The Asian Development Bank (ADB) has partnered with the Citi Group to mobilize $100 million worth of loans to microfinance institutions in developing Asia under its Microfinance Risk Participation and Guarantee Program.
ADB’s microfinance program enables it to fill the gap by sharing risks with commercial banks that lend to microfinance institutions (MFIs). The bank promotes local currency lending to minimize the exposure of microfinance firms to foreign exchange risks.
“We’re excited to partner with Citi, an established player in microfinance in many countries in developing Asia,” said Christine Engstrom, director of the ADB’s Private Sector Operations Department, in a statement.
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Source: Philstar Global