Pact Global Microfinance Fund (PGMF) And Yoma Bank Signed A USD 11.5 M or MMK 15.85 BL Funding Agreement
The Funding Will Encourage Greater Lending To 40,000 Families in Myanmar
Yangon, Myanmar – July 20, 2018 – On July 18th, 2018, Yoma Bank and Pact Global Microfinance Fund (PGMF) signed a USD 11.5M local currency equivalent (circa MMK 15.85B) funding agreement in support of PGMF’s microfinance operations in Myanmar. Yoma Bank is one of Myanmar’s largest banks with over 3,000 staff and 75 branches nationwide. Since 1997, PGMF’s microfinance operations have reached 1,492,554 individuals, over 98 percent of whom are women, in 12,891 villages from 73 townships.
The funding agreement with PGMF will be the 7th MFI funding agreement for Yoma Bank. Yoma Bank continues to finance micro businesses in partnership with a number of best-in-class MFIs. The Advisor to the Chairman and CEO of Yoma Bank, Mr. Hal Bosher said, “we are delighted to sign a funding agreement with Pact to support the expansion of lending to women in rural areas.” “We are particularly pleased that we can help to empower female owned micro businesses to launch or expand their businesses in Myanmar’s rural communities”, Bosher added.
PGMF’s financial services consists of a client-focused two-pronged strategy; facilitating access to microfinance services for the poor using a group lending methodology and stimulating small business ventures through a range of basic small business development support services that emphasizes the wellbeing and empowerment of its clients. PGMF utilizes the solidarity lending model based on microfinance best practices including the formation of small groups, village level centers, and offers tailored loan products without collateral and with a focus on poor rural women.
PGMF President & COO, Mr.Fahmid Bhuiya said “it is estimated that the demand for microcredit is close to USD 2 Billion of which one third of the demand now being met. Large areas of the country remain remote and inaccessible and without any formal financial service providers. In most areas where financial service providers are present, many entrepreneurs are still unable to access sufficient capital for their business. We would like to thank Yoma bank for supporting the reduction of supply gaps in Myanmar microfinance sector. With the help of this loan PGMF will support around 40,000 families for their micro business and small holder farms. With this help from Yoma Bank PGMF will support these families to lift themselves out of poverty and create their own futures”
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