All TriLinc Borrowers

Below is an alphabetical list of all past and present TriLinc borrowers as of February 29, 2024.




















Information provided displays all past and current investments across all TriLinc funds as of December 31, 2020 and does not include short term investments. Short term investments are defined by TriLinc as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: (a) maturity of less than one year (b) loans to borrowers to whom, at the time of funding, TriLinc does not expect to re-lend. The highlighted investments may or may not have been profitable. This is a speculative investment and as such involves a high degree of risk. There is no guarantee that future investments will be similar. Nothing contained above shall constitute a recommendation or endorsement to buy or sell any security or other financial instrument.

Impact Investing: Can Funds Achieve Both Social Impact And Returns At Scale?

The following article was published by the London School of Economics and Political Science online in the LSE Business Review. Click here to view.

Helping the common good while making money is difficult but possible, with robust methodologies to identify and seize such opportunities, write Feng Li, Gianandrea Giochetta and Luigi Mosca

Popular opinion has it that ‘investing for the common good’ has gone mainstream. Yet our research finds that only a small proportion of funds has consistently generated market rate return and measurable social and environmental impact at large scale – especially in capital-starved emerging markets’ small and medium enterprises (SMEs), often deemed as risky and unattractive by mainstream investors. With investing for return and impact, known as impact investing, only selected opportunities exist. And it takes particular leadership skills, professional expertise and organisational setup to tackle them.


What is impact investing?

The need for impact investing has arisen from the persistence of societal challenges and the inability of existing institutions to eradicate them. Yet despite growing enthusiasm for such goals, there is still no consensus on what impact investing is. This is reflected in the huge variations in the estimated size of assets under management, from $502 billion by the Global Impact Investing Network (GIIN), to $30.4 trillion by the Global Sustainable Investment Alliance. Such lack of conceptual clarity and rigour causes confusion and dampens investor expectations. GIIN defines impact investing as“investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return”.

Unlike socially responsible investment (SRI) or environmental, social and governance (ESG) investing, impact investing is not just about avoiding “sin stocks”or “do-no-harm”, but also actively deploying capital to address social and environmental objectives while generating financial returns for investors. It requires intentionality: portfolio companies must proactively track, measure and report on their social and environmental impact. If successful, impact investing can unlock substantial capital from mainstream investors.


Challenges and opportunities for impact investing

We conducted extensive research of institutional investors and their portfolio companies. The result, however, has been disappointing. Most funds can deliver return or impact, but very few deliver both consistently at large scale. ‘Impact washing’ (particularly ‘green washing’) is rampant. According to Confucius, “he who chases two rabbits catches neither.” The challenge for impact investing is first to demonstrate that it is indeed possible to catch two rabbits at the same time, and then develop robust methodologies to identify and seize such opportunities.

For impact investing to scale, products must be capable of addressing a range of institutional needs, including the ability to absorb large pools of capital, adequate liquidity and robust risk management practices while generating measurable return and impact. These have traditionally been met through investment strategies targeting blue chip securities. Such an approach, however, results in channelling funds where it is harder to proactively generate impact, as bondholders and minority shareholders have limited opportunities to directly influence senior management teams of large corporations. Furthermore, blue chip securities are concentrated in mature markets, while the greatest need for impact capital is elsewhere. The IMF estimates a $700 billion unmet credit demand globally in terms of debt financing to emerging markets SMEs, a niche where every $1 invested contributes a further $13 to the local economy.

From a financial perspective, a supply-demand mismatch of this magnitude represents a significant opportunity, while from an impact point of view, it highlights the imperative of channelling more capital to where it matters the most. Nevertheless, institutional appetite for emerging market SME financing, particularly fixed income, remains marginal, associated with its reputation for high risk and low return.

“The highest calling of impact investing is to increase the amount of capital being invested in places, companies, products, and services that have significant social benefits”. However, the momentum has been gained predominantly in listed security markets through strategies such as exclusionary screening, positive screening, or active ownership. Since investors in listed securities can only achieve impact by, at best, influencing responsible behaviour through proxy voting, active ownership and shareholder activism, impact investing should focus more on private capital markets, through means such as venture capital, private equity and private debt. This is where investors encounter most challenges. Managerial guidance is urgently needed.


Is it possible to achieve return and impact at large scale?

