African Local Currency Bond Fund (ALCB Fund)

The African Local Currency Bond Fund ("ALCB Fund" or "the Fund") acts as an innovative anchor investor in local currency bond issuances across the African continent. FMO partners with the ALCB Fund to stimulate longer term local currency financing for microfinance institutions and other non-sovereigns in Africa, to help build capital markets on the African continent and to stimulate investment in the bond issuances by local institutional investors. Local currency bond issuers minimize the exchange rate risk associated with USD funding usually secured from international investors.