ADB, Citi facilitates up to $100m to microfinance sector

The Asian Development Bank (ADB) and Citi will together facilitate up to US$100 million of local currency loans to microfinance institutions in developing Asia as the Microfinance Program has supported more than two million microfinance borrowers, primarily in Bangladesh, India and Indonesia.

The Asian Development Bank (ADB) has entered into an agreement with Citi in this regard under the Microfinance Risk Participation and Guarantee Program, said an ADB release.

Backed by ADB’s AAA credit rating, the Microfinance Program provides risk sharing and guarantees to international and local partner financial institutions.

Since 2012, the Microfinance Program has supported more than two million microfinance borrowers in Bangladesh, India and Indonesia. More than $200 million private sector co-financing has been raised so far through the program.