Our research has found that successful examples of impact investing remain rare, particularly those consistently generating market-rate return and measurable impact at large scale. Over the last ten years, we engaged with a large number of institutional investors and their portfolio companies purported to deliver return and impact. Within the niche of SME lending in emerging markets, we have found only a handful of institutional players operating in the segment, and TriLinc Advisors LLC (TriLinc) stood out as an exemplar. Its flagship fund, TriLinc Global Impact Fund (“TGIF”), has made over $1 billion in loans to 82 businesses in 36 countries since 2013, delivering a consistent unlevered net annual return of seven to nine per cent to investors and measurable impact using established international standards. The experience of this case study illustrates that impact investing is indeed possible, but very difficult to do. It requires special leadership skills, professional expertise and organisational setup to identify suitable opportunities and seize them. Importantly, the success of TriLinc can be replicated.


Managerial implications

Our research shows that specialising in fixed income – which is the largest capital market – rather than other asset classes, brings a huge potential for scaling up impact investments. The case is also unique in that it focuses on emerging markets, servicing primarily undercapitalised SMEs in developing countries. The TriLinc success stems from its ability to distil a simple yet actionable strategy, structure an investment product matching institutional expectations, and execute it through an effectively configured operation. A series of managerial considerations also mattered, an area little explored in the context of impact investing.

The case demonstrated that it pays to focus on less efficient markets where greater arbitrage opportunities may be found. The specific niche covered by TriLinc is vast and there are opportunities for other players to enter this segment. A similar approach may be applied to other market niches demonstrating such characteristics.

From an impact perspective, the challenge is to identify targets that are both realistic and measurable using established international standards. Rather than pursuing complex objectives, it may be preferable to aim for goals with a high probability of success and that may be achieved over a relatively short time span.


TriLinc Global Impact Fund (TGIF): impact investing in an unloved market niche

TriLinc Global Impact Fund, LLC (TGIF) is an impact-investing fund managed by California-based TriLinc Advisors, LLC (TriLinc). It was ranked 9th in the Global Banking and Finance Review’s top 100 impact companies in 2019. As of December 2018, its portfolio companies created over 18,500 jobs, achieved 100 per cent compliance with local environmental, labour, health, safety and business laws, standards and regulations, and all have committed to working towards implementing international environmental and health and safety best practices. Seventy-seven per cent of portfolio companies also demonstrated positive impact on their local communities through services or donations; and 91 per cent implemented environmentally sustainable practices (Figure 1).

Figure 1. The investment approach by TriLinc Global Impact Fund (TGIF)

We conducted extensive research on TriLinc, including multiple interviews with key members of the senior management team and exclusive access to a confidential dataset on some of its portfolio companies. Our research identified four critical factors for its success.


1. Veterans with track record in commercial investing and motivation for impact

After a long career on Wall Street, founder and CEO Gloria Nelund assembled an experienced team at TriLinc – who often described themselves as “reformed Wall Streeters”. The team are united by the vision that impact investing represents a realistic alternative only if it delivers financial return in line with or superior to traditional products. By building on their commercial experiences, they strive to align social and environmental motives with financial objectives.


2. Investment strategy engineered to maximise both return and impact

TriLinc’s strategy was engineered from the ground up to maximize both financial and impact objectives. The global impact fund focuses on short term financing to SMEs in selected emerging economies for their expansion projects. Most investments seek to generate employment growth and support local communities and sustainable growth that can be directly aligned with the business objectives. TGIF focuses on private, US dollar-denominated short-term notes such as trade finance or term loans. This allows the adoption of company-specific ESG targets based on IRIS* standard, and enhanced risk management through ad-hoc structuring and collateralisation. Short-term loans may be held to maturity, pragmatically addressing the fund’s liquidity requirements.


3. Local partner networks for opportunity identification and monitoring

TriLinc selects target countries using a proprietary macroeconomic analysis platform that takes into consideration a number of variables, including growth, stability and access. For each target country, TriLinc teams up with an institutional-class investment partner supporting through local knowledge and presence on the ground throughout the entire life cycle. No investment is made without a local partner. This approach is seen as an efficient and cost-effective way to build a global presence. TriLinc remains involved in all key decisions and activities.


