Last week, the Microfinance Association of Cambodia and the National Bank of Cambodia discouraged the use of physical currency to help curb the spread of the pandemic.
Faced with challenges, a growing number of vendors in Kenya's slums turned to credit unions and savings groups, which could provide loans without collateral, to boost their businesses.
Money transfer companies in the UAE are trying to contribute in their own way to fight the COVID-19 pandemic situation in India by waiving charges to funds being transferred to India’s PM Cares Fund and Kerala Chief Minister’s Distress Relief Fund
The investment will help to keep small and medium-sized enterprises open and preserve jobs, which is critical to sustaining the Bangladeshi economy.
Banks can draw on the facility to provide new loans and financing to individuals, small and medium-sized enterprises, and other private corporates affected by the virus fallout.
The plan is a result of a partnership between two of the country's foremost institutions that are offering Islamic finance and takaful solutions for the benefits of masses across the country.
Under the project, an expansion of IFC's Distressed Asset Recovery Program's work in India, IFC will invest up to $100 million in the J.C. Flowers India Opportunities Fund if certain conditions are met, with an initial commitment of $40 million.
The new reforms plan and package of proposals with special focus on poor rural women will be presented to the Parliamentary Select Committee on Gender Equality within a month.
The financing package consists of $130 million from IFC's own-account and a $270 million syndicated loan from a group of 10 banks.
In 2020, savings groups in refugee contexts have had the lowest late repayment rate compared to any of the other clients served by VisionFund Uganda.