Bangladesh Rural Advancement Committee (BRAC), a micro-finance institution (MFI) with just over 4.5 million borrowers has contracted Citibank Bangladesh, a subsidiary of the Citigroup international financial services organization, to raise USD 55 mm to further expand their micro-credit programs for low-income individuals, primarily in rural communities not reached by traditional financial services. BRAC will be the service provider to the micro-credit borrowers whereas Citigroup will be the lead coordinator in raising capital. The funds are expected to allow BRAC to diversify its funding portfolio and also disburse more funds to a larger number of micro entrepreneurs, reinforcing BRAC’s vision to help the development of the micro-credit sector.
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