MMA CDI Makes First Direct Microfinance Investment in Africa
MMA Community Development Investments has just committed $500,000 to be invested in the BRAC Africa Loan Fund over the next three years. This is a newly created fund that will provide local currency debt financing to three microfinance institutions in Tanzania, Uganda and Southern Sudan.
BRAC, a nonprofit, nongovernmental development organization based in Bangladesh, was established in 1972 in the aftermath of the Bangladesh Liberation War. BRAC was able to adapt and persevere through difficult times, a characteristic that has allowed the organization to expand successfully into other countries facing difficult circumstances, including troubled and war-torn areas such as Afghanistan.
With nearly $900 million in total assets, BRAC replicates a sustainable business model in countries around the world, serving populations ignored by traditional banking systems. One of BRAC’s greatest strengths its ability to adapt to an area’s cultural needs in order to best serve the local population.
During its 36-year history, BRAC has developed a highly integrated development strategy that combines economics with cultural sensitivity to development programs that are specifically tailored to the need of the local community. Using microfinance as an entry point, BRAC furthers its impact by implementing several programs, including education, health and vocational training. BRAC strongly adheres to its mission of poverty alleviation and empowerment of the poor through its holistic approach, and is a true leader in the microfinance industry.
