Imkon Finans, an Uzbekistani joint stock corporation that provides financial services to micro-, small and medium-sized enterprises, recently borrowed an undisclosed sum – in the form of debt that can be converted into equity – from Base of Pyramid Asia (BOPA), a Singapore-based investor in microfinance. Imkon, which is based in the city of Andizhan, plans to use the fresh cash to expand “in both existing and new geographical areas.”
Imkon has been licensed as a microfinance institution since 2015. Its services include leasing and microloans of up to UZS 300 million (USD 26,000) with terms of six months to two years. As of 2021, it reported an outstanding loan portfolio of UZS 10 billion (USD 860,000) and total assets of UZS 16 billion (USD 1.4 million).
Established in 2011, BOPA is a holding company that has equity placements in six microfinance institutions in India, Kazakhstan, Kyrgyzstan, Myanmar and Timor-Leste as of 2023. A typical BOPA investment ranges in size from USD 500,000 to USD 2.5 million.
Sources and Additional Resources
BOPA press release
https://bopamicrofinance.com/2023/07/21/bopa-invests-convertible-debt-in-imkon-finans-jsc-uzbekistan/
Imkon homepage
https://www.imkonfinans.uz/
Imkon presentation 2022
https://www.imkonfinans.uz/docs/presentation/rej9h1amwnv.pdf
Did you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Download a sample at https://www.microcapital.org/products-page/.
Similar Posts:
- MICROCAPITAL BRIEF: EBRD Loans KICB $7m for MSME Financing in Kyrgyzstan
- MICROCAPITAL BRIEF: Arnur Credit of Kazakhstan Borrows $3.3m from Grameen Crédit Agricole to Expand Access to Microfinance
- MICROCAPITAL BRIEF: Oxus Kyrgyzstan Borrowing $1.6m from Grameen Credit Agricole Foundation for Microfinance Lending
- MICROCAPITAL BRIEF: DFC to Support Mastercard Community Pass Program to Expand Access to Digital Services in Africa, India
- MICROCAPITAL BRIEF: Invest International Places $11m in Equity Fund uMunthu II to Support Rapidly Expanding SMEs in Africa
