FMO approves $50m investment in microfinance lender BRAC Bangladesh

Dhaka, Bangladesh. Photo: Pixabay

By Quynh Nguyen

April 2, 2021

Dutch development bank FMO has approved a $50 million investment in Bangladesh-based microfinance lender BRAC.

BRAC has a microfinance loan portfolio of $3.2 billion and serves more than 7.4 million customers in more than 69,000 villages, according to an FMO disclosure.

BRAC focuses on primary education, essential healthcare, and agricultural support, female empowerment, microfinance, and enterprise development, thereby creating opportunities for people at the bottom of the pyramid in Bangladesh.

The $50 million, five-year facility will be fully earmarked for the financing of the microloan portfolio of the company.

According to FMO, BRAC’s social mission alignment has played a big role in creating a strong franchise and reputation worldwide and is closely aligned with FMO’s own development mandate.

The Dutch development bank had earlier disclosed it was considering a $7.5 million investment in BRAC Myanmar Microfinance Company Limited, a Myanmar-based for-profit institution.

In June last year, FMO proposed a $4.8 million investment in Scatec Solar Bangladesh BV, a company incorporated in the Netherlands and 100% owner of Bangla Sun Solar Energy Limited.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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