Indian microfinance institution (MFI) SKS Microfinance, has announced a USD 44mm (Rupees 1.8bn) financing partnership with Citibank, part of the Citigroup global financial services organisation. Citibank India will purchase loans which SKS will continue to originate and service, sharing the credit risk of the transaction. Grameen Foundation will also be an integral part of the risk sharing structure as it will provide a limited (but as of yet unstated) guarantee to SKS as part of its Growth Guarantee initiative launched in 2005. SKS has been a Grameen Foundation partner since 2002.
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