Citigroup Grant supports Asian MF

Asia's microfinance industry will benefit from a new regional program announced today by Citigroup Foundation, the Foundation for Development Cooperation (FDC), and the Banking with the Poor Network (BWTP).

A grant worth US$570K from the Citigroup Foundation will be used by FDC and BWTP to expand the provision of microfinance services across 10 Asian countries including India, Indonesia, Philippines, Sri Lanka and Vietnam. The two-year program will promote public-private partnerships and industry best practices that will help existing microfinance providers to expand the reach and range of services delivered to the poor. These efforts are also aimed at stimulating the development of more internationally recognized and commercially viable microfinance providers in Asia such as ASA, BRAC and Grameen Bank in Bangladesh.

South Asia is generally viewed as the birthplace of microfinance, and thousands of microfinance institutions (MFIs) are now operating in Asia, but the Asian Development Bank estimates that around 200 million poor and low-income households in the Asia region may not have access to financial services. To reach more microfinance clients, many Asian MFIs need to build their capacity through partnerships and strategic alliances, and by adopting best practices.