PERSPECTIVES ON MICROFINANCE IN AFRICA - PRESENTING OUR LATEST INVESTMENT IN AFRICA: MICROLOAN FOUNDATION ZAMBIA - INFINE.LU
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Perspectives on Microfinance in Africa Presenting our latest investment in Africa: MicroLoan Foundation Zambia Unaudited semi-annual report as at 30 September 2021 Rapport semestriel non révisé au 30 septembre 2021
In collaboration with Subscriptions for shares issued by the Fund may only be accepted on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual report, if more recent. Such documents can be obtained free of charge at the registered office of the Fund or downloaded from the website www.lmdf.lu The information presented in this report refers only to the necessary information concerning Investing for Development SICAV and its compartment Luxembourg Microfinance and Development (LMDF), the compartment Forestry and Climate Change Fund is not included in this report. ISIN Codes / Codes ISIN Class C shares: LU0456967404 Class B shares: LU0456966935 LMDF obtained the: LMDF rated "A" by: LMDF is included in:
Contents // Sommaire
Page
04 LMDF in figures
LMDF en chiffres
06 Report of the board of directors
Rapport du conseil d’administration
08 LMDF's Vision and Mission
09 Summary (Français / Deutsch)
10 Management report on activities
Rapport d’activité du gestionnaire
14 Risk report on activities
16 Microfinance Perspective in Africa & Focus on Zambia
16 // 1 Microfinance in Africa
18 // 2 Focus on Zambia, a country marked by high poverty levels
20 // 3 MicroLoan Foundation Zambia
22 // 4 Four questions to Jack Ngoma, CEO of MicroLoan Foundation Zambia
26 Statutory information
Organisation
28 Unaudited semi-annual financial statements
États financiers semestriels non révisés
28 // 1 Statement of net assets
État des actifs nets
30 // 2 Statement of operations and other changes in net assets
État des opérations et des variations des actifs nets
32 // 3 Statistical information
Informations statistiques
34 // 4 Statement of investments and other net assets
État du portefeuille-titres et autres actifs nets
36 // 5 Breakdown of microfinance investments and evolution of NAV
Répartition des investissements en microfinance et évolution de la VNI
40 // 6 Notes to the unaudited financial statements
Notes aux états financiers non révisés
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021 02-03
LMDF in figures // en chiffres 30 September 2021 // 30 septembre 2021 EUR 32.5 million 70% Investments in microfinance Women 49 15,597 Microfinance institutions financed directly Employees of partner MFIs 1 69,083 Regional fund Micro-entrepreneurs financed by LMDF 26 1,303 Countries Number of university students financed 1 53% Service provider Micro-loans for services and small trade 40% 23% Latin America Agricultural activities 26% 6% Sub-Saharan and North Africa Production and crafts 32% 18% Southeast and Central Asia Other uses 2% EUR 636,925 Developed countries Average exposure per MFI 67% 3.0% Financing in local currency of MFI country Twelve month return Class A shares 2.3 million 1.5% Micro-entrepreneurs financed by partner MFIs Twelve month return Class A bis shares EUR 926 million 2.5% Total micro-loan portfolio of partner MFIs Twelve month return Class B shares 1.9% EUR 1,190 1.2% Average micro-loan Twelve month return Class C shares Note: The figures stated in this section of the report relating to information received from microfinance institutions are as at 30 th June 2021 and largely based on unaudited information. The calculations follow, wherever applicable, the Microfinance Investment Vehicles Disclosure Guidelines as published by CGAP in 2010.
LMDF's impact map
24
6
12
16
21 3
11 9
13 15 4
10
19 1 8
5 7
23 18 22
20 14
17
2
25
Low HDI Medium HDI High HDI Very high HDI
1 Sierra Leone 19 Colombia
6 Kyrgyz Republic 24 Kazakhstan
2 Madagascar 20 Peru
7 Kenya 25 Argentina
3 Haiti 21 Mexico
8 Cameroon
4 Burkina Faso 22 Indonesia
9 Myanmar
5 Uganda 23 Ecuador
10 El Salvador
11 Honduras
12 Tajikistan
13 Guatemala
14 East-Timor
15 Nicaragua
16 Morocco
17 Zambia
18 Ghana
Source: LMDF analysis, UNDP
Note: This map does not include investment in regional fund vehicle and hedging service provider for microfinance industry.
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021 04-05
Report of the Board of
Directors
There is no other way to look at it – we are now sustainability is a core objective for the Fund.
extremely busy! The financial year 2021/22 has Only 3.6% of funds have elected to have this
begun with strong disbursements and we are classification.
pleased to have completed 14 transactions,
investing EUR 10.3m in MFIs. Whereas our Risk With this in mind, I also hope you enjoy
Committee was meeting monthly in 2020/21, we reading more about the work conducted by
are now finding that our Investment Committee our institutions. The Fund recently opened for
needs to meet this frequently, in order to meet the investments in Zambia and completed its first
demand of MFIs which are entering into a phase transaction with MicroLoan Foundation Zambia.
of recovery. This institution has an impressive social profile,
supporting 27,000 rural women, with average
This period has also been significant for the loans of just USD 62. Following the investments
progression of the Fund’s strategy. Although we have made during this quarter, the Fund’s 6
certain adjustments are still made to support staff based in Luxembourg are now supporting
institutions which have felt the impact of over 69,000 micro-entrepreneurs across the
COVID-191, we see increasing normalisation globe.
in the financial situation of MFIs seeking new
financing. We have also been able to develop the During these busy times, we have seen our
Microfinance+ approach focusing on three core assets increase by 3.9% and are pleased to have
areas: small asset finance, agricultural value chain received EUR 1.8m in subscriptions. Class C
and financing for quality education. We have a shares have seen a 1.2% increase in value during
promising and developing pipeline in this field. the period and Class B shares have seen an
increase of 2.5%.
