StanChart ties-up with ADB to support micro finance in Asia
Standard Chartered Bank on Thursday said it has collaborated with the Asian Development Bank (ADB) to support the growth of the micro finance sector in Asia.
New Delhi: Standard Chartered Bank on Thursday said it has collaborated with the Asian Development Bank (ADB) to support the growth of the micro finance sector in Asia.
The region-wide collaboration aims to improve access to financial services for the poor in ADB's developing member countries, the bank said in a statement.
Under the programme, Standard Chartered aims to start and service a USD 150 million portfolio of micro finance institutional loans across Asia, it said.
ADB will share the risk via a risk participation and guarantee programme on this portfolio for up to USD 75 million. This regional programme is intended to run till December 2018, it said.
ADB's support will enable Standard Chartered to extend additional credit to micro finance institutions that will in turn reach more unbanked individuals and finance additional micro enterprises and livelihoods.
As of December 2012, the bank has financed USD 970 million to 73 micro finance institution partners across 17 countries.