According to ADB website, this involves an equity investment of up to 45 million in CreditAccess Asia (CAA) to provide growth capital to support CAA's pan-Asia microfinance operations. CAA will use ADB''s proceeds to capitalize the existing subsidiaries and support their growth. The balance of the approved amount may be invested in subsequent fund raising rounds that CAA is expected to undertake. Under separate approval, ADB will provide capacity building technical assistance of up to $500,000, which will accompany ADB funding and will support CAA''s institutional strengthening with initiatives such as the roll out of strategic information technology projects, including data mining and cashless processes.
CreditAccess Asia N.V., a credit institute, offers financial services for individuals and small businesses in Asia. The company was founded in 2006 and is based in Amstelveen, the Netherlands with additional branches in India, Indonesia, and the Philippines.
Project Officer: Doukas Doukidis
Private Sector Operations Department, ADB
No contact information provided at the time of disclosure.
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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