On Friday, December 18th, 2009, UOB received the first installment of funding in the amount of EUR200,000 (apprximately $300,000) as part of the $1.6 million 4-year credit facility from Oxfam Novib.
Oxfam Novib is a Netherlands NGO as part of Oxfam International that is the confederation of 14 like-minded organizations that work to end the poverty and injustice through various activities from campaigning to responding to emergencies. Lending to microfinance institutions is one of their programs towards the goal.
It was arranged through Triple Jump, a microfinance investment fund manager. This funding was arranged in Rwandan Francs so that we may avoid the foreign exchange exposure.
It was the first external credit facility that UOB has ever borrowed on a commercial basis. I trust the good Lord was at the center of all the work being done and I praise Him for His goodness!
This credit facility will be used to finance part of UOB's micro finance activities in 2010. Based on the average loan size of $200, the credit facility will enable us to help 8,000 new clients to graduate from chronic poverty. Praise the Lord! - Jeffrey