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Source:Grameen Foundation AsiaNet 44078
Category:Business and Finance
Grameen Foundation and Grameen Capital India Facilitate US$7 Million in Funding for Cashpor Micro Credit
04/04/2011

Grameen Foundation and Grameen Capital India Facilitate US$7 Million in Funding for Cashpor Micro Credit

NEW DELHI, April 4, 2011 /PRNewswire-AsiaNet/ -





          First Round of Financing from Joint Guarantee Pool Created to
Support Socially-Focused Microfinance

Grameen Foundation and Grameen Capital India today announced that they
have facilitated US$7 million (Rs. 315 million) in funding for Cashpor Micro
Credit through a guarantee pool for socially-focused Indian microfinance
institutions (MFIs). The financing from IndusInd Bank and another leading
private sector bank in India was backed by US$980,000 in guarantees from
Grameen Foundation and arranged by Grameen Capital India.

(Logo: http://photos.prnewswire.com/prnh/20091026/GFLOGO)
(Logo: http://photos.prnewswire.com/prnh/20101219/DC19839LOGO-a)

These are the first guarantees to be placed through the US$ 8 million
initiative that was launched last December by Grameen Foundation, Grameen
Capital India, and Grameen-Jameel Microfinance Ltd. to support organizations
exemplifying double-bottom line microfinance in India.

To be eligible for consideration, MFIs must have completed a
social-rating or impact-assessment report, using recognized industry
guidelines, in the past year. Alternatively, they must be actively using a
recognized social-performance measurement tool, such as the Progress out of
Poverty Index(TM).

"Cashpor has a demonstrated commitment to serving India''s poorest people
and we are pleased to support it in expanding its services to even more
people in Bihar and Uttar Pradesh," said Alex Counts, president and CEO of
Grameen Foundation. "Grameen Foundation is committed to helping the Indian
microfinance sector rebound from the recent crisis and we hope these
transactions serve as a positive signal to other Indian banks and will help
to re-open funding opportunities for socially-focused MFIs."

The first MFI to provide microloans in Bihar and Uttar Pradesh, the
states with the greatest populations living below the poverty line, Cashpor
was also one of the first institutions across the broader industry to
consistently track its social performance.

Suhail Chander, Head of Corporate and Commercial Banking Group at
IndusInd Bank said, "IndusInd Bank has always been judicious in selection of
its partner MFIs and is responsive to their need at this critical juncture.
This is in alignment with the responsible lending practices of the Bank."

In announcing the transactions, Royston Braganza, CEO of Grameen Capital
India said, "We are pleased to have facilitated the flow of capital to the
microfinance sector in these critical times. Recent events underscore the
strong need now, more than ever, for stakeholders to support organizations
that have set for themselves clear financial and social goals, in reaching
out to the poor, and Grameen Capital is pleased to have partnered with
Cashpor."

Grameen Foundation is also deepening its efforts in India through the
creation of Grameen Foundation India Private Limited, a social business that
will provide technology, human resource management tools and practices, and
new business s to poverty-focused social enterprises across the country.

About Grameen Foundation
Grameen Foundation, a global nonprofit organization, helps the world's
poorest people lift themselves out of poverty by providing financing,
technology support and management strategies to the local organizations that
serve them. It also develops mobile phone-based solutions that address
"information poverty" among the poor by providing tools, information and
services in the fields of health, agriculture, financial services and
livelihood creation. Founded in 1997, Grameen Foundation has offices in
Washington, DC; Seattle, WA; Colombia; Ghana; Hong Kong; the Philippines; and
Uganda. Microfinance pioneer Dr. Muhammad Yunus, founder of Grameen Bank and
winner of the 2006 Nobel Peace Prize, is a founding member of its Board of
Directors, and now serves as director emeritus. For more information, please
visit http://www.grameenfoundation.org.

About Grameen Capital India
Grameen Capital India provides capital market access to microfinance
institutions (MFIs) and other social enterprises serving the
Base-of-the-Pyramid segment. Grameen Capital enables MFIs to raise low-cost
on-lending funds through innovative debt and equity solutions, credit
enhancement and strategic advisory services. Grameen Capital also actively
advises double-bottom-line funds on their social investment programs in
India. Established in 2007, Grameen Capital India is a collaboration between
Grameen Foundation, Citigroup and IFMR Trust. For more information, please
visit http://www.grameencapital.in.

About IndusInd Bank
IndusInd Bank, which commenced its operations in 1994, caters to the
needs of both consumer and corporate customers. It has a robust technology
platform supporting multi-channel delivery capabilities. IndusInd Bank has
country-wide presence across 192 geographic locations of the country. The
Bank also has two representative offices, one each in London and Dubai.
Recently, CRISIL has reaffirmed its P1+ rating of IndusInd Bank's fixed
deposits and certificates of deposit program. Credit rating agency ICRA Ltd.
has upgraded Lower Tier II Bonds rating of the Bank to LAA- (pronounced L
double A minus) rating with stable outlook from LA+ (pronounced L A plus)
rating with stable outlook. ICRA has also upgraded the Upper Tier II Bonds
rating of IBL to LA+ rating with stable outlook from LA (pronounced L A)
rating with stable outlook. For more information, please visit
http://www.indusind.com.




CONTACT:
Contact: Liselle Yorke +1-202-628-3560, ext 128 lyorke@grameenfoundation.org
Media contact details:
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