Originally published: May 5, 2008
Source: Grameen Foundation
Grameen Foundation has announced its first Growth Guarantee placement in East Africa, which has mobilized US$5.3 million for Amhara Credit and Savings Institution (ACSI). ACSI is the largest MFI in Ethiopia and one of the largest in sub-Saharan Africa. The financing from the Commercial Bank of Ethiopia was facilitated by a US$2.5 million guarantee from Grameen Foundation’s Growth Guarantee Program. This transaction is the largest loan from a commercial bank to an Ethiopian MFI and is also the largest Grameen Foundation Growth Guarantee placement in sub-Saharan Africa.
Mekonnen Yelewmwessen, CEO of ACSI said, "Private banks in Ethiopia have been reluctant to lend to sectors where they have little or no lending experience, leaving the microfinance sector’s need for financing underserved. Grameen Foundation’s Growth Guarantees program provides a true risk-sharing that encourages local institutions to take an active role in funding projects in new or underdeveloped areas." ACSI currently serves more than 800,000 clients; by 2012 it plans to reach out to more than 1.9 million clients.
Read the complete article: GF Secures More Than $5 Million in Funding for Ethiopian MFI ACSI (Grameen Foundation)
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