2000 Annual Report

Financial Statements

Statements of Cash Flows
(Expressed in thousands of United States dollars)

								Years ended December 31
									2000		1999
CASH FLOWS FROM INVESTING ACTIVITIES
	Loan disbursements								$ (51,034)		$ (114,792)
	Equity disbursements								(13,516)		(17,139)
	Loan repayments								44,257		50,412
	Sales of equity investments								3,459		1,531
	Return of capital from equity investments								326		1,737
	Proceeds from recovered assets								1,869		241
			Net cash used in investing activities						(14,639)		(78,010)
CASH FLOWS FROM FINANCING ACTIVITIES
	Drawdown of borrowings								80,000		80,000
	Repayment of borrowings								(70,000)		(20,000)
	Capital subscriptions								20,620		80
			Net cash provided by financing activities						30,620		60,080
CASH FLOWS FROM OPERATING ACTIVITIES
	Net income (loss)								590		(12,944)
	Marketable Securities:
		Purchases							(1,790,957)		(2,364,420)
		Sales, maturities, and repayments							1,761,300		2,377,344
									(29,657)		12,924
	Adjustments to reconcile net loss to net cash provided by operating activities:
		Provision for loan and equity investment losses							9,848		21,793
		Increase (Decrease) in receivables and other assets							(368)		212
		Increase (Decrease) in accounts payable and other liabilities							1,126		(99)
		Increase (Decrease) in interest and commitment fees payable							697		(430)
		Unrealized (gain) loss on marketable securities							(57)		26
									11,246		21,502
			Net cash (used in) provided by operating activities						(17,821)		21,482
NET (DECREASE) INCREASE IN CASH									(1,840)		3,552
CASH AT BEGINNING OF YEAR									3,622		70
CASH AT END OF YEAR									$ 1,782		$ 3,622
SUPPLEMENTAL DISCLOSURE
	Interest paid during the year								$ 9,768		$ 6,318

The accompanying notes are an integral part of these financial statements.