Inter-American Development Bank Investing and Granting $650,000 to Microfinance Institution Pro Mujer Mexico

The Inter-American Development Bank (IADB) has approved financing, which includes a $500,000 loan and a $150,000 grant, for microfinance institution (MFI) Pro Mujer Mexico (PMM), which is a part of the New York City administered transnational wholesale microfinance network Pro Mujer International. The new funding will allow PMM to extend microcredit to Central Mexico, where microfinance services are not well-established. The MFI will subsequently make initial loans between $50 and $150 to both rural and urban women microentrepreneurs. PMM is a relatively young institution established in 2002, which had a $1.2 million loan portfolio and over 10,000 active borrowers at year end 2004.
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