ImpactAlpha, October 31 – Bethesda, MD-based MicroVest has closed a $20 million, five-year credit facility with MetLife Investment Management. The facility will provide liquidity for the limited partners in MicroVest’s flagship impact investment fund. MicroVest, which backs microfinance institutions in emerging markets, says the facility will allow it to deploy capital “more capital, more quickly,” to its MFI clients.
“Having this facility, and this partnership, with such a well-regarded financial inclusion leader, will hopefully prove catalytic as we seek to grow MicroVest’s lending footprints across emerging markets,” said Gil Crawford, CEO of MicroVest. MicroVest, which manages $368 million across all its funds, has deployed more than $1 billion to more than 200 financial institutions in over 60 countries. Its investments have helped finance more than 13 million micro and small businesses worldwide.
The investment marks MetLife Investment Management’s largest community investment to date.