IFC and German KfW Development Bank Sign a Huge USD 1bn Partnership for new Microfinance Initiative for Asia

International Finance Corporation (IFC), the private sector arm of the World Bank established in 1956, has recently signed a partnership agreement with KfW Entwicklungsbank (KfW Development Bank), which functions on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). The strategic partnership agreement, Microfinance Initiative for Asia, together with other partners will provide up to USD 1bn over 3 years to support microfinance institutions (MFI’s) in Asia through debt and equity investments, structured finance and advisory services.

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