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| OPIC provides $250 mn to Citi for MF lending |
| Press Trust of India / Mumbai Sep 24, 2009, 18:08 IST |
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US-based Overseas Private Investment Corporation (OPIC) has approved $250 million funding to Citibank to give loans to micro finance entities in emerging markets.
OPIC will risk participation in Citi originated and funded local currency loans to MFIs, which in turn make small loans to micro-borrowers in Africa, the Middle East, Asia, Eastern Europe and Latin America, a release said.
The facility, which is an expansion of $100 million OPIC-Citi micro financing funding facility launched in 2006, is expected to benefit 4.8-lakh borrowers, the release said.
The programme had initially targeted to extend loans to 23 MFIs in 13 countries.
MFIs need access to markets and funding to continue their work. By expanding an existing and successful micro financing facility with Citi, OPIC is working proactively to help address this shortfall, OPIC Acting President Lawrence Spinelli said.
Citi has operations with over 100 MFIs globally in more than 40 countries and provides services like access to financial services, including savings, financing, remittances, and insurance, on a scalable and sustainable basis.
Citibank has about 200 million customer accounts and does business in more than 140 countries.
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