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Expanding boundaries for the India Microfinance sector

As part of our efforts to improve access to finance and reach more of the unbanked, our team in India established a partnership with Maanaveya Holdings & Investments, a subsidiary of Oikocredit.

With a network of 69 countries and 750 partners, Oikocredit is one of the world's largest sources of private funding to the microfinance sector and is active in the wholesale micro lending space in India. Its Indian subsidiary Maanaveya bulk lends to smaller tier two and tier three level microfinance institutions (MFIs with loan portfolios of less than $50 million) that, because of the relatively small scale of their operations, find it difficult to borrow directly from banks. Maanaveeya has, to date, lent $60 million to 56 microfinance institutions, and also provides advice and assistance on issues ranging from governance to portfolio management to internal audits.

While historically we have only partnered with tier one microfinance institutions, our partnership with Maanaveya has enabled us to expand our support of India's microfinance industry by lending to an institution that reaches these smaller and efficient institutions.

We have now extended credit worth approximately $5 million to Maanaveya, which has allowed the institution to fund between eight and ten smaller organisations. We also support Maanaveeya's initiatives to promote better practices in the industry by partnering with them at various events and conferences.

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Annual Report and Accounts 2009