Myanmar Finance International Limited (MFIL) – a microfinance joint venture between a London-listed investment firm and a Norwegian fund for developing countries – is planning to expand its operations after receiving a local currency loan from the Yangon branch of Maybank.
The lender will use the proceeds from the US$1 million equivalent loan to expand its business and loan portfolio, according to London-listed Myanmar Investments International Limited, which owns 37.5pc of MFIL.
The Norwegian Investment Fund for Developing Countries (Norfund) owns 25pc, while Myanmar Finance Company holds the other 37.5pc.
MFIL has grown its customer base from around 10,000 in September 2014, when Myanmar Investments International first invested, to over 38,000, according to the London-listed firm. The lender’s loan book has increased from K800 million to K6.5 billion over the
period, it added.
For more on this story visit the following link: Microfinance lender to expand on Maybank loan
Source: Myanmar Times