Citi and IFC support development in Bangladesh

Citi and IFC close a $22 million term facility for BRAC, enabling the non-governmental organisation to support micro-finance and development programmes.
Citi and IFC have joined hands to support BRAC's efforts in micro-lending in Bangladesh.

The duo has closed a $22 million term financing to support BRACÆs micro-lending in Bangladesh. The five-year amotising facility will be provided in the Bangladeshi local currency, the taka.

BRAC is one of the largest micro-finance institutions in the world. The long tenor of the Citi-IFC facility will bolster BRACÆs micro-credit and lending to the small and medium enterprise SME segments.

In July 2007, Citi led a financing for BRAC via which the US bank raised $42 million in taka. The current $22 million tranche includes an $18 million partial credit guarantee from the IFC. By sharing...
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