LONDON, Aug. 31, 2022 (GLOBE NEWSWIRE) — Emerging Markets Global Advisory Limited (EMGA), the niche investment bank focused on emerging markets, announces a Senior Debt raise transaction in Ecuador that will allow Banco D-Miro to continue the expansion of its microcredit lending activities in Ecuador.<\/p>\n
The US$10 million debt facility was originated, advised upon, and structured by EMGA with financing provided by U.S. International Development Finance Corporation (DFC) and the transaction is the first time EMGA has completed an operation in Ecuador.<\/p>\n
Commenting on the transaction,\u00a0Banco D-Miro\u2019s CFO<\/strong>\u00a0Fabian<\/strong>\u00a0Victores Baque<\/strong>\u00a0said, \u201cWe appreciate the support of EMGA and DFC to finalize this important transaction. Having a strategic partner such as DFC will help us to meet our objectives of generating more financial inclusion and increasing financing to women microentrepreneurs.\u201d<\/p>\n Jim Polan, Vice President of DFC\u2019s Office of Development Credit<\/strong>, said, \u201cDFC\u2019s investment in Banco D-Miro will expand access to financing, enabling low-income populations and women entrepreneurs in Ecuador to recover from the COVID-19 economic downturn. With a focus on small businesses, this transaction will advance long-term development and economic growth in Ecuador, a key goal for DFC.\u201d<\/p>\n Sajeev Chakkalakal<\/strong>,\u00a0Managing Director and Head of Investment Banking at EMGA<\/strong>, said, “It was a real pleasure for EMGA to have advised Banco D-Miro on this important transaction aimed at funding their small and medium enterprise loan portfolio with a particular focus on women-owned enterprises. Furthermore, closing yet another transaction with DFC demonstrates the strength of our relationship built across several years. Finally, we believe DFC\u2019s position as a pre-eminent development finance institution will add a new, strategic long term funding source for Banco D-Miro.\u201d<\/p>\n Jeremy Dobson<\/strong>,\u00a0Managing Director of EMGA<\/strong>, added, \u201cWith this first transaction in Ecuador, EMGA adds to its operational footprint in Latin America, and we will continue to develop business in the country and the region.\u201d<\/p>\n Banco D-Miro:\u00a0<\/strong>Banco D-Miro is an Ecuadorian bank specialized in microfinance and their vision is to be the bank that contributes the most to the reduction of poverty. The bank offers financial services to the micro, small and medium entrepreneurs in Ecuador and especially those areas, where the poverty levels are higher, and the penetration of financial services is the lowest.<\/p>\n