Philippines: ADB Grants MFI-NGO $30-M Credit Facility for Micro-Entrepreneurs

Source: The Philippine News Agency

Microfinance institution and non-government organization ASA Philippines Foundation (MFI-NGO) has received the first tranche of the credit facility from the Asian Development Bank (ADB) amounting to $10 million, which it will extend as loans to over 25,000 women-entrepreneurs owning small businesses which suffer from the economic impact of the coronavirus (COVID-19) pandemic.

In a statement Wednesday, ASA Philippines Foundation said the disbursement of loans began on 22 June. The ADB granted the Foundation a $30-million credit facility for micro-entrepreneurs from economically-lagging, environmentally-impacted and conflict-affected provinces in the country.