Risk levels remain elevated compared with
the pre-COVID period and currently stand at The Fund has a strong pipeline and expects that
1.7% of the portfolio. Nonetheless, two thirds the second half of the year may be even busier
of the provisions stem from Myanmar, where than the first half.
the situation remains extremely delicate: COVID
related provisions continue to decrease. Albeit, Corporate governance
the spirit of collaboration between lenders which The Board of Directors has selected and retained
was adopted during the crisis continues, which ADA (Appui au Développement Autonome a.s.b.l.)
has facilitated support for institutions based in as the investment adviser to LMDF, to provide the
Myanmar. services of identification, evaluation and selection
of investment and disinvestment opportunities as
Not only has there been a pick-up in investment well as the review, supervision and monitoring of
activity; the Fund industry has also seen an its microfinance investments.
increase in focus on ESG, notably stemming
from EU regulation. The Fund is pleased to be
listed as an Article 9 Fund under the Sustainable
Finance Disclosure Regulation: this shows that
MicroLoan Foundation Zambia finances around 27,000 clients of which 100% are women // MLF, Zambia
The Board has established the following • The Appointments Committee, which has
committees whose role is to support and make two members, assists the Board in ensuring
recommendations to the Board, or take decisions that its composition is aligned with the
within certain limits determined by the Board, in objectives of the Fund.
their areas of activity:
The Board has resolved that membership of
• The Investment Committee, which currently the above Committees may be open to non-
has seven members, is authorised, within the directors. The members of the Board do not
limits of the investment policy and objectives receive any remuneration as directors, apart from
of the sub-Fund as defined by the Board the reimbursement of expenses incurred for Fund
of Directors, to decide upon the acquisition business and approved in advance by the Board.
or disposal of investments on the basis of
a proposal by the Investment Adviser, and “Never be so busy as not to think of others” is a
to take all other decisions relating to the phrase attributed to Mother Theresa. We may be
management of the sub-Fund’s portfolio. busy this year, but, as we work, our thoughts are
always on our microentrepreneurs.
• The Risk Committee, which has five
members, provides direction, advice We look forward to working with our shareholders
and oversight with regard to LMDF’s risk during this exciting period.
management and reporting framework,
including risk policies, processes and The Board of Directors
controls. 29 November 2021
• The Marketing Committee, which has four
members, oversees the Fund’s marketing
strategy including the development of the Raymond Schadeck
shareholder base. Chairman
• The Employment Committee, which has 1
COVID-19 refers to Severe acute respiratory syndrome
three members, reviews the objectives, coronavirus 2. It is also referred to as COVID, SARS-CoV-2 Virus
performance and remuneration of or Coronavirus in this report.
management.
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021 06-07
Vision
LMDF aims to contribute to the alleviation of poverty by supporting organisations that
empower people and stimulate entrepreneurship, with a particular focus on the most
excluded. The Fund facilitates access to responsible finance by building sustainable
links between investors, microfinance institutions and ultimate beneficiaries.
Mission
In order to realise its Vision, LMDF
• Constitutes an attractive investment proposition by balancing stable financial
returns to investors with the provision of responsible financial services to the poor.
• Specialises in facilitating the growth of promising emerging microfinance institutions
which address the financial needs of marginalised communities and individuals in
developing countries.
• Enables the development of micro-entrepreneurs in areas where unmet needs are
largest, particularly among women, youth and rural populations.
• Is accessible to public, institutional and retail investors; is accountable for reaching
both social and financial objectives; and is transparent in its reporting.
Résumé / Zusammenfassung
Le fonds présente ses activités semestrielles sur la Der Fonds präsentiert seine Aktivitäten zum Halbjahr in
période du 1er avril au 30 septembre 2021. der Periode vom 1. April bis 30. September 2021.
Au cours de la période considérée, les activités Im Berichtszeitraum kam es nach den Turbulenzen der
d'investissement du fonds ont fortement augmenté à la Covid-19-Pandemie im vergangenen Geschäftsjahr
suite des turbulences de la pandémie de Covid-19 au zu einer starken Zunahme der Anlageaktivitäten
cours de l'exercice écoulé. Au cours des six premiers des Fonds. In den ersten sechs Monaten des
mois de l'exercice 2021-2022, le fonds a réalisé un Geschäftsjahres 2021-22 hat der Fonds insgesamt 14
total de 14 investissements pour un montant total Investitionen in Höhe von 10,3 Mio. € zugunsten von
de 10,3 millions d'euros en faveur des institutions de Mikrofinanzinstituten (MFIs) getätigt.
microfinance (IMF).
Die Liquidität blieb trotz der starken Investitionstätigkeit
La liquidité est restée élevée malgré la forte activité des Fonds hoch. Dies ist im Wesentlichen auf das
d'investissement du fonds. Ceci est principalement dû Fälligkeitsprofil der Aktiva zurückzuführen. Während
au profil de maturité des actifs. Au cours de la période des Referenzzeitraums erhielt LMDF 8,6 Mio. EUR
de référence, LMDF a reçu 8,6 millions d'euros en an Rückzahlungen von MFIs. Der LMDF erwartet bis
remboursements de la part des IMF. Le LMDF s'attend Jahresende eine anhaltend hohe Investitionstätigkeit
à ce que l'activité d'investissement se poursuive und angesichts niedriger Rückzahlungen eine
jusqu'à la fin de l'année et, compte tenu des faibles Normalisierung des Liquiditätsniveaus im Sinne
remboursements, une normalisation du niveau de finanziellen Effizienz und unserer sozialen Ziele.
liquidités en termes d'efficacité financière et de nos
objectifs sociaux. Die Bilanzsumme stieg von 44,0 Mio. € auf 45,7 Mio. €
(+ 4,0%). In den letzten zwölf Monaten ist der NAV pro
Le total du bilan est passé de € 44,0 millions à € 45,7 Aktie der Klasse C um 1,2% und um 2,5% pro Aktie
millions (+ 4,0 %). Au cours des douze derniers mois, la der Klasse B gestiegen.
valeur liquidative par action de classe C a augmenté de
1,2 % et de 2,5 % par action de classe B. LMDF und sein Verwaltungsrat haben als wesentliche
strategische Neuerung die weite Entwicklung
LMDF et son conseil d'administration ont adopté le der Microfinanz+ Strategie verabschiedet, die
développement large de la stratégie microfinance + sich auf innovative Mikrofinanzmodelle in drei
comme une innovation stratégique majeure, qui se Themenbereichen konzentriert: Finanzierung
concentre sur des modèles de microfinance innovants von Kleinstaktiva, landwirtschaftliche
dans trois domaines : financement de micro-actifs, Wertschöpfungsketten und Finanzierung qualitativer
chaînes de valeur agricoles et financement d'offres Bildungsangebote. Der Verwaltungsrat genehmigte
éducatives de qualité. Le Conseil d'administration a einen Rahmen, in dem der Fonds bis zu 4,5 Mio. € in
approuvé un cadre dans lequel le fonds peut investir Kreditvolumina in diesem Bereich investieren kann
jusqu'à 4,5 millions d'euros en volumes de crédit dans (d.h. bis zu 10 % der NAV).
ce domaine (c'est-à-dire jusqu'à 10 % de la VNI).
