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June 23, 2024

Citibank PHL provides $20-M loan to microfinance NGO

THE Citibank N.A. Philippine Branch (Citi PHL) recently announced that it provided a $20-million loan (nearly P1.1 billion at current exchange rates), to ASA Philippines Foundation Inc., an NGO supporting women entrepreneurs.

The loan will enable ASA to provide financial assistance to nearly 70,000 low-income women to establish or improve their microenterprises.

In turn, these women will have the means to support their families and communities.

In a statement, Citi said that the loan is part of its global commitment to invest $1 trillion in sustainable finance initiatives by 2030. It aims to invest in opportunities benefiting 15 million households, including 10 million women by 2025.

“It is inspiring to meet these hardworking Filipino women who have shared their personal stories of triumph over adversity. Amid their many hardships, they have a ready smile and have welcomed us all with warm hospitality,” Citi PHL Corporate Bank Head Fernando Fleury said.

“They have overcome many challenges and have even managed to grow their business in a tough economic environment. We are happy to support their entrepreneurial efforts through this landmark social facility loan,” Fleury added.

Almost 2 million entrepreneurially poor women are served by ASA Philippines, a non-stock, non-profit microfinance organization providing financial services such microloans and microsavings.

ASA Philippines also offers additional programs, such as business development, scholarships, disaster relief, burial assistance, and other health care services.