Oikocredit and other impact investors agree coronavirus coordination principles
Leading microfinance and impact fund managers have signed an MoU for debt refinancing coordination principles, to support the sector during the Covid-19 pandemic.
Oikocredit together with BlueOrchard, Developing World Markets, Incofin, Microvest, responsAbility, Triodos, Triple Jump and Symbiotics have signed a memorandum of understanding (MoU) for coordination among microfinance investment vehicles (MIVs) in response to Covid-19.
In total, the nine investment originators and impact fund managers have about USD 15 billion of assets under management in more than 80 emerging and frontier markets across Africa, Asia, Eastern Europe, Caucasus, Central Asia and Latin America.
This coordination effort aims to provide ongoing refinancing in a responsible manner to the microfinance and SME finance institutions that they fund. These measures, taken locally to fight the Covid-19 and its consequences, may temporarily affect the operations of the microfinance and SME institutions.
Bart van Eyk, Director of Investments at Oikocredit, stated: “From the early days of this crisis, we have been involved in several sector initiatives to align with like-minded investors for the benefit of our partners. We are especially pleased with the cooperative spirit among the group of investors working on this MoU. We believe that effective cooperation is essential to dealing with the effects of Covid-19 on our sector and will help us to continue having a positive social impact on the communities we serve.”
Download the joint press release here
Download the MoU here
Download the crisis assessment reporting tool here
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