Grameen FDN, Grameen Capital India announce US$7 MN funding to Cashpor
Thursday, April 21, 2011
Grameen Foundation and Grameen Capital India recently announced USD7 million (Rs. 315 million) in funding for Cashpor Micro Credit through a guarantee pool for socially-focused Indian microfinance institutions (MFIs).
The financing from IndusInd Bank and another private sector bank in India was backed by US$980,000 in guarantees from Grameen Foundation and arranged by Grameen Capital India.
These were the first guarantees to be placed through the US$ 8 million initiative that was launched last December by Grameen Foundation, Grameen Capital India, and Grameen-Jameel Microfinance Ltd. to support organizations exemplifying double-bottom line microfinance in India.
To be eligible for consideration, MFIs had to complete a social-rating or impact-assessment report, using recognized industry guidelines, in the past year. Alternatively, they had to be actively using a recognized social-performance measurement tool, such as the Progress out of Poverty Index.
Grameen Foundation is a global nonprofit organization, helping the world’s poor uplift themselves from poverty by providing financing, technology support and management strategies to the local organizations that serve them.
Grameen Capital India provides capital market access to microfinance institutions (MFIs) and other social enterprises serving the Base-of-the-Pyramid segment. Grameen Capital enables MFIs to raise low-cost on-lending funds through debt and equity solutions, credit enhancement and strategic advisory services.
IndusInd Bank, commenced its operations in 1994 and caters to both consumer and corporate customers. It has country-wide presence across 192 geographic locations of the country. The Bank also has two representative offices, one each in London and Dubai.