Der Fonds befindet sich in diesem Jahr in einer
Le fonds est dans une phase de forte croissance du Phase starken Portfoliowachstums, und wir sind
portefeuille cette année et nous sommes convaincus überzeugt, dass dies den Bedürfnissen von MFIs
que cela découle des besoins des IMF et des micro- und Kleinstunternehmern entspringt die schwierige
entrepreneurs pour surmonter la phase difficile de Covid-19 Phase zu überwinden.
Covid-19.
Ohne die Unterstützung und Treue der Aktionäre wäre
Notre travail ne serait pas possible sans le soutien et la unsere Arbeit nicht möglich. Deshalb bedanken wir für
fidélité de nos actionnaires. Nous tenons donc à vous uns für Ihr Vertrauen herzlich.
remercier pour votre confiance.
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021 08-09
Management report on
activities
The Luxembourg Microfinance and loans due to Covid-19 and the capitalisation
Development Fund (LMDF or Fund) reports covenants to reflect the reality of losses
on its activities during the financial period increasingly reflected in the equity of MFIs.
which started on 1 April 2021 and ended on 30
September 2021. The Board of Directors also decided to slightly
increase the average tenor of loans granted
/ Investment activities exceed pre-COVID to MFIs to allow good partners more time to
levels translate the Fund’s loans into microcredits and
to render the Fund’s investment activity more
The period saw a strong return of the efficiently. Whereas the typical financing of
investment activities of the Fund after the LMDF was for 3 years, the Fund is now aiming
interruptions during the Covid-19 pandemic in at raising the maturity up to 4 years with an
the previous financial year. During the first six adapted amortisation schedule. In view of the
months of the financial year 2021-22, the Fund increase to the number of countries being listed
made a total of 14 investments amounting to as a Monitored Jurisdiction by FATF (see Note
EUR 10.3m towards microfinance institutions 10 for details) the Board suggested to review
(MFIs). This compares to EUR 2.0m disbursed exposure limits in a few selected countries to
to two MFIs during the same period in the reflect a smaller investment universe.
previous financial year and EUR 4.0m disbursed
in the same period in the financial year 2019-20 Excess liquidity (Graph 2) remains high despite
preceding Covid-19. the strong investment activity of the Fund.
This is mainly due to the maturity profile of
The Fund made several large transactions with investments. During the reporting period, LMDF
new and existing MFIs in Cameroon (ACEP), received EUR 8.6m in repayments from MFIs.
Indonesia (KOMIDA), El Salvador (Óptima) and Repayments are not distributed equally over
Ecuador (Insotec). But overall, LMDF remained the financial year and the Fund is expecting
focused on its mission to finance small Tier less than EUR 5.5m in remaining repayments
2s and emerging Tier 3s. Including the larger until the end of the financial year in March
transactions, the average financing amount is 2022. The Fund expects investment activities to
EUR 730,000, significantly below the EUR 2.4m remain high and hence to see a normalisation of
average investee exposure of microfinance debt liquidity levels by the end of the financial year.
funds (according to the 2020 Symbiotics MIV
Survey). The Fund’s investment in MLF Zambia / Development of the Microfinance +
featured in this report illustrates the impact smal strategy
but mission driven MFIs can realise.
The Microfinance + strategy adopted by the
This level of activity is a continuation of the Board of Directors is focused on innovative
strategy proposed by the investment adviser, microfinance models in three thematic areas:
ADA, and approved by the Fund’s Board of Small asset finance, agricultural value chain and
Directors in October 2020 and which was financing for quality education. The Board of
updated in March 2021 for the current financial Directors approved a framework under which
year. LMDF continues to operate under a small the Fund can invest up to EUR 4.5m in senior
number of adjusted risk parameters, mainly debt in this area (or about 10% of NAV).
in relation to the classification of restructuredGRAPH 1:
MICROFINANCE INVESTMENTS BY COUNTRY AND HUMAN DEVELOPMENT INDEX
(% of microfinance portfolio)
Sierra Leone
Madagascar
Haiti
Burkina Faso Low Human
Uganda Development 11%
Kyrgyz Republic
Kenya
Cameroon
Myanmar
El Salvador
Honduras
Tajikistan
Guatemala
East-Timor
Nicaragua Medium Human
Morocco Development 55%
Zambia
Ghana
Colombia
Peru
Mexico High Human
Development 28%
Indonesia
Ecuador
Kazakhstan Very High Human
Argentina Development 4%
USA* Others 2%
ACP** 28%
0% 5% 10% 15%
* Investment in regional fund vehicle and hedging service provider for microfinance industry.
**ACP Countries: African, Caribbean and Pacific Group of States.
Source: LMDF analysis as at 30/09/2021. Human Development Index 2020 by UNDP.
GRAPH 2:
CAPITAL AVAILABLE FOR INVESTMENT (in EUR)
10,000,000
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
09/2020 12/2020 03/2021 06/2021 09/2021
Source: LMDF analysis.
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021 10-11The Fund believes that Microfinance + will lead debt funds denominated in Euros (measured by
to a differentiation of the investment portfolio the Symbiotics SMX Euro Index – Graph 6).
over time with a stronger linkage between the
financing provided and specific sustainable / Outlook
development objectives.
Reporting on the different risks faced by the
The Fund is pursuing multiple Microfinance Fund is now included in a separate report from
+ transactions but has not made any new the Fund’s Risk Manager to the shareholders.
investment during the reporting period. This includes an update on the work the Fund
is doing to comply with the provisions of the
/ Continued positive financial performance EU Sustainable Finance Disclosure Regulation
where LMDF is categorised as an “Article 9
LMDF’s total net assets increased from EUR Fund”.
