Bangladesh: Citi gives $65m equivalent for rural development
Dhaka, Bangladesh, March, 07 2008 -
Citibank N.A., Bangladesh has provided a total of US$65 million in equivalent local currency credit facility to leading Micro Finance Institutions (MFIs) in Bangladesh including BRAC, BURO, Shakti Foundation for Disadvantaged Women and Thengamara Mohila Sabuj Shangha (TMSS).
The major purpose of the financing is to support the micro-credit and small & medium enterprise financing in Bangladesh after recent floods and cyclone Sid'r.
Also these financings, especially the innovative structuring and long term nature of the loans, will help the MFIs diversify their funding and better manage their balance sheet.
"These transactions in the microfinance sector are a testament to Citi's strong commitment to deepening financial reach especially through wholesale financing to MFIs in the country. We believe in the commercial viability of the MFI sector and continue to support micro-finance institutions in Bangladesh", said Sanjay Nayar, CEO, Citigroup South Asia.