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Cordaid (Catholic Organization for Relief and Development Aid) is a Dutch development aid organization that endeavors to turn the tide in the battle against poverty and injustice. Cordaid is active in Africa, Asia and Latin America and focuses on the several aspects of development cooperation: emergency aid and reconstruction, health and well-being and entrepreneurship. The organization has an annual budget of approximately 170 million Euros (2010) annually. Cordaid's Microfinance Program is part of the sector Entrepreneurship. Under the Microfinance program it invests some 9 million Euros every year in loans, guarantees or equity. In addition, some 3,5 million Euros are spent annually as grants for supporting technical assistance and capacity building to MFIs and support to other microfinance actors. Cordaid supports both Microfinance Institutions directly as well as invest in specific Microfinance Investment Vehicles Partner MFIs are selected on the basis of their social mission and are supported in reaching out to remote areas, vulnerable groups and in empowering their membership/clientele. Both mature MFIs opening up new markets and start-up or emerging MFIs can qualify for Cordaid support. In case of significant equity investments, CORDAID desires to play a role in the governance of its partners. In certain cases, technical assistance may be funded by grants, but CORDAID itself does not offer technical assistance services. Cordaid's investment portfolio is managed separately as Cordaid Financial Services Fund (CFS Fund) by a Fund Manager and dedicated investment officers. Cacher