44.0m to EUR 45.7m (+3.9%). The Fund’s
financial key performance indicators remain The Fund is in a strong growth phase this year
stable. The interest rate difference between and we are convinced that this responds to
Euro and U.S. dollar rates (Graph 8) increased the needs of MFIs and micro-entrepreneurs
slightly and led to an increase in hedging costs. to overcome the difficult Covid-19 period. Our
The Fund’s operating costs during the reporting work would not be possible without the strong
period increased to 2.8% total expense ratio support of shareholders, and I would like to
(compared to 2.1% during the previous financial conclude by thanking all shareholders very
year). The increase includes several one-off much for their trust and commitment.
items and is expected to decrease in the
coming months. As always, we look forward to receiving your
thoughts and comments.
The credit risks faced by the Fund did not
require substantial additional provisions during Yours faithfully,
the reporting period.
Over the last twelve months, the Net Asset
Value (NAV) per Class C share increased by Kaspar Wansleben
1.2% and by 2.5% per Class B share. The
performance of the LMDF share classes is Executive Director
comparable to the 1.7% return of microfinance (kaspar@lmdf.lu)
GRAPH 3: GRAPH 4:
ECONOMIC PURPOSE OF MICRO- ACTIVE MICRO-ENTREPRENEURS
CREDITS FINANCED BY LMDF (in %) FINANCED BY LMDF
Consumption
& others Men
18% 20,725 (30%)
Women
48,358 (70%)
Production/
craft activities
6%
Total
Agricultural Services/ 69,083
activities trade activities
23% 53%
Source: LMDF analysis of weighted average data provided Source: LMDF analysis of weighted average data provided by
by partner MFIs as at 30/06/2021 partner MFIs as at 30/06/2021GRAPH 5:
NET ASSET VALUE BY SHARE CLASS (in EUR million)
Class A Shares (public)
Class Abis Shares (philantropic)
Class B Shares (institutional)
Class C Shares (retail)
48,000,000
42,000,000
39%
36,000,000
30,000,000
24,000,000
46%
18,000,000
12,000,000
6,000,000 7%
0 8%
31/03/2021 30/06/2021 30/09/2021
Source: LMDF analysis
GRAPH 6:
DEVELOPMENT OF NAV PER SHARE OF CLASS B AND CLASS C SHARES DURING THE
LAST 12 MONTHS (in EUR)
Class C
Class B
120
+ 2.5%
119
118
117
116
115
+ 1.2%
114
113
112
30/09/2020 31/12/2020 31/03/2021 30/06/2021 30/09/2021
Source: LMDF analysis
QUARTERLY PERFORMANCE OF THE SYMBIOTICS MICROFINANCE DEBT INDEX -
EUROS (SMX EUR) DURING THE LAST 12 MONTHS
SMX Benchmark
155
+ 1.7%
154
153
152
151
30/09/2020 31/12/2020 31/03/2021 30/06/2021 30/09/2021
Source: Syminvest
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021 12-13Risk report on activities
The Fund’s Risk Committee oversees the The two Myanmar institutions constitute the
various risk which the Fund faces. Following main risk entities for the Fund. Both are subject
a very busy year in 2020/21, during which the to enhanced monitoring and intercreditor
Committee was convened 7 times, principally groups have been formed to ascertain the best
to take action on COVID related agreements, lender approach to these positions, although
the first half of 2021/22 has not required such the situation remains highly volatile. The other
a quantity of decisions and the Committee two high risk positions result from COVID: the
has been convened twice. While COVID Uganda Microcredit Foundation is also subject
still remains very much on the Committee’s to extended intercreditor negotiations, while
agenda, the Committee has also taken the Adel Microcréditos has been granted a bi-lateral
opportunity to monitor and discuss the Fund’s loan extension and has been following its new
recovery strategy, review cyber-security risks, prepayment schedule. The other cases which
discuss ESG matters and focus on the money- are subject to impairment are not considered
laundering risks faced by the Fund. to be high risk: in the majority of cases,
restructuring arrangements have already been
- Credit risks agreed among creditors and progress with the
The Fund’s risk management bodies continue negotiated payment schedules is promising.
to closely monitor credit risk, which remains
elevated. Although COVID related risks are now Following COVID challenges, an agreement
decreasing, provisions related to the situation in was reached with ECLOF receive a partial
Myanmar have increased, resulting in a minimal repayment in full and final settlement of its
decrease of EUR 11k in impairments since 31st liabilities. This agreement resulted in a loss of
March 2021. At present impairments stand at EUR 69k during the semester. Other COVID
EUR 532k, of which two thirds result from the affected cases including IDH, Ilumina and
situation in Myanmar. EBO were able to repay in full during the half
GRAPH 7: GRAPH 8:
DISTRIBUTION OF MFIS BY TIER IN DIFFERENCE BETWEEN EUR AND USD
LMDF'S PORTFOLIO (% OF PTF) INTEREST RATE (3 MONTH LIBOR)
2.0%
Others
2%
Tier 1
15%
1.5%
Tier 3
1.0%
15%
0.5%
Tier 2
68%
0.0%
09/20 12/20 03/21 06/21 09/21
Source: LMDF analysis as at 30/09/2021 Source: US Department of the Treasury and European Central BankZambia has a high level of poverty with a national average poverty rate of 54% and a rural poverty rate of 77% // MLF, Zambia
year or shortly thereafter, demonstrating the Following impairments in Myanmar, the
effectiveness of COVID support measures. exposure to the country amounts to EUR 1.9m
71% of the Fund’s assets were invested in (or 4.1% of total net assets) and the position
microfinance as of 30th September 2021, these is subject to close monitoring reflecting the
higher levels of liquidity have helped mitigate current challenges in the geography.
credit risk during periods heavily impacted
by COVID, but as risk levels related to COVID The Fund’s largest exposure is to the Kyrgyz
reduce, the Fund is now looking to grow its Republic, accounting for 7.2% of total net
portfolio and reduce its liquidity levels. The Fund assets. The five most significant countries
has 49 institutions in its portfolio and an average account for 30.8% of the portfolio, a fractional
exposure of 1.4% of net assets to each MFI, reduction from 32% at the end of 2020/21.
meaning that diversification levels remain high.
