The Higher Education Finance Fund (HEFF), which was launched in 2011 by Costa Rica-based Omtrix, recently completed disbursing its volume of USD 30 million to microfinance institutions (MFIs) serving low-income households in Latin America and the Caribbean. The objective of the fund, which reached seven countries, was to support youth in accessing higher education as well as assisting in the diversification of the financial-inclusion sector. In addition to providing financial resources, the fund had a technical assistance component for activities such as training MFI staff in education lending.
End-borrowers were required to pursue degrees deemed in demand by their local job market. They also were given access to financial education and academic counseling. Final performance data on the fund, such as rate of return, arrears, number of student borrowers and the percent who were working within six months of graduation, are due for release shortly.
In addition to Omtrix, HEFF received funding from the Calvert Social Investment Foundation, Corporación Andina de Fomento, the German development bank Kreditanstalt für Wiederaufbau Entwicklungsbank (KfW), the Luxembourg Microfinance and Development Fund, the Norwegian Investment Fund for Developing Countries (Norfund) and the Swiss Investment Fund for Emerging Markets.
Omtrix is a consultancy and fund-management company based in Costa Rica. Founded in 1995, it has grown to manage 10 funds, including its affiliated NGO Calmeadow, as of 2020. Omtrix is active in Africa and the Americas.
Sources and Additional Resources
Direct contact with Omtrix
Omtix profile on HEFF
http://www.omtrixinc.com/eng/heff-enhancing-the-idea-of-student-financing/
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