VisionFund receives $4 million loan for microfinance

09 September 2017
VisionFund receives $4 million loan for microfinance
VisionFund aims to help rural and urban communities. Photo: Hein Htet/EPA

VisionFund Myanmar says it is pleased to announce the receipt of a US$4 million loan for a two-year term from the Japan ASEAN Women Empowerment Fund (JAWEF), the first fund investing with female micro-entrepreneurs in the Southeast Asia frontier and emerging markets, and from the Microfinance Initiative for Asia (MIFA) Debt Fund, the first microfinance initiative of its size to exclusively target Asian microfinance institutions.
According to a press release announcing the receipt dated September 8, both funds are managed by a leading global Impact Investment Manager, BlueOrchard Finance Ltd. VisionFund Myanmar currently has the largest geographical reach in providing microfinance services in the country and the loan will be used to extend services to rural and urban communities.
VisionFund aims to provide quality financial services to vulnerable communities with a special focus on empowering women and smallholder farmers in rural settings. As the microfinance arm of World Vision, VisionFund works to ensure the wellbeing of children in poor communities through its microfinance activities.
Rommel Caringal, Chief Executive Officer of VisionFund Myanmar, said, “We believe in brighter futures for children, empowering families to create incomes and jobs and unlocking economic potential for communities to thrive. This partnership will go a long way in helping us make that mission a reality for many people. We are pleased to collaborate with BlueOrchard, and this cooperation will enable us to expand our services and bring greater financial inclusion to families of Myanmar.”
VisionFund Myanmar works to improve the lives of children by offerings loans and other financial services to families living in poverty. Its work empowers clients to grow successful businesses that lead to greater opportunities for children to have access to a better life in terms of housing, education, nutrition, and healthcare.
Currently, VisionFund Myanmar has grown its total portfolio to over US$25 million and serves more than 152,000 active borrowers, 87 per cent of whom are women. It is estimated that over 330,000 children have been positively impacted as a result of the small loans taken out by their parents.
BlueOrchard Finance Ltd was founded in 2001 by initiative of the United Nations as the first commercial manager of microfinance debt investments worldwide. To date, BlueOrchard has invested more than US$4 billion in 350 institutions across 70 countries in emerging and frontier markets, providing access to financial and related services to over 30 million low-income individuals.