- ESG Risks
- Currency risk The Fund has elected to be classified under
The Fund has a conservative approach to article 9 of Regulation (EU) 2019/2088 on
currency risk which has helped to mitigate sustainability-related disclosures (SFDR):
volatility during the COVID period; although this means that it has an objective of making
disbursements in local currency are preferred sustainable investment within the meaning of
in order to mitigate investee FX risk, the Fund the aforementioned regulation. Prospectus
adopts a rigorous hedging policy. The Fund’s updates were made accordingly in June 2021
hedge portfolio as at 30th September 2021 and additional disclosures on ESG risk are
is valued at EUR 877k for the cross-currency also available on the Fund’s website. The Fund
swaps and - EUR 716k for forwards. The will be making further changes to its reporting
Fund’s hedging covers a diverse portfolio information in accordance with Level 2 SFDR
of 20 currencies plus the Euro. The largest requirements.
exposure remains the U.S. dollar portfolio
which amounts to EUR 11.4m, or 24.9% of There were no material adverse ESG events in
the Fund’s total net assets; this constitutes a the reporting period.
slight decrease from 2020/21 year end when
USD portfolio accounted for 25.2% of total net We look forward to receiving your thoughts and
assets., following the Fund’s preference for local comments.
currency disbursements.
Yours faithfully,
- Country risks
At of the end of September, LMDF is invested in
26 countries. The exposure towards countries
which are monitored by the Financial Action
Task Force (the entity evaluating money Apricot Wilson
laundering and terrorist financing risks) is listed
in a detailed Note 10. 8.5% of total net assets Head of Risk
are held in countries included in such lists. (apricot@lmdf.lu)
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021 14-151 Microfinance in Africa
By Olivia Fechner, Regional Manager for Africa
Olivia has been based in Nairobi, Kenya of adults had a mobile money account in
since 2018. She is the Investment Officer 2018, a higher rate than in all other regions of
and Regional Manager for Africa for the the world. The role of technology in financial
NGO ADA. Olivia has worked with the inclusion goes beyond this and there is are
NGO since 2013 and, since a few years, growing number of FinTechs intervening in
specialises in the African microfinance other segments and developing solutions
sector, notably in East Africa in countries for credit scoring, customer interfaces or
such as Kenya, Uganda, Madagascar and the digitilisation of credit procedures. The
Ghana. For this edition, Olivia shared with us enthusiasm for technologies lies in the idea
her observations regarding the development that their use will improve financial inclusion,
and impact of digitisation on the African by reducing the risk and cost associated
continent. with certain populations excluded from the
financial sector and / or by improving the
Technology and financial inclusion efficiency and quality of proposed services.
The enthusiasm for technologies lies
The impact of technology on financial in the idea that their use will improve
inclusion is accelerating and transforming financial inclusion, by reducing the
the sector, whether through the emergence risks and costs associated [...]
of new players or through its consequences
for traditional MFIs. Across the continent, new technology-
based business models are proliferating and
While the growing role of technology can be targeting segments that are still underserved,
seen around the world, it is even stronger with strong promises of financial inclusion
in Africa. The financial inclusion gap being and very ambitious growth prospects.
wider on this continent (only 32% of adults
had a bank account in 2018) there is more At the same time, MFIs are making
room in the market for the entry of innovative digitilisation one of their priorities and are
actors. In addition, Africa is characterised looking to work with fintechs to digitize
by a young population (60% of Africans are their internal procedures (more efficiency
under the age of 25). These "digital natives" for MFIs, faster and more efficient service
represent great potential for the development for customers) and improve the customer
of digital products and services. experience ( development of customer
interfaces, access to online accounts, launch
In Sub-Saharan Africa, 21% of adults of digital loans, etc.).
had a mobile money account in 2018,
a higher rate than in all other regions However, while the use of technology has
of the world. undeniably enabled FinTechs and MFIs to
Until recently, the most significant impact of offer faster service, its impact on costs has
fintech has been in the payments industry. yet to be demonstrated. Contrary to the
The development of mobile money has thus promises of a reduction in financial expenses
given everyone access to digital payment often announced, it is rare to see an
solutions that do not require a smartphone or organisation reducing the cost of its services
a bank account. In Sub-Saharan Africa, 21% following the implementation of technologicalsolutions. We note in particular the to be predictive. Today, many players do
appearance of "digital lenders" which not yet have the necessary perspective
offer extremely easy and fast access to to demonstrate the success of the model.
credit (sometimes instantaneous), which We also observe the emergence of the
are also much more expensive than PAYG (pay-as-you-go) methodology
traditional MFIs. This is often linked to which is based on a very light credit
strong liquidity needs to make continuous analysis (essentially a KYC), but which
and expensive investments in technology allows, thanks to technology (connectivity
as well as to a different shareholder of objects and mobile money) financing
profile, ready to invest in innovative and without collateral in very rural areas, via
risky business models and aiming for a daily micropayments.
profitability often higher than traditional
microfinance. One of the challenges for
New models are emerging using credit
the coming years is the regulation of
scoring in order to reduce, on the one
this sector and the implementation of a
hand, the cost of analysis, but also the
customer protection policy. As the sector
risk associated with certain segments
matures, costs should gradually reduce.
[...]
This new use of technology is also
One of the challenges for the coming impacting the organisation of institutions
years is the regulation of this sector, by giving more and more importance
the implementation of a customer to new functions: data analytics,
protection policy [...] business intelligence but also call
centres (often an integral part of the
Across Africa, we are also seeing the credit process and sometimes reachable
arrival of innovative credit analysis 24/7). The risks have also evolved:
methods. While the traditional MFI there are fewer risks associated with
methodology (a field visit allowing cash physical cash management, which has
flow to be replenished) is recognised and become non-existent in some African
proven, it is also expensive, in particular countries following the appearance of
for small loans or for targeting clients mobile money, while the challenges of
in very rural areas. New models are cybersecurity are becoming more and
emerging using credit scoring in order more important and new forms of fraud
to reduce, on the one hand, the cost of are being organised by cyber hackers
analysis, but also the risk associated with taking control of customer accounts.
certain segments, in particular when they
integrate information that is difficult to
collect without technology (use of satellite
imagery to analyse the soil, historical
data on the level of rainfall in the region,
etc.). These models are based on a set of
assumptions and weights that must be
adjusted over several credit cycles for it
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021 16-172 Focus on Zambia
A country marked by high poverty levels
LMDF aims to contribute to poverty financial system. While in 2015, the level of
reduction by supporting organisations financial inclusion stood at 70% in urban
that empower people and stimulate areas, it only stood at 50% in rural ones.
entrepreneurship, that have a particular More than 40% of Zambian adults have no
focus on the most excluded such as access to quality financial products, and
women, rural populations and young people. about 60% of those who have such access,
When the Fund decides to invest in a new do not use it, according to Zambia’s National
country, these criteria are at the heart of the Financial Inclusion Strategy.
investment decision.
