The New Nation - Internet Edition

BUSINESS REPORT

Standard Chartered Bank signed an agreement on August 28 last with Shakti Foundation for Disadvantaged Women (SFDW), one of the top tier microfinance institutions in Bangladesh.

Under this credit facility, Tk 100 million will be provided to SFDW as a revolving loan.

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 some of the poorest people in these regions.

Shakti Foundation is one of the largest NGOs in Bangladesh pioneering urban microfinance in the country. Since its inception in 1992, SFDW has been working in the slums and squatters allover the country for the social and economic empowerment of the poor women. To achieve this objective the organization believes in an integrated approach which is credit plus approach.

Therefore, the four programs Microfinance, Health, Women in Development (WID) and Business Development Services are being implemented in 218 branches of Shakti Foundation.

SFDW will use this fund to change the lives of 12,000 members all over Bangladesh under its microfinance program. Mr. Ahmed A Shah, Managing Director, Origination and Client Coverage, Standard Chartered Bank, Bangladesh and Dr. Humaira Islam, Executive Director, SFDW signed the agreement on behalf of their organizations.

Senior executives from both the organizations were also present at the signing ceremony held in Dhaka.