Original disclosure @ FMO website
Updated in EWS Feb 20, 2023
Disclosed by Bank Dec 9, 2022
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According to FMO, through this investment, USD 20mln will be used for the growth of the loan book towards female and young entrepreneurs and women-owned microenterprises. Remainder USD 5mln will be earmarked for Water Sanitation and Hygiene ("WASH") or other green qualifying products. WASH program of Satya provides access to affordable financing for potable water and sanitation facilities. As such the loan contributes to decent work, economic growth, reducing inequalities and climate action.
Satya is categorized as an FI-C client, given the size and purpose of the portfolio loans.
Satya Micro Capital Ltd is a Delhi-based microfinance institution, registered as a non-deposit taking NBFC-MFI with the Reserve Bank of India. It is a digitally advanced and fast-growing MFI that employs the Joint Liability Group (“JLG”) model to provide unsecured microcredit to women borrowers, predominantly in the rural pockets of the country. Satya caters to almost 0.88mln borrowers through a network of 338 branches spread across 228 districts in 21 states, as of March 2022.
No contact information provided at the time of disclosure.
ACCESS TO INFORMATION
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ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism