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LONDON, Aug. 31, 2022 (GLOBE NEWSWIRE) — Emerging Markets Global Advisory Limited (EMGA), the niche investment bank focused on emerging markets, announces a senior debt raising transaction in Ecuador that will see Banco D-Miro to continue expanding its microcredit activities in Ecuador.
The US$10 million credit facility was originated, advised and structured by EMGA with financing provided by the US International Development Finance Corporation (DFC) and the transaction is EMGA’s first time operating in Ecuador.
Commenting on the transaction, Chief Financial Officer of Banco D-Miro Fabian Victories Baque said, “We appreciate the support of EMGA and DFC in completing this important transaction. Having a strategic partner like DFC will help us achieve our goals of generating more financial inclusion and increasing financing for women microentrepreneurs.
Jim Polan, Vice President of DFC’s Development Credit Office, said, “DFC’s investment in Banco D-Miro will expand access to finance, enabling low-income populations and women entrepreneurs in Ecuador to recover from the COVID-19-related economic downturn. With a focus on small businesses, this transaction will advance long-term development and economic growth in Ecuador, a key objective for DFC.
Sajeev Chakkalakal, Managing Director and Head of Investment Banking at EMGAsaid: “It was a real pleasure for EMGA to have advised Banco D-Miro on this important transaction to fund its portfolio of loans to small and medium enterprises, with a particular focus on women-owned businesses. . In addition, the conclusion of another transaction with DFC demonstrates the strength of our relationship built over several years. Finally, we believe that DFC’s position as a leading development finance institution will add a new source of long-term strategic funding for Banco D-Miro.
Jeremy Dobson, Managing Director of EMGAadded, “With this first transaction in Ecuador, EMGA strengthens its operational footprint in Latin America, and we will continue to grow our business in the country and region.
Bank D-Miro: Banco D-Miro is an Ecuadorian bank specializing in microfinance and their vision is to be the bank that contributes the most to poverty reduction. The bank offers financial services to micro, small and medium entrepreneurs in Ecuador and particularly in regions with higher levels of poverty and lower penetration of financial services.
DFC: The U.S. International Development Finance Corporation (DFC) partners with the private sector to provide financing solutions to address issues facing developing countries. We invest in all sectors, including energy, healthcare, critical infrastructure and technology. DFC also provides financing to small businesses and women entrepreneurs to create jobs in emerging markets. DFC’s investments adhere to high standards and respect the environment, human rights and labor rights.
Emerging Markets Global Advisory LLP, based in London, assists financial institutions and companies seeking equity capital. EMGA’s team combines the decades of experience necessary to complete transactions in emerging countries, including Ecuador, which remains a key market. EMGA continues to grow and consolidate its place as a niche investment bank focused on emerging markets.