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StanChart in pact with IFC

MUMBAI: IFC, a member of the World Bank Group, and Standard Chartered Bank on Friday announced that they had collaborated on the launch of the first-ever issuance of notes backed by loans to micro finance institutions in Africa and Asia.

“The innovative transaction will establish a new product to provide investors with access to micro finance as an asset class, and it will enable Standard Chartered to expand its lending to the micro finance sector,” stated a press release issued here by IFC.

IFC will invest $45 million in credit-linked notes to be issued by MILAA (Micro finance Institutional Loans for Asia and Africa), a special purpose vehicle set up by Standard Chartered to facilitate micro finance lending. The notes will be linked to a portfolio of loans that the bank has made to micro finance institutions in sub-Saharan Africa and South Asia. They will also enable the bank to extend additional credit to micro finance institutions that will in turn reach more unbanked people.

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