The International Finance Corporation (IFC) and Citigroup (NYSE: C) have developed a credit scheme that will bolster the development of Uganda Microfinance Limited. The IFC has issued a $1,000,000 line of credit to Uganda Microfinance to strengthen its balance sheet. Uganda Microfinance will then be able to borrow local currency on commercial terms from the Citigroup subsidiary, Citibank Uganda Limited. The deal is further indication that major commercial banks are taking a growing interest in microfinance, both on wholesale and retail terms.
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