Dr. Kooi new director of LOLC Micro Credit Ltd

LOLC Micro Credit Ltd. the Microfinancing arm of the LOLC Group recently appointed Dr. Peter Kooi to the board of directors of the company.

LOLC Micro Credit Ltd (LOMC) is a partnership between LOLC and FMO (The Netherlands Development Finance Company) which is the international development bank of the Netherlands with an investment portfolio of Euro 3.4 Bn worldwide. FMO has a 20 percent equity stake in LOMC and has made a $10Mn investment in the company.

In 2003 LOLC ventured into Microfinance and is now established as a microfinance provider in the country.

The company started operations by providing Solar Home systems to rural households and then expanded their services into agriculture related financing, dairy financing and three- wheeler, tractor and motorcycle loans to cater to the increasing demands of this sector.

Apart from the expertise gained and a good understanding of the segment’s needs LOLC had the advantage of having extensive reach into the rural areas and the necessary infrastructure.

Dr. Peter Kooi is a Dutch national, joined the Board Of directors of FMO in October 2000. Dr. Kooi studied corporate finance and sociology at the Erasmus University in Rotterdam, the Netherlands. From 1993, he advised ACLEDA in Cambodia as a microfinance consultant for a seven years in its course from a development program into a commercial bank. From 1999, he worked as a short-term microfinance consultant for microfinance institutions and projects mainly in Africa and Asia.

From September 2002 until December 2005, Dr. Kooi was Director of the Microfinance Unit of UNCDF in New York. Since then he works as a Resident Director of the Board of ACLEDA Bank. In 2008 he also became a Board member of ACLEDA Bank Lao in Lao PDR. He is a Graduate of the Australian Institute of Company Directors.

Chairperson of LOLC Group, Rohini Nanayakkara said, Dr. Kooi’s appointment is strength for us. His experience in the field of Microfinancing will enable us to learn many lessons and make use of them for the development of the microfinance sector in Sri Lanka.”

CEO LOMC, Ravi Tissera said LOMC would immensely benefit from the years of experience in microfinance especially in Cambodia which is considered a best practices market in the world for microfinance.