4. Investment process attributing equal weighting to impact and financial considerations

All deals are appraised through an intertwined process assessing the merits from both financial and impact perspectives. A loan is only made when both sets of conditions are met. TriLinc has identified five core impact metrics, tracked by every investment across the portfolio on job creation, wage increase, increased revenue, profitability improvement and increased company taxes paid. Additionally, each portfolio company selects, and–through KPIs–is held accountable for, its own impact objectives. TriLinc can influence its portfolio companies through both “positives” and “proactive prevention of negatives”, using IRIS standard to track and report impact activities at both the fund and borrower levels.

* IRIS (Impact Reporting and Investment Standards) is an initiative of the Global Impact Investing Network (GIIN), a nonprofit organisation dedicated to increasing the scale and effectiveness of impact investing.


  • Authors’ disclaimer: The authors do not receive any financial support, nor hold any financial interest in TriLinc and its associated companies or funds.
  • This blog post gives the views of its authors, not the position of LSE Business Review or the London School of Economics.
  • Featured image by Soneva Foundation, under a CC-BY-NC-2.0 licence
  • The statements and opinions expressed are those of the author and not necessarily those of TriLinc Global, LLC and its affiliates (collectively, “TriLinc”). It is meant for educational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy, or investment product.  Certain information contained herein regarding TriLinc is based on information provided or confirmed by TriLinc while other information has been obtained from third party sources and such information has not been independently verified by TriLinc. No representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information. Past performance is not indicative of future returns.

Feng Li is chair of information management at Cass Business School, City, University of London. His research investigates how digital technologies facilitate strategic innovation and organisational transformation in the digital economy. He has led a series of multi-million pounds (dollars) research programmes aimed at addressing grand societal challenges via financially sustainable and scalable approaches. He advises senior business leaders and policymakers on how to manage the transition to new technologies, new business models, and new organisational forms. He is a fellow of the British Academy of Management (FBAM) and the Academy of Social Sciences (FAcSS). E-mail:


Gianandrea Giochetta is a senior research fellow at Cass Business School, where he focuses on impact investing and socially responsible projects. He has over 20 years of experience in corporate strategy and international capital markets, both in mature and emerging economies. He previously worked for JPMorgan, McKinsey and Booz Allen & Hamilton.


Luigi Mosca is a research fellow at Imperial College London. His research interests lie at the intersection of organisation theory and strategy. He received his Ph.D. in economics and management from the University of Padova (Italy). Prior to joining Imperial, Luigi was a research fellow at Cass Business School.

Vulcan Capital Returns to TriLinc Global to Seed New Global Impact Offering

MANHATTAN BEACH, Calif. — (BUSINESS WIRE) — Vulcan Capital, the multi-billion dollar investment arm of Vulcan Inc. has again selected TriLinc Global Advisors, LLC (“TriLinc”) to seed the launch of its new TriLinc Global Sustainable Income Fund II, LLC (“TGSIF II”).

“Partnering with TriLinc to make investments in developing economies furthers Vulcan Capital’s mission,” said Chris Orndorff, Chief Investment Officer of Vulcan Capital. “This presents a unique opportunity for us to make a greater impact on lives and communities around the globe.”

“TriLinc could not be more pleased and honored to have Vulcan Capital partner with us again.”

“TriLinc could not be more pleased and honored to have Vulcan Capital partner with us again,” said Gloria Nelund, CEO of TriLinc Global, LLC (“TriLinc Global”). “Working together with Vulcan we can extend the impact of our investments in helping solve some of the critical global issues facing our world today.”

TGSIF II is a developing economy private debt fund focused on making private loans to private growth stage companies that are committed to responsible, sustainable management, and to the creation of positive measurable impact in their communities. “We are very pleased to continue to offer investors with what we believe to be lower risk access to private investment opportunities available in select-high growth economies including Latin America, Southeast Asia, Sub-Saharan Africa, and Emerging Europe,” commented Ms. Nelund.


About TriLinc Global, LLC

TriLinc Global is an impact investing fund sponsor with a mission to link market-rate returns, positive impact, and scalable solutions. Through its registered investment advisor subsidiaries, TriLinc Global has invested over $1 billion in private debt globally and seeks to demonstrate the power of the capital markets in helping solves some of the world’s pressing socioeconomic and environmental challenges. TriLinc Global funds provide growth-stage loans and trade finance to established and small and medium enterprises (“SMEs”) in select developing economies where access to affordable capital is limited. Borrower companies must demonstrate the ability to pay market rates, pass TriLinc Global’s environmental, social, and governance (ESG) screens, and commit to tracking and reporting on self-identified impact metrics. To learn more about TriLinc Global, please visit the TriLinc Global website at


About Vulcan Capital

Vulcan Capital is the private investment arm of Vulcan Inc., the company founded by Paul G. Allen in 1986 to manage his business and philanthropic initiatives. Vulcan Capital is focused on generating long-term value appreciation across a multibillion dollar portfolio, which spans diverse industry sectors and investment asset classes, ranging from early-stage venture investments to public equity value investing, leveraged buyouts, acquisitions, and distressed situations.



