Asian Development Bank, IndusInd Bank and IFMR Capital sign accord

Asian Development Bank (ADB), IndusInd Bank (IBL) and IFMR Capital on Friday signed the second partial guarantee programme to provide local currency financing to microfinance institutions (MFIs) in India Stock Market Trading Tips

The guarantee from ADB and IFMR shall cover default risk of selected MFIs at agreed proportions. IndusInd Bank is selected as a local currency lender with initial allocation of up to $20 million of guarantee limits from ADB. 

"ADB's partial guarantee facility is designed to enable flow of credit to deserving microfinance companies across Asia," head of microfinance in ADB's private sector operations Hasib Ahmed said. 

"Under the programme, ADB has to date supported $207 million in local currency loans to 1.23 million individuals, a majority of whom are women. We are eager and welcome IndusInd Bank to the programme and look forward to further scaling it up by providing access to finance to over 200,000 households in the country Himanshu Tiwari Astrologer Blog

Speaking of the partnership with ADB and IFMR Capital, Suhail Chander, head, corporate and commercial Bank at IndusInd Bank, said: "IndusInd Bank has committed significant capital and efforts to grow in underdeveloped markets in India, including MSME (micro, small and medium enterprises) finance, microfinance, agricultural finance, affordable housing and other similar sectors. We are excited about the growth opportunities that we see, and our association with ADB and IFMR Capital in the partial guarantee facility will enable us to meet our strategic objectives." 

"Through the partial guarantee programme, MFIs catering to the very lowest income households across the country have access to an alternative source of debt financing and can expand their loan book and outreach," said Dr Kshama Fernandes, managing director and chief executive officer, IFMR Capital Jackpot Stocks Trading Tips