ADB launches $250 million microfinance risk programme
MANILA: The Asian Development Bank (ADB), an international development organization based in Manila, Philippines, approved a Microfinance Risk Participation Program to increase microfinance lending in its member developing countries including Bangladesh, Indonesia, Sri Lanka, Thailand and Vietnam.
The program will allow ADB to partner with financial institutions that lend to microfinance institutions (MFIs) by sharing the default risk of the loans that are made to the MFIs. ADB will accept up to fifty percent of the default risk of each loan, with the total exposure not exceeding USD 250 million. According to ADB, the Asian microfinance industry had an estimated 47 million borrowers at the end of 2008 with loans totaling over USD 10 billion. ADB reported a total capitalization of USD 56 billion as of December 31, 2009. - PB News
ISTANBUL: Foreign Minister Shah Makhdoom Qureshi along with Foreign Ministers of ECO member countries arrives at the venue of 19th Council of Ministers Meeting. -App