Alliance Microfinance, an NGO owned by The Mission Alliance of Norway, recently committed USD 2 million in equity to assist Banco D-Miro of Ecuador in renegotiating USD 80 million in loans to achieve “reduced interest expense and extended amortization.” The Mission Alliance, a religious organization supporting entrepreneurs, sports programs and other projects, owns Banco D-Miro, which has had difficulties since an earthquake in April 2016 caused a drop in borrower repayments.
Banco D-Miro offers microloans and savings products for poor people via 14 branches in Ecuador. As of 2015, it reported total assets of USD 115 million, a gross loan portfolio of USD 98.6 million and deposits of USD 14 million.
Alliance Microfinance, which also has operations in Bolivia and Vietnam, reports a total loan portfolio of USD 221 million and 150,000 active borrowers as of 2015.
The Mission Alliance is funded by the Norwegian Agency for Development Cooperation (NORAD) and 26,000 individuals. The organization supports poor, disabled and marginalized people in ten countries in Africa, Asia and South America. It had a 2016 budget of NOK 110 million (USD 13 million).
By Phoebe Rorke, Research Associate
Sources and Additional Resources
Alliance Microfinance and Mission Alliance successfully restructure Banco D-Miro of Ecuador
“Banco D-Miro: Cambiando vidas”
Microfinance Information Exchange:
MIX Market Profile – Banco D-Miro
The Mission Alliance:
The Mission Alliance – About Us
Norwegian Agency for Development Cooperation:
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.