Banco VisionFund Ecuador (BVE), a for-profit microfinance institution and member of VisionFund International, recently borrowed USD 7 million from the government-owned Belgian Investment Company for Developing Countries, which is also known by its Dutch acronym BIO. The funding is intended to grow BVE’s portfolio, including in underserved areas.
BVE was formed in 2016 by the transformation of the nonprofit Fondo de Desarrollo Microempresarial (FODEMI). As of June 2019, BVE has total assets of USD 77 million. Of the organizations’ clients, 65 percent are women microentrepreneurs, and approximately half live in rural areas. Accordingly, approximately half of the organization’s portfolio is deployed in agriculture.
VisionFund International is a subsidiary of the US-based NGO World Vision that reports total assets of USD 688 million and a gross loan portfolio of USD 494 million outstanding to 1.1 million borrowers as of 2018. Of these borrowers, 70 percent are women, and 63 percent live in rural areas. World Vision has total assets of USD 303 million and annual operating revenue of USD 1.06 billion as of year-end 2018.
Established in 2001, BIO aims to support a “strong private sector in developing countries, to enable them to gain access to growth and sustainable development within the framework of the [UN’s] Sustainable Development Goals.” As of December 2018, it has total assets of EUR 938 million (USD 1.03 billion).
Sources and Additional Resources
BIO investment profile
https://www.bio-invest.be/en/investments/banco-visionfund-ecuador
Banco VisionFund Ecuador homepage
http://www.visionfund.ec
VisionFund International homepage
http://www.visionfund.org
VisionFund International financial statements
http://www.visionfund.org/2150/documents-and-reports/media/
World Vision homepage
https://www.worldvision.org
World Vision financial statements
https://www.worldvision.org/about-us/financial-accountability-2
BIO homepage
https://bio-invest.be
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