SCB and ADB collaborate to support microfinance across Asia
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Philip Erquiaga and Peter Heidinger signing the agreement |
Standard Chartered Bank (SCB) announced a collaboration with the
Asian Development Bank (ADB) to support the growth of the microfinance
sector in Asia. This region-wide collaboration aims to improve access to
financial services for the poor in ADB's developing member countries (DMC's).
Under this programme, Standard Chartered aims to originate and
service a US$150 million portfolio of microfinance institutional loans
across Asia. ADB will share the risk via a Risk Participation and
Guarantee programme on this portfolio for up to US$75 million. This
regional programme is intended to run till December 2018. ADB's support
will enable Standard Chartered to extend additional credit to
microfinance institutions that will in turn reach more unbanked
individuals and finance additional micro enterprises and livelihoods. |
