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Beirut - May 2009

Sanabel 6 th Annual Conference. Beirut - May 2009. Foreign Commercial Investment in Microfinance – Overview of Market Trends. Cedric Lombard. Director. Symbiotics. Symbiotics - Professional Services for Microfinance Investors and Fund Managers. Investment Portfolio by Region.

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Beirut - May 2009

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  1. Sanabel 6th Annual Conference Beirut - May 2009 Foreign Commercial Investment in Microfinance – Overview of Market Trends Cedric Lombard Director Symbiotics

  2. Symbiotics- Professional Services for Microfinance Investors and Fund Managers Investment Portfolio by Region Volume Under Advisory/ Management

  3. Very few commercial investment to MEDA countries • 0.2% of MIV portfolio & 0.8% of Symbiotics portfolio • Share of MENA’s MFIs in MIX Market database: 2.7% (USD 1.12 bln market) State of Commercial Financing – Market Patterns Market Data Geographical Distribution (% MP) * Symbiotics estimates for 2008; all other data are for 2007 Source: 2008 CGAP MIV Survey

  4. Slow but positive growth in 2008, fueled by socially oriented investors: • Large pension funds maintain their allocation as part of their SRI strategy • Public investors invest more in response to the global credit squeeze • Retail investors continue to make new allocations to support microentrepreneurs in emerging markets • Leading MIVs constitute the main potential source of growth: • Positive track record (risk-return profile) • Critical size attracting institutional investors Recent Trends – Slower but Positive Growth of MIVs Lux MIV Market Growth

  5. Recent Trends – Stable Interest Rates but Higher Spreads Spread Analysis SMX Index USD • Stable interest rates • Lower reference rates • Higher credit premiums • Increasing cost of hedging • Increasing cash level for redemptions • Lower but still positive net returns

  6. Recent Trends – Slow deterioration of the MFIs Risk SYM 50

  7. The struggle to maintain high quality MFIs and progessively • Need for transparency • Compare to the benchmarks • Find a growingly better equilibrium between subsidized and commercial funding sources • Work on solutions jointly with the lenders in order for them to lend loans in local currencies with affordable hedging instruments Investors’ Expectations – Towards increased partnerships

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