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World Bank lender pledges $2.4m for Myanmar microfinance

Published on Jan 23, 2013 6:27 PM

YANGON (AFP) - A World Bank development lender said on Wednesday it would provide US$2 million (S$2.4 million) for a new microfinance bank that aims to help small businesses in Myanmar.

International Finance Corporation (IFC) said in a statement that the loan would be its first investment in the country, which is wooing foreign donors as it emerges from decades of military rule.

It said it would work with German and French partners, as well as Cambodia's ACLEDA Bank, to help the micro-lender - to be called ACLEDA MFI Myanmar - begin operations this year.

IFC said Myanmar's banking sector was one of the world's most underdeveloped financial services industries "as a result of the country's decades of isolation".

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