Asian Development Bank and Maybank provide USD 20 million in finance to Myanmar microfinance sector
The Asian Development Bank (ADB) signed an agreement with Maybank, under ADB’s Microfinance Risk Participation and Guarantee Program, to expand local currency lending and provide a guarantee of up to USD 20 million to the microfinance sector in Myanmar.
The agreement was signed by Christine Engstrom, Director of ADB’s Private Sector Financial Institutions Division, and Abdul Malek Mohd Khair, Country Head, Maybank Myanmar, at a ceremony in Singapore.
“We’re excited to partner with Maybank, an established player in microfinance in many countries in developing Asia,” said Ms. Engstrom. “Our partnership will help further expand the Microfinance Program, which has already facilitated more than USD 670 million in local currency loans across the region since 2012. Together, Maybank and ADB will improve access to financial services to even more low-income families and small-business owners, especially in rural and remote areas in Myanmar.”
Photo courtesy of Jaume Escofet.