Robert Kronman – Director of Marketing 
(o) 424 200 6202
(c) 310 497 2116


This information is for general purposes only and does not represent a recommendation or offer of any particular security, strategy, or investment. Amount invested represents current amount financed in term loans, trade finance, and short-term notes since 2013. There is no guarantee that TriLinc’s investment strategy will be successful or will avoid losses. Investment in a pooled investment vehicle involves significant risk including but not limited to: units are restricted; no secondary markets; limitation on liquidity; transfer and redemption of units’ distribution made may not come from income and if so will reduce the returns; are not guaranteed and are subject to board discretion. TriLinc Global is dependent upon its advisors and investment partners to select investments and conduct operations. TriLinc Global is not suitable for all investors. TriLinc Global, LLC (“TLG”) is a holding company and an impact fund sponsor founded in 2008. TriLinc Advisors, LLC (“TLA”) is a majority-owned subsidiary of TLG, and TriLinc Global Advisors, LLC (“TLGA”) is a wholly owned subsidiary of TLG. TLA and TLGA are SEC registered investment advisors. Securities offered through Frontier Securities LLC, Member FINRA/SIPC. Registration and memberships do not indicate a certain level of skill, training, or endorsement by the SEC, FINRA or SIPC.



TriLinc Takes Center Stage at EMPEA Conference

TriLinc Global Chief Investment Officer, Paul Sanford, recently participated in the Oxford-Style Debate at the International Finance Corporation’s (IFC) 20th Annual Global Private Equity Conference in association with the Emerging Markets Private Equity Association (EMPEA).

The Global Private Equity Conference (GPEC) is the leading emerging markets private equity event in the world, each year hosting over 850 investment professionals from more than 60 countries. Organizations from family offices, to fund-of-funds, to private equity managers gather for thought-provoking discussions, debates and analyses that are most top-of-mind for today’s business and industry leaders.

On May 16th, GPEC hosted an Oxford-Style Debate on the subject of Private Debt versus Private Equity. Both debaters were also impact investors; Paul Sanford argued on behalf of private debt as Chief Investment Officer at TriLinc , and his counterpart Andrew Kuper argued in favor of private equity as Founder and CEO of Leapfrog Investments. Before presenting arguments, the audience was asked to vote in favor for private equity or private debt using a voting system through a mobile phone application integrated with the event.

Mr. Kuper opened the debate with a strong position rooted in the upside potential of private equity. He challenged the audience to imagine investing in a successful emerging markets company such as Alibaba.

“If you had invested in Alibaba… do you say, ‘Oh, how I wish I had invested in their bonds or given them a little bit of credit,’? Or do you say, ‘I wish I had invested in the equity, because I’d be a billionaire!’” Andrew Kuper, Founder and CEO of Leapfrog Investments.

Mr. Sanford opened the debate with an equally strong position on private debt and asked the audience to raise their hands if they were an LP or allocator. As member of the investment committee for City of Hope, a billion-dollar cancer research facility, Mr. Sanford is himself an LP and understands that pitching private equity in emerging markets might have his committee members, “pass out” (which drew a few laughs from the audience). Identifying with a large majority of the audience, he argued that private equity alone was too risky despite the opportunity to make large returns.

“[For LPs,] Emerging Market private debt is at a minimum the best way to dip their toe into the asset class, into the region, get comfortable with private assets, see the return stream and then say, ‘Well, that was a great experience – why don’t I look at private equity?’” Paul Sanford, Chief Investment Officer of TriLinc Global.

In true Oxford style, both debaters fielded questions from the audience before the audience was asked to cast another vote. Mr. Sanford’s arguments changed enough of the audience’s votes from private equity to private debt, and he was named the victor. In good fashion, both debaters felt a combination of both private equity and private debt is the best path to success when investing in Emerging Markets.

