FOR IMMEDIATE RELEASE
Citigroup Inc. (NYSE: C)
March 06, 2008
Bangladesh: Citi Provides USD 65 Million Equivalent for Rural Development
Citibank N.A., Bangladesh has provided a total of USD 65 million in equivalent local currency credit facility to leading Micro Finance Institutions (MFIs) in Bangladesh including BRAC, BURO, Shakti Foundation for Disadvantaged Women and Thengamara Mohila Sabuj Shangha (TMSS).
The major purpose of the financing is to support the micro-credit and small and medium enterprise financing in Bangladesh after recent floods and cyclone Sid'r. Also these financings, especially the innovative structuring and long term nature of the loans, will help the MFIs diversify their funding and better manage their balance sheet.
"These transactions in the microfinance sector are a testament to Citi's strong commitment to deepening financial reach especially through wholesale financing to MFIs in the country. We believe in the commercial viability of the MFI sector and continue to support micro-finance institutions in Bangladesh," said Sanjay Nayar, CEO, Citi South Asia.
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Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Nikko. Additional information may be found at www.citigroup.com or www.citi.com.
Citi Microfinance Group
Citi Microfinance Group works with MFIs as partners and clients to expand access to financial services and products to the "unbanked" who are not currently reached by the formal banking sector. With a worldwide presence, Citi Microfinance Group aims to provide the sector varied products and services including capital markets, wholesale finance, individual credit, savings, remittances, insurance, as well as technical assistance.