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IFC may lend $50 million to support Chinese microfinance market

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Microfinance Focus, February 28, 2012: International Finance Corporation (IFC) has proposed to lend $50 million to Fullerton Credit, China, to increases financial access for the underserved micro and small business enterprises and the self-employed mass market.

The loan will be extended in local currency RMB to Fullerton Credit, Sichuan, Fullerton Credit, Chongqing and Fullerton Credit, Hubei.

The three companies together with a total of 22 branches across three provinces, are each headquartered in Chengdu, Chongqing and Wuhan respectively.

They are all fully owned by AF Management Service which is incorporated in Singapore and further 100 percent owned by Fullerton Financial Holdings, a fully-owned subsidiary of the Government of Singapore’s Temasek Holdings.

IFC believes that the companies have potential to become model institutions in China in serving the MSEs with a novel business model.

IFC is providing another $15 million to Costa Rican financial cooperative COOPENAE for expanding its operations in the country. IFC’s contribution is a part of an initiative supported by the Spanish Fund for Latin America and the Caribbean that will provide advisory services to help COOPENAE identify areas for improvement in its current micro and small enterprise credit operations.

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