantial have continued their effort to improve default. The total expense ratio (1.73%) investments from the private sector in their corporate governance and risk remained at low level of industry 2013. With the support of Deutsche Bank, management methodology as well as standard in spite of the adverse effect the MEF issued in December 2013 Notes their social performance practices. of the EUR exchange rate. The local for USD 75 million confirming its role as Credit bureaus, considered as a key currency portfolio, fully hedged to an efficient public private partnership element for MFIs, have recently the USD, increased to USD 80 million platform for the microfinance sector. been setup or improved in important invested in 17 currencies. Particularly microfinance markets such as Cambodia noteworthy in 2013, the MEF realised or Azerbaijan. The MEF has followed its first investment in a securitisation MEF Annual report 2013 page 6 transaction issued by Procredit Ecuador covered. This is made possible by and responsibly to entrepreneurs in Letter and continued its support to the Indian the strong support the Fund receives developing countries. sector by adding two new MFIs in its from its long term investors and more portfolio. The MEF played furthermore recently from private sector investors. On behalf of the Board, I would like of the its market stabilisation role through the In this report, we have highlighted to take the opportunity to express my financing of microfinance institutions three microfinance institutions, Edpyme thanks to the staff of the Fund’s service in Cambodia during the liquidity crisis Alternativa (Peru), AMRET (Cambodia) providers as well as to MEF’s investors, Chairperson that severely hit the country during the and AccessBank Tanzania Limited stakeholders and partner institutions second semester of 2013. (Tanzania) that have partnered with for their efforts and dedication in the MEF and also the stories of a small supporting the development of the MEF The expected growth of the sector in grocery in Peru as well as a farmer and and for their commitment to the Fund’s 2014 and of its strong MFIs reinforces a crickets farm in Cambodia who have mission. the continued need for efficient benefitted from micro-loans from MFIs lending platforms such as the MEF funded by the MEF. offering stability to the market. As a consequence, the portfolio of the Fund We look forward to pursuing in 2014 is expected to continue to rise in 2014 the MEF’s active and catalytic role in by diversifying its outreach in terms of supporting local financial institutions Ms. Monika Beck types of MFIs, countries, and currencies by providing financing efficiently Chairperson of the Board of Directors MEF Annual report 2013 page 7 BlueOrchard Finance S.A. was founded Investors in BlueOrchard-managed Supported by in 2001 as the first commercial manager funds including private and institutional of microfinance debt investments. Over investors, supranational institutions as well the subsequent 13 years, BlueOrchard as renowned foundations. The company Three Investment has grown significantly and has to this employs up to 50 staff internationally day deployed up to USD 2bn in loans including 28 investment professionals to microfinance institutions, while in Geneva, Zurich, Luxembourg, Lima, Managers handling In-depth market knowledge Phnom Penh, Tbilisi and Nairobi. and relationships with +250 MFIs in more than 50 countries, enhanced by BlueOrchard Finance S.A. local presence on 4 continents round the Globe. Portfolio MEF - BlueOrchard Portfolio managed as of 31 December 2013 USD % total MEF portfolio Portfolio 164,073,431 37 % MEF Annual report 2013 page 8 © Cyrano Cyrano is a pioneer fund manager America (LA-CIF), created the only The assets managed by Cyrano overall Supported by specialized in the microfinance industry mezzanine fund in microfinance are currently invested in 29 companies in emerging markets. Cyrano has (Solidus) and one of the most successful in 17 countries (as at 31 December 2013). developed a rigorous loan methodology and solvent global funds (GMF). Cyrano Three Investment to analyze in-situ and monitor on a also manages WMF, a local currency monthly basis the qualitative and fund fully devoted to MFIs Ghana. quantitative risks of all portfolio MFIs. Its Managers key strengths are its loan methodology and risk monitoring. Cyrano managed the first credit
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