The Asian Development Bank (ADB), a multilateral finance institution based in the Philippines, reportedly has partnered with Standard Chartered Bank, a financial services company based in the United Kingdom, to increase access to financial services for poor people in Asia. The program is expected to entail lending USD 150 million via approximately 30 microfinance institutions (MFIs) in the region between 2013 and 2018.
ADB has 48 member countries in Asia and 19 in other parts of the world. For the year 2011, ADB reported outstanding loans of USD 78.1 billion and total approved equity investments of USD 239 million. For the year 2012, Standard Chartered Bank reported total assets of USD 637 billion. Between 2005 and 2012, Standard Chartered Bank has financed USD 970 million to 73 MFIs in Asia, Africa and the Middle East [1].
By Brendan Millan, Research Associate
About Asian Development Bank
Established in 1966 and headquartered in Manila, the Philippines, the Asian Development Bank (ADB) is a development finance institution that consists of sixty-seven members, of which forty-eight are located in the region. ADB has three strategic priorities: to foster inclusive growth, to facilitate regional integration and to ensure environmentally sustainable growth. To accomplish these objectives, ADB uses loans, technical assistance programs, grants, equity investments and guarantees to private companies in member countries in the region. For the year 2011, ADB reported outstanding loans of USD 78.1 billion and total approved equity investments of USD 239 million.
About Standard Chartered Bank
Founded in 1969, Standard Chartered Bank is a financial services company based in the United Kingdom. For the year 2012, Standard Chartered Bank reported total assets of USD 637 billion. Between 2005 and 2012, Standard Chartered Bank has financed USD 970 million to 73 MFIs in Asia, Africa and the Middle East.
Sources and Additional Resources:
[1] The Asset: “StanChart, ADB Partner to Support Microfinance across Asia”, http://www.theasset.com/article/23825.html
MicroCapital.org story, October 2, 2012, “Asian Development Bank Invests $40m in Vietnam’s Microfinance Sector”, https://www.microcapital.org/microcapital-brief-asian-development-bank-invests-40m-in-vietnams-microfinance-sector/
MicroCapital.org Story, August 29, 2012, “Asian Development Bank, IFMR Capital to Guarantee $27m in Loans from Ratnakar Bank to Microfinance Insitution in India”, https://www.microcapital.org/microcapital-brief-asian-development-bank-ifmr-capital-ratnakar-bank-provide-partial-credit-guarantee-for-loans-to-microfinance-institutions-in-india/
MicroCapital.org Story, March 16, 2012, “Grameen Credit Agricole Microfinance Foundation (GCAMF) Guarantees Half of $2.7m From Standard Chartered Bank to Mitra Bisnis Keluarga (MBK) Ventura of Indonesia”, https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-microfinance-foundation-gcamf-guarantees-half-of-2-7m-from-standard-chartered-bank-to-mitra-bisnis-keluarga-mbk-ventura-of-indonesia/
MicroCapital Universe Profile: Asian Development Bank (ADB), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Asian+Development+Bank+%28ADB%29
MicroCapital’s Universe Profile: Standard Chartered Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Standard+Chartered+PLC
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