• 2017

    The Board of Directors holds a strategic seminar and decides, among other things, to increase the annual technical assistance budget from 50,000 to 100,000 Euros.

    Incofin cvso celebrates its 25th anniversary! This extra festive anniversary is celebrated during the General Meeting of 26 April 2017.

    For the first time, Incofin cvso’s capital exceeds 40 million Euros.

  • 2016

    Incofin cvso sells with added value a number of capital participations (Banco FIE in Bolivia and Akiba Commercial Bank in Tanzania) in which it was a major shareholder for more than ten years.

    The Fairtrade Access Fund, which Incofin cvso helped found in 2012, makes a profit for the first time since it came into being. The fund which provides financing to fair trade agricultural organizations, reaches an amount of 30 million dollars.

    ‘The Impulse Microfinance Investment Fund, founded by Incofin cvso in 2004, is paid to the investors in accordance with the agreement. The fund achieved the goals set forth.

  • 2015

    2015 is a successful year for Incofin cvso. An additional 360 new shareholders join the company and the capital grows by 6.9 million Euros. For the first time, the balance total of Incofin cvso exceeds 50 million Euros.

    Launch of the agRIF investment fund by the separate fund manager Incofin Investment Management (Incofin IM). The agRIF capital raising is closed in 2017 and amounts to 150 million dollars.

    Incofin cvso invests in Palestine for the first time.

  • 2014

    Incofin cvso participates as co-founder in FPM SA, a Congolese investment fund for Congolose microfinance and financial institutions.


  • 2012

    On 25 April 2012 Incofin cvso celebrates its twentieth anniversary in the presence of Princess Mathilde, in De Bijloke in Ghent.

    Incofin cvso invests as founding member in the Fairtrade Access Fund.

  • 2011

    For the first time Incofin cvso allocates an envelope of 50,000 Euros to technical assistance. The money serves to support microfinance institutions in search of expertise to improve their products and processes.

  • 2010

    Launch of the Rural Impulse Fund II by Incofin IM, a fund to the amount of 120 million Euros.

    On 2 January 2010 Haiti is ravaged by a brutal earthquake. Incofin organizes a major charity action to help ACME and its clients back on their feet. Thanks to this action which is supported by the Flemish government, a sum of 171,000 Euros is raised.

  • 2009

    Incofin investeert in ACME in Haïti.

    Incofin cvso richt samen met het management de afzonderlijke fondsenbeheerder Incofin Investment Management (Incofin IM) op. Voortaan wordt de investeringsportefeuille van Incofin cvso door het team van Incofin IM beheerd.

    Incofin invests in ACME in Haiti.

    Together with the management, Incofin cvso founds the separate fund manager Incofin Investment Management (Incofin IM). From now on the investment portfolio of Incofin cvso is managed by the Incofin IM team.

    As of 2009 Incofin cvso is eligible for the allocation of a tax reduction for private persons subscribing to shares of Incofin cvso. As a result thereof the share of private persons as well as the capital of Incofin cvso see a significant increase.

    The investments of Incofin cvso in Nicaragua are facing hard times. The Nicaraguan microfinance institutions experience repayment problems due to the rise of the Movimiento de No Pago, a powerful debtors’ movement. Nevertheless Incofin cvso weathers this crisis well.


  • 2008

    Crisis year in the financial sector. Incofin cvso stands its ground.

  • 2007

    In conjunction with EIB, IFC, FMO and BIO, Incofin cvso launches the investment fund Rural Impulse Fund I. The fund amounts to 38 million dollars. For the first time Incofin cvso pays out a dividend of 1 % of the share capital. In the following years the dividend steadily rises to 2.5 %, a level that has remained unchanged since 2012.

  • 2006

    Incofin cvso neemt een participatie in FIE Gran Poder (Argentinië).

  • 2005

    Incofin cvso invests in Lapo in Nigeria.

  • 2004

    As the very first external investor, Incofin cvso provides a guarantee to microfinance institution Wasasa in Ethiopia. Today it is one of the largest in the country.

    The Impulse Microfinance Investment Fund is founded, an investment fund managed separately by Incofin cvso that invests in microfinance institutions through loans and risk capital. It appeals to institutional investors. The fund is founded for twelve years and reaches in various steps an amount of 47 million Euros.

  • 2003

    In order to lower the threshold for private investors, Incofin cvso issues split shares with a value of 1/20 part of a full share. In one year this operation attracts 70 private shareholders. Three shareholders – Volksvermogen, VDK Spaarbank, VKW (now Etion)) and BRS – decide to structurally support Incofin cvso for a period of five years (from 2003 up to and including 2007). Incofin cvso also receives support from the Gillès Foundation.

    Incofin cvso takes a participation in Akiba Commercial Bank (Tanzania) and transfers the credit fund of Incofin Tanzania to the bank. At that moment the bank has 23,865 clients. As one of the first external investors, Incofin cvso grants a loan to Centre Nako Diabaté in Guinea, today the largest private training centre in Guinea Conakry.

    Incofin cvso takes a participation in microfinance institution Confianza in Peru, which has 9705 clients at the time. Under its current name Financiera Confianza, it is one of the largest microfinance banks in the country today – with participations by BBVA and IFC. Today the institution boasts 207,000 clients.

  • 2002

    For the first time, the Board of Directors organizes a strategic two-day meeting in Cadzand. From now on such a meeting will be held every two or three years. Seven seminars took place already between 2002 and 2017.

  • 2001

    A promotion campaign attracts fresh investors capital. The capital doubles to 36,308,972 Belgian Francs (900,075 Euros). Incofin cvso becomes the co-founder of Ex-Change, an association sending out experts, and assumes the secretarial duties.

    Geert Peetermans and Rita Van den Abbeel reinforce the team of Incofin cvso which now consists of four people. Loïc De Cannière becomes the delegated manager.

  • 2000

    An important year in which a different course is set. New shareholders join the company and the capital grows to 19 million Belgian Francs (471,200 Euros). A collaboration with Company Partnership Plan is set up. A Manager North – Mieke Winne – and a Manager South – Loïc De Cannière – are recruited. The offices move to Sneeuwbeslaan 20 in Antwerp.

  • 1997

    Foundation of the local subsidiary company Incofin Paraná Participaçoes (Brazil).

  • 1996

    Foundation of the local subsidiary company Incofin Uganda. In 1997 Incofin Uganda starts up the farm Naseco, among others, which is now one of the largest seed companies in Eastern Africa.

  • 1995

    Foundation of the local subsidiary company Incofin Guatemala by which the microcredit programme Fundea is started up. Fundea develops into one of the largest microfinance institutions of the country.

  • 1993

    Foundation of the local subsidiary companies Incofin Tanzania, Incofin Guinée and Incofin El Salvador. Incofin cvso founds a business center in Arusha (Tanzania) which sets up a credit fund. Later this credit fund is brought into Akiba Commercial Bank, and constitutes the basis for the opening of a new branch in Arusha. Today Akiba Commercial Bank is one of the most important microfinance banks in Tanzania.

  • 1992 - 27 augustus

    Incofin cvso is founded by VDK Spaarbank nv, ACT vzw and Disop vzw. The starting capital amounts to 5,000,000 Belgian Francs (123,946 Euros). The 1992 brochure reads: “Along with Incofin cvso, VDK Spaarbank, ACT and DISOP aim to participate in the risk taken by local partners and small entrepreneurs in the third world. Incofin cvso wants to offer more SMEs the opportunity to set up business and at the same time give them a better chance of success. Incofin cvso becomes co-shareholder, so the risk is taken jointly.”

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