...a local partner goes bankrupt?
If a local partner for whatever reason goes bankrupt, there is a real chance that (part of) the loan granted by you will not get repayed. Since all local partners are legally speaking strictly separated, it is sensible to spread your investment over various local partners.
...an entrepreneur does not pay back on time or fully?
From experience we know that defaults do not often occur. However, if it happens then our local partner pays back the loan (plus interest) to you. Our partners hold a reserve for this. If the reserve is not sufficient then it will come out of their equity capital.
...the local currency devaluates?
Our local partners bear the exchange rate risks. We settle the loan, redemptions, and interest payments in euro. Therefore, you pay in euro and you receive the money back in euro.