The Philippines-based Asian Development Bank (ADB) recently agreed to guarantee USD 20 million in local-currency lending by Maybank, a Malaysia-based bank, to microfinance institutions (MFIs) in Myanmar. The deal is part of ADB’s Microfinance Risk Participation and Guarantee Program, which has supported local-currency loans valued at a total of USD 670 million since 2012, indirectly benefiting 3.5 million end-borrowers in countries including Bangladesh, India and Indonesia.
Christine Engstrom, the Director of ADB’s Private Sector Financial Institutions Division, said, “We’re excited to partner with Maybank, an established player in microfinance in many countries in developing Asia.… Together, Maybank and ADB will improve access to financial services to even more low-income families and small-business owners, especially in rural and remote areas in Myanmar.”
Maybank, which offers both Islamic and conventional banking, insurance and other financial services, had 43,000 employees and 2,200 offices in 14 countries as of 2017. That same year, it reported profit of MYR 7.5 billion (USD 1.9 billion) on total assets of MYR 765 billion (USD 190 billion).
Established in 1966, ADB has 67 country members, of which 48 are in the Asia-Pacific region. Its mission is to support environmentally sustainable growth and regional integration through loans, technical assistance, grants, equity investments and guarantees. The bank had a 2017 budget of USD 32 billion.
Sources and Additional Resources
ADB press release
https://www.adb.org/news/adb-maybank-partner-provide-20-million-microfinance-myanmar
Maybank business units
http://www.maybank.com/en/worldwide/all-countries.page?
Maybank financials
http://www.maybank.com/en/investor-relations/financial-information/overview/key-financial-data.page?
ADB annual report, 2017
https://www.adb.org/documents/adb-annual-report-2017
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