You can watch the debate in its entirety below:

Impact Investing was an overarching theme at this year’s 20th Global Private Equity Conference. Several panels and breakout sessions focused on impact investing, Environmental, Social, and Governance (ESG) investing, and the growth of the UN’s Sustainable Development Goals (SDGs). It was Secretary Madeleine Albright’s opening statement that truly connected emerging market investing and impact investing.

“Good Emerging Market investors are all impact investors, and some of the best opportunities in Emerging Markets don’t just serve one country but many geographies,” Madeleine Albright, Secretary of State, 1997-2001.

Dr. Jim Kim, President of The World Bank, spoke with David Rubenstein, Co-Founder of The Carlyle Group. Dr. Kim discussed the need to make capitalism work for everyone on the planet and suggested that private investments will play a critical role in providing the capital and expertise needed in emerging markets. Mr. Rubenstein predicted that more private capital would enter emerging markets over the next 10 years as growth trends and the economic climate in emerging markets improve.

“We have 8 billion people with middle class aspirations,” Dr. Jim Kim, President of The World Bank.

TriLinc Global would like to thank EMPEA and the IFC for continuing to advance an industry by way of organizing, educating, and inspiring so many through its Global Private Equity Conference. We’re honored to have been asked to participate in a special way this year and look forward to next year. For more information on EMPEA, visit their website:

Weekly Impact Investment Market Update: September 14, 2018

Impact Investing & ESG

Financing the Sustainable Development Goals: Impact Investing in Action
It is important for impact investors to align existing assets to the global goals; however, there is not enough new capital being channeled into solutions. The UN estimates that USD 5-7 trillion is needed annually to achieve the goals.

Private debt investors look for impact – to reduce risk and lower costs
Private debt – direct business lending from funds rather than banks – has experienced a boomlet in financial markets since the 2008 crisis. Last year, hedge funds, private equity funds and asset managers raised a record $107 billion of capital to lend to businesses to fund growth, buyouts and finance acquisitions.

Making the Case for Impact Investing
For a small but growing number of nextgen high net worth individuals, it is no longer simply investing in another real estate or private equity opportunity in London or New York, they also want to participate in investments that contribute and generate a positive social and environmental impact perhaps closer to home, in addition to generating a financial return.

Impact Investing and What It Means for Financial Advisers
Over the course of the past 20 years, impact investing has grown from a cottage industry to a $9 trillion movement. Your clients are clamoring for it, investment companies are pushing it, but what is impact investing and why is it so essential?

Two-Thirds of Institutional Investors Utilize ESG Policy – Report
Two-thirds of institutional investors and almost half of companies globally have an environmental, social and governance policy in place, according to survey of 1,731 companies and institutional investors, sponsored by HSBC Holdings and conducted by East & Partners.

Most Executives Believe in the Business Case for CSR. So Why Don’t they Invest More in It?
Companies achieve remarkable things. They create products for customers, financial returns for investors, and jobs for employees. At the same time, they develop medications that cure deadly diseases, technologies that bring internet access to every corner of the earth, and by making more and more amenities and technologies easily affordable, they steadily increase our general quality of life.

ESG Outperforms in European Large Caps and U.S. Small Caps
Data compiled by Arabesque S-Ray show companies that score high in Arabesque’s proprietary ESG rating algorithm outperform lower scoring peers, particularly among large-cap European firms and small-cap U.S. firms.

Socially Responsible Investing Gets a Boost from the U.K.
The United Kingdom government will update its definition of fiduciary duty to include “ESG considerations including climate change,” reports

Impact Investing: Advisors Need to Build the Case for Imagining Big Capital
Impact investing is often misconstrued, and misunderstood by investors–especially larger institutional investors–who advance that investing for a resonant social impact is a distraction against investment performance.

A Fixed-Income Investor’s Guide to Impact Investing
Private debt currently comprises more than 40 percent of the capital in the impact investing market, according to the Global Impact Investing Market.

SDGs: Financial Centres Take Cue from UN on Sustainability
Viewed as a commercially viable vehicle for generating profit as well as social good, impact investing is now being facilitated by international financial centres.


United States & Europe

As Economy Booms, U.S. Cities Report Slowing Revenue Growth
U.S. cities are seeing the growth of their tax collections slow, suggesting local governments’ gains from the more than nine-year economic expansion are diminishing even as they face pressure to spend more on wages, pensions and infrastructure, according to an annual survey by the National League of Cities.


