Another story courtesy of the CGAP/MIX capital markets newsletter. Nigerian microfinance institution (MFI) Lift Above Poverty Organization (LAPO) received a USD 1.04 mn loan from Citibank. The loan was enhanced by a USD 500,000 guarantee from the Grameen Foundation. LAPO was established in 1987 to provide microloans, voluntary saving services, and training and consulting. They reported to MIX market, the microfinance information clearinghouse, as having USD 11.3 mn in total assets and a gross loan portfolio of USD 7.8 mn spread among over 84,000 active borrowers as of 31 December 2006.
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