Deutsche Bank has successfully secured US$75 million private investor financing from institutional investors for the Microfinance Enhancement Facility (MEF).
This will enable MEF to grant up to 75.000 additional loans to micro and small enterprises worldwide.
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Established at the initiative of the German Federal Ministry for Economic Cooperation and Development, KfW Developmentbank and International Finance Corporation, a member of the World Bank Group, MEF provides funding to microfinance institutions worldwide.
Since its inception in February 2009, the MEF has financed a total of over 197,000 loans for an aggregate value of USD 604 million (as at 30 September 2013), financing mainly trade, services and agriculture activities of micro and small enterprises in emerging and developing countries.
By funding well-established microfinance institutions, the MEF enhances access to financial services for micro-entrepreneurs who are running productive small businesses. The Fund’s objective is to ensure that microfinance continues to stimulate growth, create jobs and reduce poverty in emerging markets.
The privately managed fund is set up as a public-private partnership and has currently USD 544 million in outstanding commitments including US$469 million from public investors and development finance institutions complemented by US$75 million newly mobilised from private sources, providing a broader and more robust funding platform for microfinance worldwide.
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