Developing Economies

Africa: East Africa has Strongest Economic Growth in Africa
Economic diversification and investment-driven growth continue to make East Africa the region on the continent with the strongest economic growth, with a forecast of 6.3% growth in 2018, the latest report from the Institute of Chartered Accountants in England and Wales (ICAEW) has disclosed.

Weekly Impact Investment Market Update: November 17, 2017

Impact Investing & ESG

Government Launches Emerging Market Impact Investment Fund

The $40 billion emerging markets impact investment fund will support SME’s that generate positive social and development outcomes for poor communities in the Asia-Pacific.

Impact Investing Taking Root in Asia

In a bid to help address challenging global circumstances, a growing number of Asia’s high net worth and ultra-high net worth individuals are looking to increase their portfolio allocation to impact investing.

Blending Finance to Crowd in Private Capital for Climate Action and the Global Agenda

Meeting the Paris climate goals is essential for the Sustainable Development Goals as well.

U.N. Secretary-General: End Fossil Fuel Investment and Put a Price on Carbon

Guterres calls for the world to honor its yearly $100 billion pledge to finance the low-carbon transition.

A New Model of Collaborative Philanthropy

A new effort called Co-Impact is bringing together donors from around the world to better identify, align, and support opportunities for systems-level change.

World’s Biggest Wealth Fund Wants Out of Oil and Gas

The $1 trillion fund that Norway has amassed pumping oil and gas over the past two decades wants out of petroleum stocks.

Evidence on the Financial Performance of Impact Investments

Impact investing is a growing movement capturing the attention of investors across the world. But too much capital is still sitting on the sidelines, which results in part from suspicions around financial performance.

EU Considering Sustainable Investing as Fiduciary Duty for Investors

The European Commission is considering whether to clarify that institutional investors’ duties include taking into account sustainability risks.

Designing a Global Financial System Fit for (Sustainable) Purpose

A roadmap for climate- and SDG-finance from the United Nations and the World Bank reflects a shift that’s well underway.


United States & Europe

US Unemployment Benefits Rise 10,000 to 249,000

The number of Americans filing applications for unemployment benefits edged up again last week to a still-low 249,000.

Euro Zone Growth, Eclipsing U.S. Economy, Set to be Best in Decade

The euro zone’s annual economic growth rate outstripped that of the United States in the third quarter setting up 2017 as the best year for the currency area since financial markets crashed a decade ago.

Euro Economy is Heading Towards a Golden Period

The 19-nation euro-zone bloc is already enjoying the strongest growth in a decade and now economists are declaring that it’s heading toward a golden period of low-inflationary expansion.

Central Europe Grows at Fastest Rate in 9 Years

Central Europe’s fastest expansion for nine years and strong growth in Germany spurred the EU’s vigorous economic recovery in the third quarter.


Developing Economies

African Economic Growth Rides on Wireless Rails

A telecommunications boom is lifting an industry and a continent.

Nigeria’s Senate Gives Go-Ahead for $5.5 Billion Foreign Borrowing

Nigeria will move ahead with plans to borrow $5.5 billion from foreign investors after the Senate on Tuesday approved President Muhammadu Buhari request for the move.

Latin America Demonstrates Leadership at COP23

Latin American countries, regions, and cities demonstrated clear ambition and leadership at the United Nations Climate Change Conference (COP23) held in Bonn, Germany over the past two weeks.

Colombia’s Economy Grew 2% in Third Quarter Versus Year Before

Cardenas announced the lower growth estimate after the government’s statistics agency DANE reported that the economy expanded 2 percent in the third quarter compared with the same period a year ago.

How Asia Has Become the World’s Manufacturing Hub

Economic development always starts with using what natural resources are available and making a start in agriculture. But countries don’t grow by staying put.

Malaysian Economy Expands at Fastest Pace in More than 3 Years

Malaysia’s economy grew at the fastest pace in more than three years in the third quarter, supported by resilient domestic demand and a manufacturing sector that’s benefiting from booming global trade.

Philippines Economy Sizzles in Forecast-Beating Third-Quarter Growth

The Philippine economy clocked forecast-topping growth of 6.9% in the third quarter, making it one of Asia’s fastest growing and building expectations for a near-term increase in interest rates.