Symbiotics Investments, a Switzerland-based investor focused on smaller businesses in low- and middle- income countries, recently disbursed USD 7.5 million to Cambodia’s AMK Microfinance Institution to fund its ongoing lending for electric two- and three-wheeled vehicles as well as new products, such as “solar energy loans for water irrigation and biogas electricity installation loans for waste management projects.” The funding source is a pool of USD 75 million established by the UK government’s British International Investment (BII) and Symbiotics in 2022 to fund bonds supporting climate adaptation and mitigation efforts.
AMK CEO Kea Borann commented, “…with the support of Symbiotics Investments, we will provide further funding to our clients in renewable energy and energy efficiency projects. Part of our mission is to provide a range of responsible financial services to our clients from varying economic segments, particularly low-income households and women to help them achieve their financial and household aspirations.”
Established in 2003 under the name Angkor Mikroheranhvatho Kampuchea, AMK offers loans, deposits, microinsurance, money transfer, foreign exchange and automated teller machine services. The institution received its deposit-taking license in 2010. AMK serves approximately 880,000 clients via 150 branch offices and 6,000 agents. As of 2022, the MFI reported total assets of KHR 2.9 trillion (USD 710 million) and an equity portfolio of KHR 516 billion (USD 125 million).
Established in 1948 and formerly known as the Commonwealth Development Corporation (CDC) Group, BII issues debt, equity and indirect investments with the aim of fostering growth in businesses expected to raise living standards in a sustainable manner in Africa, Asia and the Caribbean. The institution reports total assets of GBP 7.5 billion (USD 9.0 billion) as of June 2022. During 2021, BII disbursed investments totaling GBP 1.9 billion (USD 2.3 billion).
Founded in 2004, Symbiotics provides for-profit investment intermediary and business services to investors in and practitioners of micro-, small and medium-sized enterprise development as well as lenders to lower income households in lower income countries. As of 2022, Symbiotics reports USD 2.9 billion in assets under management.
By Renata Samadova, Research Associate
Sources and Additional Resources
Symbiotics press release
https://symbioticsgroup.com/symbiotics-investments-issued-a-usd-7-5-million-green-loan-with-amk-microfinance-institution-plc-in-cambodia
AMK homepage
https://www.amkcambodia.com
AMK 2022 audit report
https://www.amkcambodia.com/wp-content/uploads/2023/03/AMK-Report-31-Dec-2022-_English.pdf
BII homepage
https://www.bii.co.uk
Symbiotics homepage
https://symbioticsgroup.com
Previous MicroCapital article on BII
https://www.microcapital.org/microcapital-brief-zanaco-borrows-50m-from-bii-to-support-msmes-climate-change-mitigation-in-zambia/
Previous MicroCapital article on Symbiotics
https://www.microcapital.org/microcapital-brief-agricover-credit-raises-9m-for-agricultural-smes-in-romania-via-symbiotics-bond-issue/
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