Sunday, August 26, 2012

IFC Approved $450K Funding Proposal...

IFC stands for International Finance Corporation. It is an arm of World Bank for the private sector. IFC is also helping the micro finance sector.

Previously UOB received a $2.5 million loan from IFC to help finance the growth in UOB's loan portfolio. UOB was the first micro finance bank or institution in Rwanda, which received a local currency loan from IFC, using its SWAP arrangement with the central bank of Rwanda.

This time, IFC has approved UOB's proposal for funding ($450K) to help develop UOB's branchless agent network. Praise the Lord! Until it is all sorted out, it will need a few more months, but we have passed the first hurdle.

Jehovah Jireh. God provides. I truly believe in His provision for His work, His way in His time.

He has provided us with a $200K grant from UNCDF for the m-banking and agent banking project initially last year. Later, through another Advisory Services organization, He has provided us with technical assistance on this project and it is on-going. Now with IFC's approval on this TA funding, we will be able to take it up to another level. It is a little too premature, but another development agency is showing an interest in helping us out with a grant funding for this project. So, there is a good reason for my statement and declaration.

Jehovah Jireh! - Jeffrey  

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