LONDON, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Emerging Markets Global Advisory Limited (EMGA), the niche investment bank focused on emerging markets, announces a Senior Debt raise transaction in Ecuador that will allow Banco D-Miro to continue the expansion of its microcredit lending activities in Ecuador.
The US$10 million debt facility was originated, advised upon, and structured by EMGA with financing provided by U.S. International Development Finance Corporation (DFC) and the transaction is the first time EMGA has completed an operation in Ecuador.
Commenting on the transaction, Banco D-Miro's CFOFabianVictores Baque said, "We appreciate the support of EMGA and DFC to finalize this important transaction. Having a strategic partner such as DFC will help us to meet our objectives of generating more financial inclusion and increasing financing to women microentrepreneurs."
Jim Polan, Vice President of DFC's Office of Development Credit, said, "DFC's investment in Banco D-Miro will expand access to financing, enabling low-income populations and women entrepreneurs in Ecuador to recover from the COVID-19 economic downturn. With a focus on small businesses, this transaction will advance long-term development and economic growth in Ecuador, a key goal for DFC."
Sajeev Chakkalakal, Managing Director and Head of Investment Banking at EMGA, said, "It was a real pleasure for EMGA to have advised Banco D-Miro on this important transaction aimed at funding their small and medium enterprise loan portfolio with a particular focus on women-owned enterprises. Furthermore, closing yet another transaction with DFC demonstrates the strength of our relationship built across several years. Finally, we believe DFC's position as a pre-eminent development finance institution will add a new, strategic long term funding source for Banco D-Miro."
Jeremy Dobson, Managing Director of EMGA, added, "With this first transaction in Ecuador, EMGA adds to its operational footprint in Latin America, and we will continue to develop business in the country and the region."
Banco D-Miro: Banco D-Miro is an Ecuadorian bank specialized in microfinance and their vision is to be the bank that contributes the most to the reduction of poverty. The bank offers financial services to the micro, small and medium entrepreneurs in Ecuador and especially those areas, where the poverty levels are higher, and the penetration of financial services is the lowest.
DFC: U.S. International Development Finance Corporation (DFC) partners with the private sector to provide financing solutions that aim to address the problems facing the developing world. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.
Emerging Markets Global Advisory LLP, based in London, helps financial institutions and corporations seeking debt/equity capital. EMGA's team combines the decades of experience needed to complete transactions in emerging countries including Ecuador, which remains a key market. EMGA continues expanding and solidifying its place as a niche investment bank focused on emerging markets.
Jeremy Dobson
info@emergingmarketsglobaladvisory.com
