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Fitch Ratings has affirmed MCGF's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+'.
This reflects MCGF's strong linkage with the state as evidenced by 100%-state ownership, the fund's non-for-profit mission and strategic importance to the state's economic policy.
Funding objective : FMO has committed ZAR 300 million to MCGF II.
The MCGF was launched by the State Bank in December 2008 with A...a[euro]oe15 million funding support from the UK Department for International Development (DFID) under the Financial Inclusion Program (FIP) which is being implemented by SBP.
He added that it is heartening to see that a number of microfinance providers, including Tameer Microfinance Bank, while benefitting from the MCGF, has helped the facility to attain this objective.
i) The lending institution shall provide financing after carrying out proper due diligence of the MFB/MFI, keeping in view the risk profile of the borrower and in light of policy developed, duly approved by its Board of Directors, for providing financing under the MCGF. In case, the micro finance lending policy duly approved from the Board of Director is not in existence, such policy shall be made within two years of the first disbursement under the facility; however, it shall be mandatory if the funding under the facility exceeds 20 percent of the lending bank's equity, prior to disbursement under the facility.
Due to a new mandate, MCGF will receive an additional AZN40 million transfer from the state to finance interest subsidy on SMEs' loans in 2018.
Fitch Ratings has revised MCGF outlook to Stable from Negative, while affirming the Fund's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB+'.
ESTIMACION (MCGF) DEL MODELO EXPLICATIVO DE LA TASA ANUAL DE CREACION DE EMPRESAS PARA DIEZ PAISES DE LA UNION EUROPEA' EN EL PERIODO 2000-2010.
The revised guidelines on MCGF stressed upon the MFBs/MFIs to explore other local currency funding opportunities such as raising capital by issuance of redeemable capital from capital market, thereby increasing funding availability and diversification of sources.
SBP had launched two key microfinance facilities, the Microfinance Credit Guarantee Facility (MCGF) and the Institutional Strengthening Fund (ISF) in December 2008.
In 2018, the authorized capital of the Azerbaijani Mortgage and Credit Guarantee Fund (MCGF) will be increased by 100 million manats up to 466 million manats, Fitch Ratings said in a report.
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