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.