Our experts conducted an institutional appraisal of the Micro Development Fund (MDF), a local microfinance institution in Serbia and the International Committee of the Red Cross’s (ICRC) local partner. Banyan Global advised ICRC on the relevance of its investment in MDF, in relation to its project objectives and goals. We also recommended the conditions for the hand over of funds, as well as the parameters that should govern any future partnership between ICRC and MDF.