|
Comments
Did you read today's front page stories & breaking news?
SYS-CON.TV
|
From the Wires
BRAC Africa Loan Fund Launched to Combat Poverty in East Africa
By: PR Newswire
Jan. 6, 2009 02:00 PM
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 Lenders Invest for Development and Financial Returns The Fund attracted investment from a diverse group of investors including the Overseas Private Investment Corporation (OPIC), Triodos Fair Share Fund, Hivos-Triodos Fund, The Norwegian Investment Fund for Developing Countries (Norfund), Triple Jump, Stromme Microfinance East Africa, The Ford Foundation, The David and Lucile Packard Foundation, CARE USA, Three Guineas Fund, Calvert Social Investment Foundation, MMA Community Development, Inc., and Monarch Community Fund, LLC. BRAC has also made a significant investment as part of its commitment to the development of its African operations. "BRAC appreciates the support of our international investors as we work to
build sustainable, locally managed development programs. BRAC's lending
operations are a platform for delivering its holistic development program,
including health, education and agricultural extension and training and other
services to its borrowers and their communities. Because the Fund will allow
us to reach hundreds of thousands of borrowers, it will help to combat poverty
and improve the livelihoods of millions of people in "The first closing of the Fund amidst a global liquidity and credit crisis
shows the strength of the appeal to investors of investments designed to
deliver both financial returns and significant development impact," said
BRAC's Impact in BRAC expects the Fund to be the first in a series to support multiple
country services in "BRAC is highly respected for its proven ability to make a difference in
the lives of the poor," said ABOUT BRAC BRAC is an international development organization that operates with the
dual objectives of reducing poverty and empowering the poor. BRAC works to
achieve economic development in the countries in which it operates through
microfinance lending, business development services and agricultural technical
assistance, and social development through health, education, human rights and
other programs. Since its founding in 1972, BRAC has grown to serve all 64
districts of Advisors BRAC was advised in the raising of the BRAC Africa Loan Fund by ShoreBank
International Ltd. (SBI), the international consulting arm of ShoreBank
Corporation of Mayer Brown LLP provided pro bono counsel to BRAC. SOURCE BRAC; ShoreBank International Latest Cloud Developer Stories
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
|
SYS-CON Featured Whitepapers
Most Read This Week
Breaking Cloud Computing News
|
|||||||||||||||||||||||||||||||||||||||||||||||||