U.S. Govt. Gives $20 Million As Micro-Credit To Bangladesh's BRAC

Jan 2008
Dhaka, Bangladesh , January, 15 2008 - The private investment arm of the United States government has come forward for the first time with micro-finance credit support for Bangladesh after providing credit support for the power and telecom sectors in the South Asian country, officials said in the capital, Dhaka on Tuesday.

BRAC, the world's largest NGO (non-government organization) with over 7 million borrowers, has entered into a term financing arrangement involving $20 million with Citibank N.A. Bangladesh with the support of the Overseas Private Investment Corporation (OPIC) of the United States.

"All official documentation has already been completed in this connection. We believe the financing should support BRAC's credit activities and contribute to revival of the rural economy, particularly after the two floods and the devastating cyclone last year," Shams Zaman, Head of Structured Finance of the Citibank, N.A. in Bangladesh, told AHN in Dhaka on Tuesday.

He also said the OPIC supports infrastructure and economic development of the country.

The local currency fund will be disbursed shortly for revival of the rural economy in the country's southern region that had been seriously affected by the cyclone in November 2007, they add.

The fund will finance expansion of BRAC's micro-finance programs, agriculture, rural development and small and medium enterprise (SME) lending portfolios.

Source : Feedsyndicate

Research Analysis Tools

The fund indexes, institution benchmarks and other market information displayed here are all Symbiotics designed analysis tools, created in-house by our analysts and experts. Symbiotics has one of the oldest track records in microfinance investment analysis dating back to the late 1990s; its indexes and benchmarks have been regularly used as markers by investors, asset managers, financial institutions and practitioners. These, as well as several other research products, are available through the Research Account. Click on the link below to find out more.

Learn More