We, Alliance Microfinance – a leading Norwegian microfinance company, are pleased to announce that we successfully in collaboration with international lenders have strengthened the bank after a year of crisis.
Following the earthquake in Manabi in April 2016 there has been a pressing need to improve the operations and balance sheet of Banco D-Miro, the microfinance institution that is 100% owned by Alliance Microfinance and Mission Alliance of Norway.
USD 80 mill of loans to international lenders have been renegotiated with reduced interest expense and extended amortization as a result, following a commitment of Alliance Microfinance/Mission Alliance to inject USD 2 million in additional equity.
Moreover, significant cost cutting measures have been taken in order to ensure efficient operations.
“Banco D-Miro has been firmly strengthened through this restructuring. We expect the bank to continue to service its customers and fulfill its mission to support entrepreneurial small business owners in the coastal areas of Ecuador”.
“Mission Alliance shall continue to support Banco D-Miro as we see the bank as a successful tool to alleviate poverty, not least in the earthquake-hit Manabi. Together with our other programs in Ecuador Banco D-Miro remains central to Mission Alliance’ vision to assist in developing Ecuador.”
Svein Arne Lende | CEO
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