Original disclosure @ ADB website
Updated in EWS Feb 15, 2021
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This Technical Assistance (TA) proposes timely intervention as economic activity and income-generating opportunities resume in the post-lockdown period. It will help these MFIs/NBFIs a) build their capacity and resilience; b) secure continued financing by wholesale investors to ensure on lending to low-income borrowers; c) promote continuity of lending and collection activity for clients, assisting them through periods of economic and personal distress with awareness and sensitivity; and d) prepare for future crisis-related scenarios.
According to the ADB project website on COVID, this project will support COVID 19 relief efforts. The disclosed project documents also state:
"In April 2020, the Asian Development Bank (ADB) approved an increase in the aggregate limit for the Microfinance Risk Participation and Guarantee Program (MFP) by $260 million to $600 million.1 MFP is a credit enhancement initiative designed to address market gaps by sharing risks to facilitate local currency lending to microfinance institutions (MFIs), which on-lend to lowincome people who face difficulties in gaining access to finance. Operating on a revolving basis, the MFP has supported $1.18 billion in new local currency loans since inception in 2010 to end2019, benefiting over 6 million end-borrowers, mostly women, across ADB’s developing member countries. As a result of the COVID-19 outbreak, MFP seeks to support MFIs that are partners of the program by building resilience during the post-pandemic period and help sustain continued financing of the most vulnerable low-income population in ADB’s developing member countries.."
Project OfficerHyde, Janet VeronicaPrivate Sector Operations Department (email contacts not provided at the time of disclosure)
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