In December 2017 Incofin IM extended a new loan to Grassland Finance of EUR 10 million, of which 50% is denominated in local currency. The loan is made through two funds managed by Incofin (agRIF and RIF II) and the funds will be used to help the MFI expand its agricultural and rural portfolio.
Grassland has been a partner of Incofin IM since 2015 and this represents the second transaction between the two institutions.
Grassland is a unique MFI that is efficiently and responsibly serving the micro and SME segments in China, two segments suffering high levels of financial exclusion. As of Dec 2017, Grassland had a portfolio of USD 89m, serving almost 5,000 clients through 17 branches across 7 provinces. The MFI’s social mission is to provide convenient, suitable, and transparent access to capital for China’s vast number of micro, small, and medium sized enterprises (MSMEs), through efficient offline and innovative mobile and online delivery channels.
Grassland is one of the first foreign-owned microcredit companies in China, established in 2009 by ACCION. In 2012, Sagamore China Microfinance purchased the microfinance and invited ACCION to stay as a shareholder through a share swap. DEG, a subsidiary of German development bank KfW, is also a shareholder.
