Asian Development Bank partners with Citi to provide US$100 million for microfinance in Asia
Monday, October 10, 2016
Asian Development Bank (ADB) has entered into an agreement with Citi to expand local currency lending to the microfinance sector under the Microfinance Risk Participation and Guarantee Program. Under the agreement, ADB and Citi will together facilitate up to $100 million of local currency loans to microfinance institutions in developing Asia.
“We’re excited to partner with Citi, an established player in microfinance in many countries in developing Asia,” said Christine Engstrom, Director in the Private Sector Operations Department. “Our partnership will help further expand the Microfinance Program, which has already facilitated more than $370 million in local currency loans across the region since 2012. Together, Citibank 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 Asia and the Pacific.”