Ferd, the Norwegian investment group owned by Johan Andresen and his family, has made another commitment to the microfinance group it has been backing for a number of years.
Ferd is committing a further $15 million to the Nordic Microfinance Initiative, an organisation set up by Ferd and backed by Norway’s biggest bank DNB, life insurance group KLP, and Norwegian and Danish development funds. So far, commitments to the initiative have reached around NOK 850 million ($106 million), and the goal is to get that to NOK 1 billion, according to reports.
NMI was set up to provide loans, savings, and other basic financial services to the less privileged in the developing world. Since the initiative was launched, NMI has made more than 30 investments. Two-thirds of these commitments comprise direct investments in microfinance institutions in the form of equity and loans, and the rest has been made through funds.