Our Financial Institutions business enjoyed another successful year as the Eurozone turmoil and global economic crisis left unscathed most of the emerging markets in which we operate.
However, the economic crisis and accompanying increased regulatory pressure continued to quench Western European and US commercial bank activity in emerging markets. Although we did catalyze the amount of third-party money into developing countries as we had targeted, it did mean that most of the funds we mobilized came from development banks.
All the same, we were delighted to sign risk-sharing agreements with two Dutch banks, ING and Rabobank, to cooperate on trade finance transactions for developing countries, starting in Africa.
We closed our first syndicated transactions in Sri Lanka – two loans totaling a US$43 million to microfinance institution Lanka Orix Micro Credit – and a US$94 million syndicated loan to Khan Bank, one of the leading banks in Mongolia.
We expect to do more such syndicated facilities in years to come, especially in Latin America and in Asia.
FMO made a debut transaction in Uzbekistan with a US$9 million loan to Hamkorbank, the only Uzbek bank with its head office outside the capital, Tashkent, and one of the country’s few fully privately-owned banks. The loan is earmarked for lending to small and medium-sized enterprises.
For more information on our investments in 2012, please refer to the tables below.
New Contract (Investment Funds)
New Contracts (Other)
Committed portfolio per region 2011 vs 2012 (€xmln)
|Latin America & the Caribbean||154||574|
|Eastern Europe & Central Asia||253||523|
|Latin America & the Caribbean||132||511|
|Eastern Europe & Central Asia||212||589|