NMI Global Fund announces $7m REGMIFA investment
NMI Global Fund is the latest investor in the new Regional Micro Small and Medium Enterprise Investment Fund for sub-Saharan Africa (REGMIFA).The firm is putting $7 million (€5.59 million) into REGMIFA, which aims to support micro-entrepreneurs and small and medium-sized enterprises operating in sub-Saharan countries through the provision of loans. World Bank Group member IFC recently announced it is putting $8 million into REGMIFA, which hopes to have a credit portfolio of around $200 million by 2014, having already amassed capital commitments in excess of $150 million from donors.
Managing Director of NMI and REGMIFA board member Richard Weingarten said the fund will help meet the "substantial" demand for "local currency debt products" across the sub-Saharan nations. "We are delighted to be able to … participate in this highly developmental activity in sub-Saharan Africa," he added.
Loans from REGMIFA will be provided in local currencies and the fund will also offer technical assistance to microfinance institutions.