Norfund invests in Diaconia MDI in Liberia
The Norwegian Government finance institution Norfund has granted long-term financing of the Alliance Microfinance institution Diaconia MDI in Liberia.
Norfund is Norway’s Development Finance Institution. The company was founded in 1997 by the Norwegian Government with the mandate to support the building of sustainable businesses in poor countries and thereby contribute to economic and social development. Norfund’s strategy is to invest in sectors and countries where they can have the greatest impact, where the private sector is weak and access to capital is scarce. By year end 2016, Norfund’s committed portfolio was USD 1,95 billion / NOK 16,8 billion and included more than 770 companies.
Following the recent signing of the World Bank loan we are extremely proud to also have signed a new loan agreement with Norfund. The loan agreement is on commercial terms and the process started early in 2017. Following an on-site Due Diligence of Diaconia MDI Norfund has offered a long-term loan facility to the institution. We believe this is a testimony to the AMAS operations in general and also of the hard work we have done in Liberia the last 3-5 years.
The operations of Diaconia MDI have slowed down due to the presidential election process in Liberia the recent months. We are now eager to pick up speed and continue our mission of financial inclusion to the people of Liberia. External funding in general, and the Norfund facility specifically, is vital in securing such growth and will be used for new loans to the clients of our two branches.
CFO of Alliance Microfinance and board member of Diaconia MDI
Top image from left: Janne Øygard (Mission Alliance Liberia/Sierra Leone), Rune Øygard (Mission Alliance Liberia/Sierra Leone and COB Diaconia MDI), Marianne Halvorsen (Senior Investment Manager Norfund) and Andreas Andersen (General Secretary Mission Alliance)