If we look at gender equality, there is still
Zambia has a population of 19.1m of a lot of work to be done. According to UN
which 56% are living in rural areas Women, female participation in society
and 60% of the population is under 25 remains an uphill battle with only 17% seats
years of age. in parliament occupied by women and only
In July 2021, LMDF made its first investment 7% of elected seats in deliberative bodies of
in Zambia, a landlocked country at the local government.
crossroads of Central, Southern and Eastern
Africa. The country has a population of Regarding education, Zambia has achieved
19.1m of which 56% are living in rural areas near universal primary school completion
(Worldometer). Zambia has a quite young levels. According to UNICEF, for children
population with 60% of its inhabitants being in the early years, the coverage of care,
under 25 years of age. learning and education services remains
persistently low. Overall, girls continue to
The country has an HDI of 0.584 which be at a disadvantage with a large number
places it as a Medium HDI country. In 2015, of them dropping out in the upper primary
58% of Zambians lived on USD 1.9 a day and secondary grades, and poor levels of
or even less. This is an extremely high level transition to junior secondary and senior
of poverty, and explains why LMDF has an secondary schooling levels.
important role to play by contributing to
poverty reduction. According to the World The country has a high level of poverty
Bank, the national average poverty rate is of with a national average poverty rate of
54%, with a rural poverty rate of 77%. 54% and a rural poverty rate of 77%.
The country shows a high potential for With the aim of supporting the country and
financial inclusion, as less than half of the its population with its development, LMDF
population is banked. However, Zambia made its first investment in the country and
has laid out its first 5-year plan for financial disbursed approximatively EUR 315.000 to
inclusion, a promising sign of increased the MicroLoan Foundation Zambia (MLF-Z).
focus on the issue among authorities. Rural
areas of the country are, as in many other
African countries, less included in the formalZambia has a population of 19.1m of which 56% are living in rural areas and 66% are under 24 years // MLF, Zambia
18-19
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021 18-193 MicroLoan Foundation Zambia
A strong social mission towards women in the poorest communities
MicroLoan Foundation Zambia (MLF-Z) first These women then form groups and attend
started operating in the Eastern province 8 training sessions to learn about business
of Zambia in 2008 and has since steadily principles, like how to budget and make
expanded its footprint to the Southern and modest profits. The women then receive
Northern provinces of the country. loans and also are helped to open a savings
account. This helps them to cope with
MLF-Z has a mission to reach out to women unpredictable situations, such as scrop
in the poorest communities in Zambia to failure or family illness.
enable them to access financing for small
MLF-Z has a mission to reach out to
businesses. Typically, MLF-Z clients live
women in the poorest communities
in poor communities in rural parts of the
in Zambia to enable them to access
country. Often these areas have a very weak
financing for small businesses.
infrastructure, requiring the organisation to
take considerable efforts to physically meet
their clients. One particular challenge is the In 2007, MLF-Z switched to mobile money.
location of agencies in rural areas 100 % of the disbursements and 80% of the
Loan officers and trainers often travel on repayments are cashless. This allows for
motorbikes to meet with community leaders easy repayment, without needing to travel
and identify the women who are most in to the agencies. This also helps to reduce
need and who have the potential to run a costs for the MFI. As not every community
business. lives in an area with access to the internet,
100% of female 27,000 USD 62 average
clients clients disbursed loan
100% of clients
15% of clients 14 branches
are located in
areLoan officers meet with community leaders to identify the women who are most in need and have the potential to run a business // MLF, Zambia
the institution decided to start developing an them to have a stable income and, in turn, to
USSD solution to expand the reach of their provide what is needed to support the needs
products. of their own families.
These efforts support the MFI’s clients By helping women to help themselves,
in terms of food security, improving their MLF-Z believes that their work is having
housing conditions, having better access to a lasting impact on the lives of women,
healthcare and providing an education for children and families in Zambia. It is
their children. important to note that it takes time to break
out of the cycle of poverty, but MLF-Z helps
The MicroLoan Foundation supports clients to take their first steps on this journey.
over 27,000 women across the country
with an average loan of EUR 62. The MicroLoan Foundation supports over
27,000 women across the country with an
But the impact goes much further. Women's average loan of EUR 62.
business help villages and communities to
prosper economically and socially. Once the
businesses grow, women tend to employ
other women in their community, helping
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021 20-214 Four questions to
Jack Ngoma, CEO of MLF Zambia
Could you briefly describe • Attentive - We respect and listen to all,
your organisation, its vision especially the individuals we help, as
they know what they need.
and mission?
• Small - We discover the point where a
MicroLoan Foundation is a social small intervention can make the biggest
microfinance organisation which provides impact – we can take a chance with
small business loans, basic business training someone if it is small.
and ongoing mentoring to support women in
the rural communities and informal sectors in • Consistent - We do what is right with
sub-Saharan Africa. conviction, sensitivity, enthusiasm and
inventiveness.
We work with the mandate of helping the
poorest rural women to transform their lives • Open - We are open and honest about
by lifting themselves and their families out success and failure, use time and funds
of poverty by creating small sustainable effectively, value teamwork and accept
businesses. there is always a better way.
Our vision is a world where all those living in
poverty have the opportunity to build better
lives for themselves and their families. To
achieve our vision, we aim to provide women
This is the first investment
living in poverty with the tools and skills to LMDF has made in Zambia.
enable them to work their own way out of
poverty.
Please could you tell us
more about the challenges
We work with the mandate of helping
the poorest rural women to transform
that women face in the
their lives by lifting themselves and country and how MicroLoan
their families out of poverty by creating
small sustainable businesses.
Foundation Zambia supports
them?
