The New Nation - Internet Edition

Standard Chartered Bank has signed a microfinance loan agreement on August 26, with BURO Bangladesh, one of the top ranked MFIs in the country. Under this financing arrangement, Standard Chartered will disburse Tk. 250 million to BURO Bangladesh. This is part of the SCB's global initiative to provide support in the microfinance sector across Asia and Africa which will in turn help to alleviate poverty for some of the poorest people in these regions. It is worth mentioning that back in September 2006, Group Chairman of Standard Chartered Bank Mr. Mervyn Davies took the stage with President Bill Clinton at the second Clinton Global Initiative and committed to establish a USD 500 million microfinance facility. Current microfinance operations of SCB spans across Africa and South Asia with over 41 clients in 13 countries with ongoing expansions such as this deal. SCB Bangladesh made arrangements for microfinance facilities worth USD 70 million in 2007 alone.

BURO will use this fund to grow their microfinance portfolio to bring changes to the lives of around hundred thousand people all over Bangladesh. Ahmed A Shah, Managing Director and Head of Origination & Client Coverage of Standard Chartered Bank, Bangladesh and Zakir Hossain, Executive Director of BURO Bangladesh signed the agreement on behalf of their organisations. Senior officials from both the organisations were also present at the signing ceremony held in Dhaka.

Established in 1990 BURO Bangladesh was one of the first MFIs in the country to articulate a clear, unequivocal commitment to achieve financial sustainability.

The organisation is responsive to diverse financial needs of customers. In addition to the regular microcredit programme, it provides agriculture loans to small and marginal farmers and stepped up loans to the graduated clients called enterprise loan."