BRAC, a leading international development organization founded in Bangladesh announced that it has successfully raised $62.6 million of debt capital to provide microfinance loans to poor borrowers in Tanzania, Uganda and Southern Sudan. The BRAC Africa Loan Fund provides long-term, local-currency funding that will enable BRAC to scale up its microfinance operations to reach over 700,000 borrowers through over 200 branches across the three countries. The Fund represents the largest single financing to date of a southern hemisphere development organization expanding into Africa.
The Fund will aggregate US dollar loans from investors through a special purpose company and use the capital to make local currency loans to BRAC Uganda, BRAC Tanzania and BRAC Southern Sudan over a period of seven years. A second and final closing is planned during the first half of 2009 to reach the Fund’s target of $74.0 million.
Click here to read the full press release.
Thursday, January 15, 2009
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This is good news! Helping our brothers and sisters who have suffered more than they ought to is what being a part of the UN is about. Just be sure that the money goes straight to the needy and to those who receive them, pay it forward folks!
ReplyDeleteThere is nothing better then to help those who are in need, for what one sows, one will reap. This is incredible and I commend all involved in this fund. I am also in the business of helping those in need (in a different industry, of course).
ReplyDeletethat's definitely money well spent, and helping others can only make our world a better place.
ReplyDeleteIt's nice to know that there are organizations like BRAC willing to help poor people in East Africa. If we help each other combat poverty we can rise from recession.
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