MLF-Z is guided by the following values:
Of the 3.8 million financially excluded adults
• Far-reaching - Many women are in Zambia, a disproportionate number are
stuck in poverty, struggling to support poor women living in rural areas. Reasons
themselves and their families. We for this include limited access to financial
find and help them so they can build services in remote areas, having insufficient
a sustainable life, irrespective of funds to open an account, high account fees,
background and belief. a lack of trust in the formal financial systemMLF Zambia aims is to provide women living in poverty with the tools and skills to enable them to work their own way out of poverty // MLF, Zambia
and low levels of financial literacy. In addition Could you give us an
to that, women-led businesses largely
operate in the informal sector where access
overview of the loans you
to finance and other business support propose? What about non-
structures are limited.
financial offers, do you offer
Of the 3.8 million financially excluded trainings?
adults in Zambia, a disproportionate
number are poor women living in rural MicroLoan Zambia prides itself in the
areas. provision of small loans and facilitation of
savings as summarised below;
MicroLoan Zambia has a dedicated front
line team who addresses these issues • Product Type: Business Loan
by working closely with communities to • Loan Term: 4 and 6 months
promote, identify, train and provide small • Fees: n/a
loans to women entrepreneurs. Our loan • Interest (on-going clients):
products, savings approach and training 4 months - 5.1%
programme are designed to meet the needs 6 months - 5%
of clients. This is done through thorough • Savings: Voluntary - 2% of loan amount
assessment and client involvement so that
products are tailored to the needs of clients. Besides loans and savings, MicroLoan
provides financial literacy and basic business
MicroLoan’s model is designed to be training among clients. Field staff cover
accessible and affordable for the poorest relevant topics such as; budgeting, cost,
women who live far away from formal pricing and profit, setting savings goals,
financial services, many of whom have had market research and business planning.
little education and own no assets. Since our
inception in 2008, over 280,000 poor women
in rural sub-Saharan Africa have taken part
in our livelihoods programme, empowering
them to work their own way out of poverty.
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021 22-23What about the future? More product diversification will include the
following:
Which are areas you wish
to develop and how will the • Individual loans - To cater for
individuals who have graduated from
partnership with LMDF groups and are financially able to stand
contribute to reaching your on their own
• Education loans -To enable clients who
target? may want convenient loans to pay for
their childrens’ school fees
As highlighted in our 5-year Strategic • Top up loans - For clients who may
Business Plan, MicroLoan Zambia intends want to add more money when they
to grow from the current 27,000 to 80,000 have reason to do so
clients and increase the loan portfolio to over
USD 5m. Pilot tests are normally conducted to
ascertain the suitability of products before
This growth projection comes with the full implementation.
intention to leverage on technology. MLF-Z
intends to invest in digital transformation that MLF-Z intends to invest in digital
will be designed to meet the needs of clients transformation that will be designed to
by resolving their current challenges. meet the needs of clients by resolving
their current challenges.
MicroLoan has already started the process
of designing a mobile-based saving platform The partnership with LMDF will help to meet
that has increased security features for operational costs for the aforementioned
clients’ money. processes and enable the institution
to increase outreach to underserved
Our institution is also piloting an agriculture communities in Zambia.
loan product to be introduced in the future,
among other products. Results so far have
indicated that there is need for the product
to be upscaled.MLF is piloting an agriculture loan product // MLF, Zambia
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021
24-25Statutory information
Organisation
Registered Office // Domicile Trade Register Number // Registre de commerce
2, place de Metz et des sociétés
L-1930 Luxembourg R.C.S. Luxembourg B 148.826
Board of Directors and Committees // Conseil d’administration et comités
Chair - Président
Raymond Schadeck Independent
Members - Membres
Ernstine Kornelis (from 15/07/2021) Development Cooperation Department,
Ministry of Foreign and European Affairs (MAEE)
Michel Haas Ministry of Finance
Patrick Losch Independent
Marie-Anne Marx (until 15/07/2021) Development Cooperation Department,
Ministry of Foreign and European Affairs (MAEE)
Michel Maquil ADA - Appui au Développement Autonome
Natalia Oskian Independent
Raoul Stefanetti Belair House
Monica Tiuba Independent
Dzemal Tomic Banque et Caisse d'Épargne de l'État (BCEE)
Kaspar Wansleben Executive Director
Investment Committee LMDF* Risk Committee
Comité d'investissement LMDF Comité de risque
Raoul Stefanetti - Belair House, Committee Chair Dzemal Tomic - BCEE, Committee Chair
Anne Contreras - Independent Raymond Schadeck - Independent
Gilles Franck - ADA Yves Speeckaert - Independent
Michel Haas - Minstry of Finance Jane Wilkinson - Independent
Thomas Lammar - MAEE (until 15/07/2021) Apricot Wilson - Head of Risk
Paul Weber - MAEE (from 15/07/2021)
Philippe Dardart - BGL BNP Paribas Employment Committee // Comité d'emploi
Kaspar Wansleben - Executive Director Michel Haas - Ministry of Finance, Committee Chair
Raymond Schadeck - Independent
Dzemal Tomic - BCEE
Marketing Committee
Comité de marketing Appointments Committee
Natalia Oskian - Independent, Committee Chair Comité de nomination
Viviane Clauss - BdL Marie-Anne Marx - MAEE, Committee Chair (until 15/07/2021)
Didier Richter - BIL Michel Haas - Ministry of Finance
Patrick Bilbault - Independent Raymond Schadeck - Independent
*A separate investment committee has been constituted for FCCFInvestment adviser Microfinance expertise // Expertise en microfinance
Conseiller en investissement General Partner of the Higher Education
ADA - Appui au Développement Autonome asbl Finance Fund LP
39, rue Glesener OMTRIX Inc.
L-1631 Luxembourg Oficentro La Virgen No.2, Edificio 1, Piso 1
Zona Industrial de Pavas,
San José, Costa Rica
Depositary, Paying and Domiciliation Administrative Agent, Registrar and Transfer Agent
Banque dépositaire et agent de paiement Administration centrale et agent de transfert
Banque et Caisse d’Épargne de l’État European Fund Administration S.A.
1, place de Metz 2, rue d’Alsace
L-2954 Luxembourg L-1017 Luxembourg
Auditors // Réviseur d’entreprises agréé Legal Advisers // Conseiller légal
KPMG Luxembourg, Société coopérative Elvinger Hoss Prussen
39, Avenue John F. Kennedy 2, place Winston Churchill
L-1855 Luxembourg L-1340 Luxembourg
Distributors // Distributeurs
Banque de Luxembourg S.A. BGL BNP Paribas S.A.
14, boulevard Royal 50, avenue J.F. Kennedy
L-2449 Luxembourg L-2951 Luxembourg
Banque Raiffeisen s.c. Fortuna Banque s.c.
