Asian Development Bank and Credit Access Asia Sign $32 Million Deal to Improve Financial Inclusion in Asia
Friday, March 24, 2017
The FINANCIAL — The Asian Development Bank (ADB) signed a €30 million ($32 million) equity investment agreement with CreditAccess Asia (CAA), a holding company headquartered in Amsterdam, that operates microfinance institutions (MFIs) across Asia, currently serving approximately 1.8 million customers, 99.8% of whom are women.
The investment will provide CAA with growth capital and support for its pan-Asia microfinance operations, increasing financial inclusion across the region. A $500,000 technical assistance grant is also expected to support CAA build in-house capacity to promote further expansion of its operations, according to ADB.