Source: Financial Times.
Complete article available online with registration.
LONDON, May 31 – Co-operative Bank and Deutsche Bank have set up a new microfinance debt fund that will directly target credit unions and co-operatives. The USD 50 million Global Co-operative Development Fund aims to provide working capital for some of the world’s poorest communities in Latin and Central America, central Europe and Asia.
The debt fund, which is targeting global institutional investors, pays a fixed rate of 5.5-6 percent on senior Class A and B notes. Junior subordinated notes of USD 3.5 million are already provided by the Co-operative Bank, Deutsche Bank and Oikocredit. The fund will be managed by Deutsche Bank and is the fourth microfinance initiative the Co-operative Bank has participated in since 2005.
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