Capital Structure

As a Public-Private Partnership aimed at establishing a vehicle that holds funds from public and private investors, REGMIFA is structured as a multi-layer fund which reflects the risk/return requirements of its investors. To meet these requirements there are three Shareholder classes (A, B, C) and two Noteholder classes (senior and subordinated), each share and note class having its own risk profile and targeted return.


The C-Shares form the foundation of the capital structure. They are primarily subscribed by Donors and comprise a mandatory minimum of 33% of REGMIFA’s total assets. In addition to this core quality, by representing the first loss tranche layer, they provide an appropriate cushion to investors that contribute to REGMIFA’s development impact by underwriting A-Senior and B-Mezzanine Shares and Senior and Subordinated Notes.

REGMIFA has already attracted a highly reputable group of investors, including the Spanish Agency for International Cooperation for Development (AECID), the French Development Agency (AFD), the German Federal Ministry for Economic Cooperation and Development (BMZ), the Belgian Investment Company for Developing Countries (BIO), the European Investment Bank (EIB), Netherlands Development Finance Company (FMO), the Spanish Development Bank (ICO), the International Finance Corporation (IFC), KfW Bankengruppe (also acting as structuring agent), the Spanish Ministry of Foreign Affairs (MAEC), the Norwegian Microfinance Initiative (NMI), Oesterreichische Entwicklungsbank (OeEB), and the French Investment and Promotions Company for Economic Cooperation (PROPARCO).