Citi forms microfinance partnership in Indonesia

Citi, Opic and Bank Danamon announce the closing of a $20 million term loan fund for a microfinance programme.

Citi Indonesia has partnered with the Overseas Private Investment Corporation Opic to support the growth of Bank Danamon’s microfinance programme, Danamon Simpan Pinajm DSP, with a $20 million term loan. According to Citi, the loan is the first from itself and Opic for the microfinance sector in Indonesia and is part of a $250 million joint global initiative to support microfinance lending in emerging markets.

“Microfinance has tremendous potential not only to help tackle unemployment and promote financial access in Indonesia, but also as one of the engines of the country’s economic growth,” said Kunardy Lie, head of global banking at Citi Indonesia. “Through Danamon Simpan Pinjam, which...

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