StanChart signs Tk 100m loan agreement with local NGO

FE ReportbrStandard Chartered Bank (SCB) signed an agreement Thursday with Shakti Foundation for Disadvantaged Women (SFDW), one of the top tier micro-finance institutes in Bangladesh, says a press release.brUnder this credit facility, Tk 100 million will be disbursed to SFDW as a revolving loan. This is part of the SCB's global initiative to provide support in the micro-finance sector across Asia and Africa, which will in turn help some of the poorest people in these regions.brShakti Foundation is one of the largest NGOs in Bangladesh pioneering urban micro-finance in the country. Since its inception in 1992, SFDW has been working in the slums and squatters all over the country for the social and economic empowerment of the poor women. To achieve this objective the organisation believes in an integrated approach which is credit plus approach. Therefore, four programmes --micro-finance, health, women in development (WID) and business development services-- are being implemented in 218 branches of the foundation.brSFDW will use this fund to change the lives of 12,000 members all over the country under its micro-finance programme.brAhmed A Shah, managing director, Origination and Client Coverage, Standard Chartered Bank, Bangladesh and Humaira Islam, executive director, SFDW signed the agreement on behalf of their respective companies. Senior executives from both the companies were also present at the signing ceremony held in Dhaka.