StanChart lends Tk. 250m for microfinance programme
FE Report | Thursday, 28 August 2008
Standard Chartered Bank signed a microfinance loan agreement with BURO Bangladesh, one of the top micro-finance institutions in the city Tuesday.
Under the agreement the bank will disburse Tk 250m to BURO Bangladesh. It is the global initiative of the bank to provide support in the microfinance sector across Asia and Africa that will in turn help to alleviate poverty for some of the poorest people in these regions. Group Chairman of the bank Mervyn Davies took the stage with President Bill Clinton at the second Clinton Global Initiative in September 2006 and committed to establish a $500 million microfinance facility.
The bank made arrangements for microfinance facilities worth $70m in 2007 alone.
BURO will use this fund to grow their microfinance portfolio to bring changes to the lives of around hundred thousand people all over the country. Managing Director and Head of Origination and Client Coverage of Standard Chartered Bank, Bangladesh Ahmed A Shah and Executive Director of BURO Bangladesh Zakir Hossain signed the agreement on behalf of their companies. Senior officials from both the companies were also present at the signing ceremony.
Under the agreement the bank will disburse Tk 250m to BURO Bangladesh. It is the global initiative of the bank to provide support in the microfinance sector across Asia and Africa that will in turn help to alleviate poverty for some of the poorest people in these regions. Group Chairman of the bank Mervyn Davies took the stage with President Bill Clinton at the second Clinton Global Initiative in September 2006 and committed to establish a $500 million microfinance facility.
The bank made arrangements for microfinance facilities worth $70m in 2007 alone.
BURO will use this fund to grow their microfinance portfolio to bring changes to the lives of around hundred thousand people all over the country. Managing Director and Head of Origination and Client Coverage of Standard Chartered Bank, Bangladesh Ahmed A Shah and Executive Director of BURO Bangladesh Zakir Hossain signed the agreement on behalf of their companies. Senior officials from both the companies were also present at the signing ceremony.