4, rue Léon Laval 130, boulevard de la Pétrusse
L-3372 Luxembourg L-2330 Luxembourg
Banque et Caisse d’Épargne de l’État
1, place de Metz
L-2954 Luxembourg
Listing // Listing
On the Luxembourg Stock Exchange
Securities Official List (SOL)
www.bourse.lu/green
Foreign Currency Hedging Provider // Contrepartie de couverture de risque de change
MFX Solutions, Inc. Banque et Caisse d’Épargne de l’État
1050 17th St. NW, Suite 550 1, place de Metz
Washington DC, 20036 L-2954 Luxembourg
United States of America
Identity numbers // Code d’identité
Class B shares Class C shares
ISIN: LU0456966935 ISIN: LU0456967404
Bloomberg: LMDSVCB:LX Bloomberg: LMDSVCC:LX
SIX: 10633787 SIX: 10633788
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021 26-27Unaudited financial statements
Etats financiers non révisés
// 1 Statement of net assets
État des actifs nets
as at 30 September 2021 // au 30 septembre 2021
Assets – Actif Notes EUR
Shares (and equity-type securities) in regional microfinance 181,375
investment vehicles
Actions (et instruments similaires) dans des structures
régionales d'investissements en microfinance
Shares (and equity-type securities) in microfinance institutions 259,547
and service providers
Actions (et instruments similaires) dans des institutions
de microfinance et structures de support
Loan agreements with microfinance institutions 6, 10 30,834,434
Contrats de prêt avec des institutions de microfinance
Cash and savings at banks 13,625,920
Avoirs et épargne en banques
Unrealised appreciation on swap contracts 5 877,118
Plus-value non réalisée sur contrat de swap
Income receivable on portfolio 791,100
A recevoir sur le portefeuille
Interest receivable on bank accounts and term deposits 188
Intérêts à recevoir sur avoirs en banque et dépôts à terme
VAT receivable 55,572
TVA à recevoir
Other receivable and assets 7 174,148
Autres actifs
Total assets 46,799,402
Somme d'actifs
The accompanying notes form an integral part of this report.In Zambia, more than 40% of adults have no access to quality financial products and 60% of those who have, do not use it // MLF, Zambia
Liabilities – Passif Notes EUR
Unrealised appreciation on forward foreign exchange contracts 5 716,179
Plus-value non réalisée sur contrats de change à terme
Accrued expenses 7 345,307
Provision pour frais à payer
Total liabilities 1,061,486
Somme des passifs
Net assets at the end of the period 45,737,917
Actifs nets à la fin de la période
A Class shares outstanding 131,347.257
Nombre d’actions en circulation de la Classe A
Net asset value per A Class share 27.41
Valeur nette d’inventaire par action de la Classe A
Abis Class shares outstanding 116,052.936
Nombre d’actions en circulation de la Classe Abis
Net asset value per Abis Class share 26.18
Valeur nette d’inventaire par action de la Classe Abis
B Class shares outstanding 179,008.526
Nombre d’actions en circulation de la Classe B
Net asset value per B Class share 119.45
Valeur nette d’inventaire par action de la Classe B
C Class shares outstanding 156,026.718
Nombre d’actions en circulation de la Classe C
Net asset value per C Class share 113.55
Valeur nette d’inventaire par action de la Classe C
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021 28-29// 2 Statement of operations and other changes in net assets
État des opérations et des variations des actifs nets
from 1 April 2021 to 30 September 2021
du 1er avril 2021 au 30 septembre 2021
Income – Revenus Notes EUR
Interest on microfinance loan agreements 1,794,917
Intérêts sur contrats de prêt en microfinance
Net interest paid on swap contracts (484,509)
Intérêts nets payés sur contrat swaps
Net interest on microfinance loan agreements 1,310,408
Intérêts nets sur contrats de prêts en microfinance
Commissions on microfinance loan agreements 71,334
Commissions sur contrats de prêts microfinance
Other income 22,942
Autres revenus
Total income 1,404,684
Somme des revenus
Expenses – Frais
Advisory fees 3 219,572
Frais du conseiller en investissement
Salary and wages of the fund management 3, 12 280,971
Charges salariales de gestion du fonds
Custodian fees 32,691
Commission de la banque dépositaire
Central administration costs 26,368
Frais de l’administration centrale
Bank charges and other fees 10,087
Frais bancaires et charges liées
Interest on bank accounts and term deposits
52,934
Intérêts bancaires et dépôts à termes
Transaction fees 1,150
Frais de transaction
Audit fees 18,736
Frais de révision
Travel and representation fees 3,829
Frais de voyage et de représentation
Rent & Information technology fees 17,263
Loyer et frais informatiques
Other administrative costs 7 25,190
Autres charges administratives
Total expenses 688,791
Total des frais
Net investment income 715,893
Résultat net d’investissement
The accompanying notes form an integral part of this report.Net realised gain/(loss)
Bénéfice/(perte) net(te) Notes EUR
On investments 6 (68,905)
Sur investissements
On forward foreign exchange contracts 204,935
Sur contrats de change à terme
On forward foreign currency transactions (560,584)
Sur transactions en devises
Realised result (424,554)
Bénéfice/(perte) net(te) réalisé(e)
Net variation of the unrealised gain/(loss)
Variation de la plus-value/(moins-value) nette non réalisée
On investment portfolio / Sur portefeuille d'investissements
Variation of impairment on microfinance loans 6 10,875
Variation de provisions sur prêts microfinance
Variation of valuation of equity investments 15,564
Variation de la valorisation des investissements en capital
Variation due to changes in the foreign exchange rate 828,188
Variation due à l'évolution du taux de change
Total variation on investment portfolio 854,627
Variation totale sur portefeuille d'investissements
On forward foreign exchange contracts (859,586)
Sur contrats de change à terme
On cross-currency swap contracts 1,272
Sur contrats de swap de taux et change à terme
Unrealised result (3,687)
Bénéfice/(perte) net(te) non réalisé(e)
Result of operations 287,655
Résultat net des opérations
Subscriptions 1,841,863
Souscriptions
Redemptions (431,653)
Rachats
Total changes in net assets 1,697,865
Variation globale de la valeur nette d’inventaire
Total net assets at the beginning of the year 44,040,052
Valeur nette d’inventaire au début de l'année
Total net assets at the end of the period 45,737,917
Valeur nette d’inventaire à la fin de la période
Unaudited semi-annual report as at 30 September 2021 // Rapport semestriel non révisé au 30 septembre 2021 30-31You can also read
