Asian Development Bank Bolsters Microfinance Program with $100 Million in Additional Financing
Wednesday, December 20, 2017
The Asian Development Bank’s (ADB) Board of Directors has raised the limit of an existing microfinance risk participation and guarantee program by an additional $100 million in assistance for its microfinance institutions (MFIs).
The program has been successful, supporting growth and employment opportunities for over 3 million borrowers across Asia and the Pacific to date.
“Giving small businesses and entrepreneurs access to finance is one proven tool to improve livelihoods and reduce poverty,” said Sabine Spohn, Senior Investment Specialist in ADB’s Private Sector Operations Department. “ADB will continue to expand its support for those at the bottom of the pyramid by increasing the size and scope of the microfinance program.”
Photo courtesy of Sundaramoorthy Thimmarayan.
Source: The Financial (link opens in a new window)