An openly cooperative constructive dialogue prevailed at the 9 July 2009 annual meeting of BIO and CDE experts, further heightened by the active participation of the two directors, Messrs Hugo Bosmans and Mabousso Thiam, who closed the meeting by signing the addendum which extends for three years the first cooperation framework agreement signed by the two organizations on 6 April 2006.
CASEIF II recently completed its investment in TECNOSOLUCION S.A. (TECNOSOL). The investment’s main purpose is to support the company’s growth strategy in Nicaragua and to start the regional expansion plan in Central America. This project demonstrates how BIO’s investments in private equity funds such as CASEIF II can yield very high development effects by contributing to the expansion of small businesses in the region.
BIO, the Belgian Investment Company for Developing Countries has published its 2008 annual report. Its investment portfolio has increased significantly and net profits have reached 2.900 million Euros. On 31st December 2008, BIO net commitments stood at 172.9 million Euros, which represented an increase of 31% compared with 2007 (125.5 million Euros) at a constant USD/EUR rate.
The European Investment Bank (EIB) and the European Development Finance Institutions (EDFI) today agreed to replenish the co-financed facility EUROPEAN FINANCING PARTNERS with €230 million to finance private sector investments in Africa, the Caribbean and the Pacific (ACP).
The reputation and performance of Banco de Crédito Centroamericano, BANCENTRO, a member of the LAFISE Group, has been reaffirmed once again, obtaining three important long-term subordinated loans totaling $15 million dollars to support the main economic and productive sectors of Nicaragua. These agreements are even more valuable and significant now that the global markets have been constrained due to the financial crisis affecting economies worldwide.
BIO has invested a 15.8% founding equity stake in AccessBank Tanzania (ABT), a Greenfield microfinance bank created by the German microfinance holding AccessHolding with the support of its technical partner LFS. The other shareholders include IFC, KfW and the African Development Bank. ABT has been incorporated in Dar-es-Salaam as a private limited liability company under the 2002 Companies Act, and operates as a commercial bank regulated and supervised by the Bank of Tanzania in accordance with local banking regulations.
BIO, the Belgian Investment Company for Developing Countries has announced its results for the 2007 financial year. The company’s investment portfolio has grown substantially and net profits amounted to 2.942 million EUR. These results are the fruit of a judicious and calculated investment policy and of the efficient management of the resources granted by the Belgian government.
BIO announces it is supporting the creation of Banco Popular Covelo (BanCovelo), which will be the leading microfinance institution in Honduras. BIO has committed funding in the form of equity –USD2 million– in order to assist the savings and loans association Popular in its transformation to a commercial bank, as well as to expand its micro lending operations. This investment is the first in Honduras, and further strengthens BIO’s regional strategy. Moreover, this investment opportunity allows BIO to invest alongside one of the most successful microfinance providers in the Honduran market (Fundación Covelo).
A farm that combines technical skills and productivity for sustainable development
Washington, D.C., October 19, 2007 - The leaders of 31 Development Finance Institutions issued today a joint statement that positions corporate governance at the forefront of their sustainable development agenda in emerging markets.
Amsterdam, September 4, 2007. A global partnership of financiers, led by Dutch development bank FMO, creates a large and innovative fund to develop local currency products in developing countries worldwide. The Currency Exchange Fund N.V. (TCX) will start up with a transaction capacity of US$ 1.2 billion for long-term local currency financing by its investors. The result: drastically reduced default probability, improved business sustainability and a major contribution to the development of local capital markets.