Financiera FINCA Nicaragua, an affiliate of US-based microfinance NGO FINCA International, recently registered a bond program totaling the equivalent of USD 10 million from which it subsequently issued one- and three-year bonds totaling USD 1.1 million. Investors over-subscribed the issuance, choosing from notes denominated in US dollars, Nicaraguan cordobas and Nicaraguan cordobas indexed to US dollars.
The new funding will allow FINCA Nicaragua to expand its financial services to poor Nicaraguan entrepreneurs. As of 2015, FINCA Nicaragua reported total assets of NIO 1.86 billion (USD 62.6 million).
Based in Washington DC, FINCA International aims to expand financial inclusion throughout Africa, Asia, Europe, Latin America and the Middle East. As of 2015, it reported USD 794 million in outstanding loans, client deposits of USD 168 million and 1.8 million clients. More than half of the organization’s clients are women.
By Phoebe Rorke, Research Associate
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