Thursday
November 29
2018

Asian Development Bank approves $50 million for microenterprise development in Bangladesh

By Bangladesh Sangbad Sangstha

The Asian Development Bank approved $50 million loan to promote microenterprise development in Bangladesh through a credit line to Palli Karma Sahayak Foundation, a development finance organization, and its partner microfinance institutions.

The ADB project would help fill the funding gap in the short-term, said an ADB press release received on Tuesday.
The loan would be provided to the PKSF to on-lend to partner organisations and to sub-lend to about 40,000 microenterprises, 70 per cent of which were owned by women.

To address medium-term challenges, the release said, the project would help the PKSF develop a financing strategy and carry out institutional strengthening.

Photo courtesy of Conor Ashleigh.

Source: New Age (link opens in a new window)

Categories
Finance
Tags
development finance, global develoment, microenterprise, microfinance, SMEs