Dexia Microcredit Fund met performance targets in 2009: BlueOrchard

By Matthew Fuchs

Microfinance Focus, Jan. 20, 2010: Despite a challenging investment climate in 2009 the Dexia Microcredit Fund (DMCF), posted returns in excess of average LIBOR plus 100 bps for all asset classes. Return on investment for the USD asset class for 2009 was 2.33%, according to the DMCF monthly investor’ update for December.

According to BlueOrchard, the fund made a small new provision against a loan to an MFI experiencing difficulties in Nicaragua but it had a small impact on fund performance as it was offset by the reversal of a provision for another MFI.

The fund disbursed nine loans totaling $18 million in December, four of which were to new MFIs in Kenya, Jordan, India and Mexico. The NAV for the fund closed the year at $524 million for the USD asset class.

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