Micro-Credit Ratings International Limited (M-CRIL), an India-based provider of rating and advisory services to the microfinance industry, recently sold an unspecified portion of its equity to the Asian Development Bank (ADB), a development finance institution with 67 member countries. One goal of the funding is to help M-CRIL expand in Cambodia, China, Indonesia and Nepal. ADB Principal Investment Specialist Anshukant Taneja said the investment will help “the microfinance sector in addressing risk management, transparency, and governance issues resulting in expanded financial inclusion and reduced poverty levels in Asia.”
Founded in 1998 by Indian nonprofit EDA Rural Systems, M-CRIL merged with its parent company in 2016. It has provided evaluations of governance, management, financial performance, social performance and client protection practices for organizations in 35 countries.
Established in 1966 and headquartered in Manila, the Philippines, the Asian Development Bank (ADB) seeks to foster inclusive growth, facilitate regional integration and ensure environmentally sustainable growth. To accomplish these objectives, ADB uses loans, technical assistance programs, grants, equity investments and guarantees in member countries in the region. As of 2015, ADB reported total assets of USD 117 billion.
Sources and Additional Resources
ADB Support to Strengthen Microfinance Ecosystem in Asia
MicroCapital: Evolving Regulations Obscure Future of Microfinance in Myanmar
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