Rural Impulse Fund II and Agora Microfinance N.V. take equity stakes in AMK Cambodia

Monday, August 12, 2013

Antwerp/London, 08 August 2013 – Incofin IM’s Rural Impulse Fund II (RIF II) and Agora Microfinance N.V. (AMNV), a microfinance holding company, have both acquired significant minority stakes in the microfinance institution (MFI) AMK Cambodia. This well-established MFI is the country’s market leader in terms of both outreach and its application of social performance research.

Dynamic institution with extensive coverage of rural markets

AMK Cambodia was established in 2003 by Concern Worldwide, an international charity. Today, it operates a network of 130 offices and more than 200 agents across all parts of Cambodia, serves almost 300,000 loan clients and has a staff of 1,400. In the past few years AMK has progressed towards a wide range of products for clients, including through the acquisition of a deposit license, while continuing to target the lower sections of the market. It currently offers loans, deposits, and money transfer services. AMK’s total outstanding loan portfolio per end of June 2013 stood at USD 68 million.

Leading role in SPM monitoring and implementation

AMK Cambodia is widely regarded as an industry leader for its ongoing work in operationalizing social performance in microfinance and has set up solid social performance management systems. The MFI holds a very strong reputation in the field and has a research department constantly exploring new product design, collecting clients’ feedback and producing social reporting to guide AMK’s strategic thinking. Alongside its work on SPM, it has consistently achieved a healthy financial performance, with Return on Equity in 2012 of 19%.

Welcoming the new shareholders, Kea Borann, CEO AMK, and Tanmay Chetan, Chairman AMK, said: “We look forward to the active participation of RIF II and AMNV in the governance and strategy of AMK, and to their significant inputs to take AMK to its next phase of development. Incofin IM and AMNV are microfinance specialists, whose insights will add value to AMK. Both have been active in Cambodia for a long time, and therefore understand the Company and the local microfinance environment very well.”

Edwin Zimmermann, the shareholder representative of RIF II said: “We are pleased to contribute to the further sustainable growth of AMK and to support AMK in its mission to improve the livelihood of large numbers of poor people through the delivery of appropriate microfinance services.”

Echoing Edwin Zimmermann’s words, Rebecca McKenzie, AMNV’s shareholder representative said: “AMK’s approach to balancing its financial and social goals mirrors AMNV’s own approach, and we feel this makes for a meaningful partnership. We look forward to contributing to the Company’s work in the years to come.”

(End of press release)

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About Rural Impulse Fund II & Incofin IM

Rural Impulse Fund II is a EUR 120 million (USD 173 million) fund that was launched in 2010. The fund aims at contributing to the alleviation of poverty in rural areas by investing in MFIs that have a strong presence in these rural regions. The fund is advised by Incofin Investment Management, a manager of microfinance investment funds striving to achieve balanced social and financial returns. Incofin IM has 8 funds/facilities under management totaling EUR 350 million (USD 464 million) and offices in Belgium, Colombia and India. More information is available on

About Agora Microfinance N.V.

Agora Microfinance N.V. is a microfinance holding company that creates and builds microfinance institutions in frontier markets. Agora works as an operator-investor, engaging closely with its affiliate MFIs on strategy and its execution, alongside making equity investments. As of June 2013 AMNV is operational in India and Zambia through its affiliate MFIs, in addition to its newly acquired shareholding in AMK Cambodia. AMNV is headquartered in Amsterdam and is advised by Agora Microfinance Partners LLP, located in London. For more details please visit

About AMK Cambodia

AMK Cambodia is Cambodia’s leading MFI, with almost 300,000 loan clients and an expanding deposit and remittance business. It is licensed by the National Bank of Cambodia and has consistently been a market leader in a vibrant and fast moving market. It today operates from 130 offices spread across the country, and has one of the deepest reaches amongst Cambodia’s financial institutions. For more details please visit

Contact details:

For more information about RIF II and Incofin:

· Michiel Sallaets – Communications Manager Incofin Investment Management / +32 3 829 25 66

For more information about Agora Microfinance N.V.:

· Cathy McConnell – HR, Admin and Communications Officer / + 44 207 224 0597

For more information about AMK Cambodia:

· Huot Sokha, Chief Business Development Officer / +855 23 993 062

Source: Press Release