ADB will provide a senior secured loan of up to $50 million (or CNY equivalent) with a 3-year tenor to CFPA Microfinance Management (CFPAMM) in the PRC. The proposed loan will fund CFPAMM's microfinance operations in counties designated by central and local government as poverty stricken areas.
The sub-loans will be primarily used for agricultural and farming purposes, and may also be used to support individual microbusinesses in trade, manufacturing, and services as well as other rural economic activities. The proposed loan will benefit women, as CFPAMM specifically targets women in rural areas as its core customers and currently women represent 94% of CFPAMM's borrowers. It will promote gender equity by improving rural women's access to finance through 121,000 collateral free microloans to women borrowers.
ACCOUNTABILITY MECHANISM OF ADB
The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main