Multilaterals Team Up for Microlending

The IDB’s MIF, OPIC, IIC, Swiss microfinance investment management company BlueOrchard Finance and other international investors have joined forces to establish the Microenterprise Growth Facility (Migrof), which will provide up to $250m in funds to microfinance institutions in LatAm and the Caribbean. Migrof intends to offer medium- and long-term financing both in local currency and in USD, and is aiming to distribute an average of 35% of the total pool in the form of local currencies. It is expected to begin its lending activity in early 2010.