Sarah Odden , Envest Microfinance Coop, United States
30 April 2020

We are a MIV that lends to small "impact first" but financially solid MFIs in 10 countries that have very few other sources of credit . Thank you for this article, it resonates with all the steps we've already been taking and the frequent conversations we've been having with all of our partner MFIs. We are taking a case-by-case approach (instead of a global moratorium on principal) just as Geert Peetermans suggested above, but our clients know we are here and ready to work with them if and when they need tosome flexibility.

I would like to note that one of our Central Asian MFI partners, while seeking some relief, does not believe they will benefit from delaying a principal payment yet as the Russian rouble depreciates, leaving their currency exposure more risky. We would be interested to hear other's experience in similar scenarios.

I would also like to know how we could get involved. Our CEO/Founder would serve as a wealth of knowledge to the secretariate CGAP may put together about the impact and response for some of the most rural and financially underserved clients in the world. Like many of you, Envest has lent and stayed profitable through crises in the past, in fact, we have substantially increased our portfolio in Nicaragua since the 2018 crisis began. We recognize this crisis is unprecedented, but nonetheless believe our experience in the past is a benefit through this crisis. Please reach out to us if you would like to utilize Envest's niche knowledge, we would like to be part of the conversation.