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Citi, IFC to support Brae's micro lending expansion

$ 22m term financing okayed

Star Business Report
IFC, a member of the World Bank Group, and Citi, a leading global financial services institution, have closed a USS 22 million term financing to support Brae's microlendingin Bangladesh.
The facility will be made available in local currency Bangladeshi taka having a tenor of five years with an amortising structure, according to a press statement.
Brae, one of the largest microfinance institutions in the world, continues to invest in portfolio expansion. As part of Brae's move for managing its balance sheet, this innovative structuring and exploring diversified sources of financing. especially longer tenor financing, will be beneficial to the microcredit and small and medium enterprise segments served by Brae.
The loan is part of a wider Citi-led financing for Brae that was mandated last year. Of the $ 55 million in equivalent Bangladeshi taka term financing, Citi is providing S 42 million in taka. The $ 22 million IFC-Citi tranche closed recently includes a $ 18 million partial credit guarantee from the IFC. This risk sharing partnership with IFC will enable Citibank in Bangladesh to extend additional long-term local currency funds to Brae, the statement said.
Fazlc Hasan Abed, chairperson of Brae who was present at the signing with IFC and Citi, said: "To finance the growth of our micro-finance operations, we need local
currency financing. Support from IFC and Citibank, as well as our partnership over the years, has been invaluable."
"With this guarantee, Brae will be able to reduce its dependence on grants for growth and outreach to poor people, particularly women borrowers," said Lars Thunell, IFC executive vice-president and chief executive officer.
“Citi is honoured to once again support Brae in their micro-lending expansion plans in Bangladesh. Citi has a track record of closing several groundbreaking deals for Brae. IFC is an important partner of Citi in various markets globally. We look forward to working with Brae in the future. 1 would like to thank all our partners who helped make this such a successful transaction." said Mamun Rashid, man aging director and Citi country officer Bangladesh.
This is IFC's first investment in Brae. In Bangladesh, IFC and Brae have jointly pioneered projects in housing finance and SME lending in the past.
Brae’s microfinance and development programmes cover all 64 districts in Bangladesh. It also offers micro-loans to women through its group-lending methodology’.
Nearly 1,200 non-govemmcntal organisations provide micro-credit services in more than 40,000 Bangladeshi villages, where half of the population lives below the poverty line.