MICROCAPITAL BRIEF: MetLife Foundation Donates $1.8m to Opportunity International to Support Financial Access through Microfinance, Education in Rural China

MetLife Foundation, an affiliate of the Chicago-based insurance company MetLife, recently announced the disbursement of USD 1.8 million in grant funding to Opportunity International, a microfinance NGO also based in the US city of Chicago, to support its outreach via bank branches and mobile vans in rural China. This initiative will seek to expand financial access to 4,200 small businesses, provide financial training and support to 3,600 individuals and create 20,000 new jobs.

As of 2013, MetLife Foundation has provided USD 600 million in grants and USD 70 million in program-related investments. Since 2013, the foundation has focused on expanding financial inclusion and has committed USD 200 million to be distributed between 2013 and 2018 to “help build a secure future for individuals and communities around the world”[1]. As of December 2013, Opportunity International reported a gross loan portfolio of USD 617 million, 2.9 million active borrowers and 1.5 million insurance policyholders in 28 countries.

By Meredith Steih, Research Associate

About MetLife Foundation:
MetLife Foundation was created in 1976 to serve as the philanthropic extension of the US-based insurance company MetLife. As of 2013, MetLife Foundation has provided USD 600 million in grants and USD 70 million in program-related investments. Since 2013, the foundation has been dedicated to expanding financial inclusion and has committed USD 200 million to be distributed between 2013 and 2018 to “help build a secure future for individuals and communities around the world”[1].

About Opportunity International:
Based in the United States, Opportunity International is a nonprofit organization was founded in 1971. Opportunity International provides small business loans, savings, insurance and training to approximately 12 million individuals in 28 countries in Africa, Asia, Eastern Europe and South America as of July 2015. As of December 2013, Opportunity International reported a gross loan portfolio of USD 617 million.

Sources and Additional Resources:

Information provided to MicroCapital through direct contact with Sunshine Sachs.

[1] MetLife Foundation Press Release, “MetLife Foundation Sponsors ‘The Financial Inclusion Challenge’,” https://www.metlife.com/about/press-room/us-press-releases/2015/index.html?compID=160507

MicroCapital Universe Profile: MetLife Foundation

MicroCapital Universe Profile: Opportunity International

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