Agency

Citibank NA, Bangladesh has provided $65 million in equivalent local currency credit facility to leading Micro Finance Institutions (MFIs) in Bangladesh including BRAC, BURO, Shakti Foundation for Disadvantaged Women and Thengamara Mohila Sabuj Shangha.

The major purpose of the financing is to support the micro-credit and small and medium enterprise financing in Bangladesh after recent floods and cyclone Sidr.

These financings, especially the innovative structuring and long term nature of the loans, will help the MFIs diversify their funding and better manage their balance sheet, said a Citibank press release Thursday.

‘These transactions in the microfinance sector are a testament to Citi’s strong commitment to deepening financial reach especially through wholesale financing to MFIs in the country,’ said Sanjay Nayar, CEO, Citigroup South Asia.

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