Citigroup Inc. (NYSE: C)
October 06, 2009
Citi Disburses Agricultural Microfinance Loan to ASA
In line with the recent government directives, Citibank, N.A., Bangladesh has today disbursed BDT 68 crore to ASA (Association for Social Advancement), one of the top microfinance financial institutions in Bangladesh.
Farmers can borrow from ASA to buy power tillers, which are much more efficient than manual methods for crop production. This USD 10MM financing from Citi will provide funding to farmers for approximately 6,000 tillers. With the price of food rising, there is increased demand for higher crop production.
The disbursement notice was presented to Mr. Md. Taufiqul Islam Chowdhury, Director Accounts-ASA, by Mr. Kanti Kumar, Acting Head of GCCB, Citibank N.A. Bangladesh.
Mr. Shafiqual Haque Choudhury, Founder and President of ASA, said, "We want to be known for our contribution in the agri- sector".
Mamun Rashid, Managing Director and Citi Country Officer, Bangladesh, added, "This disbursement to ASA once again reiterates Citi's commitment to support the agricultural sector of this country and we are optimistic that this will assist ASA's programs to develop in greater scale."
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