Debt financing
MFI CreditAccess Grameen raises 25-M EUR from DEG, Rs.170-Cr from Citi
Bengaluru-based, publicly listed CreditAccess Grameen , a microfinance-focused non-banking financial company (NBFC), has secured 25 million euros from the German Investment Corporation (DEG) and INR 170 crore through a co-financing arrangement with Citi. The financing structure combines development finance and private-sector funding and aims to address the financing needs of underserved communities. Citi also acted as the lead arranger and coordinator for the transaction.Founded in May 1999 by Vinatha Reddy and co-founded by Suresh Krishna, CreditAccess Grameen started as a project under the NGO T. Muniswamappa Trust. In 2007-08, it transitioned into an NBFC to offer loans designed to help women borrowers start or expand income-generating activities in rural areas.
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