Japan International Cooperation Agency signs Private Sector Investment Finance Agreement with the First Micro Finance Bank Limited-Pakistan — assisting with the microfinance operation and promoting access to finance in Pakistan – Business Insights News story, March 21, 2012
Tokyo: In Tokyo today, Japan International Cooperation Agency (JICA) signed a subscription agreement with the First Micro Finance Bank Limited- Pakistan (FMFB-P), one of the largest microfinance banks for microfinance project in Pakistan.
JICA and FMFB-P also signed a shareholders’ agreement with Aga Khan Agency for Microfinance (AKAM), Aga Khan Rural Support Program (AKRSP) and International Financial Corporation (IFC). The project will be supported through Private Sector Investment Finance (PSIF) which was restarted in JICA from March last year.
Under this project, JICA supports FMFB-P’s microfinance operations in Pakistan through PSIF in order to assist its business expansion. For executing the project, JICA provides equity of PKR 240 million to FMFB-P. AKAM, AKRSP and IFC are also participating in the project as shareholders of FMFB-P.
AKAM and AKRSP are group institutions of Aga Khan Development Network (AKDN). On March 8 this year, JICA and AKDN signed a Memorandum of Understanding (MoU) to enhance the partnership in economic / social development field. This project is first ever to be implemented under the above stated MOU. Starting from this project, JICA intends to encourage closer cooperation with AKDN in future. (…)
Read more at Business Insights Pakistan
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