Wednesday, January 23, 2013

IFC to open microfinance institution in Burma

Wednesday, 23 January 2013 17:00 Mizzima News

The International Finance Corporation (IFC) announced on Wednesday that it will be setting up a new microfinance institution in Burma.

The World Bank Group member has joined forces with several European banks and will support Cambodia’s ACLEDA Bank Plc to create ACLEDA MFI Myanmar Co.

“Our investment in a microfinance institution is a good start to our support for Myanmar’s economic reforms in order to improve access to finance, create more jobs and reduce poverty for its people,” said Sergio Pimenta, IFC’s director for East Asia and the Pacific. “Through ACLEDA MFI Myanmar, IFC will help scale up the country’s microfinance industry and increase access to financial services for both the urban and rural poor. This will help convince other players that affordable microfinance services can be delivered effectively in Myanmar.”

The institution will provide loans to micro and small businesses run by women. It is hoped that it will provide 200,000 of these loans by 2020.

“This is a key milestone of our long-term partnership with IFC,” said In Channy, chief executive officer of ACLEDA Bank, one of Cambodia's leading retail banks. “As a leading microfinance provider in Cambodia, we are confident that we can leverage our extensive experience in providing affordable financing to serve Myanmar’s smaller enterprises and low-income households.”
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