Yoma Bank makes $4.4m follow-on financing in BRAC Myanmar Microfinance

Yoma Bank, the financial services arm of First Myanmar Investment Co Ltd, has injected a second tranche of K6.8 billion ($4.4 million) in a follow-on financing round of BRAC Myanmar Microfinance Company Limited to expand its activities in the country, according to an announcement.

BRAC will use the financing to expand its microfinance services for women and low-income families living in the outskirts of cities of Myanmar.

With the funding, BRAC hopes to expand its microfinance coverage to an additional 15,000 households.

Prior to the latest funding agreement, BRAC raised a K2 billion ($1.3 million) financing facility from Yoma Bank in March.

BRAC was founded in 1972 by Sir Fazle Hasan Abed in Bangladesh and has since expanded its programmes in other countries including Afghanistan, Pakistan, Tanzania, Uganda, South Sudan, Myanmar, Nepal and the Philippines.

BRAC expanded to Myanmar in 2014 and has served over 79,000 families across the country with an aggregate loan book of K17 billion ($10.9 million). The company has 49 branch offices in the rural Yangon, Bago, Mandalay, Naw Pyi Taw and Sagaing regions.

The ticket loan size offered to families range between K150,000 ($97) and K10 million ($6,469).

“BRAC will use this money to meet the financing demand mainly from women micro entrepreneurs and traders and small farmers. We are happy to have this partnership with Yoma Bank in making Myanmar’s microfinance sector a truly inclusive one in particular creating better opportunities for the women let them drive out the poverty from the country,” said Tariqul Islam, Country Representative, BRAC Myanmar Microfinance Company Limited.

Yoma Bank has signed a number of MFI funding agreements in Myanmar including a $4.9-million agreement with VisionFund Myanmar, $11.5 million with Pact Global Microfinance Fund and $1.44 million with Advans Myanmar.

Also Read:

Yoma Bank extends $5m debt to microfinance entity VisionFund Myanmar

Yoma Bank to extend $11.5m debt to back Myanmar’s Pact Global’s MFI operations

Advans Myanmar inks funding deals worth $1.44m with Yoma Bank

 

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Singapore Reporter/s

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).

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

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • 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. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.