Grant Signed for Project to Help Develop Microfinance in Philippines

Manila, Philippines , May, 25 2006 - ADB and the Government of the Philippines today signed an agreement for a US$900,000 grant project to help develop a sustainable microfinance industry in the country.

Financed by the Japan Fund for Poverty Reduction (JFPR), from the Government of Japan, the project will support the development of financial cooperatives engaged in credit and savings operations, and strengthen the Cooperative Development Authority (CDA), which oversees the cooperative sector.