The year 2012 / 2013
Closing the books – result of the year 2012/2013
LMDF closed its accounts end of March 2013. The year 2012/2013 was marked by a strong increase in activities and the evolution of the unique model of the Luxembourg microfinance fund.
During the ended year, LMDF increased its network of partners by adding:
Pro Mujer Argentina, a foundation focused on the development of women active in the area of Salta in North of the country;
Crediflorida, a financial cooperative of coffee farmers in Peru;
AMC from the Eastern El Salvador, with 14,000 customers and assets of € 18 million one of the “larger” institutions in our portfolio;
PANA PANA, a microfinance institution active in the Caribbean region of Nicaragua, one of the poorest areas of the country.
All these partners were selected after a thorough evaluation of their social performance and financial sustainability.
With the total funding of the existing partners, LMDF was able to increase the volume of investment by 50% and pass the milestone of EUR 10 million in investments. In terms of innovation, the fund has granted a second subordinated loan to the MFI Fundación Alternativa and issued a first guarantee in favor of the MFI Microfin in Uruguay.
This dynamic evolution of the portfolio has contributed to a return approaching our benchmark. Class B shares saw their NAV per share increased by 2.2% during the year and the Class C shares by 1.1%.