ACCION International, a global microfinance organization, is to receive a $1m investment from IFC to strengthen the operations of its Chinese affiliate ACCION Microfinance China (AMC).
The investment of Chinese RMB 7m represents an 18.9% equity interest in AMC.
IFC previously signed a cooperation agreement with ACCION to provide up to $1m to finance a three-year technical assistance program for its Chinese affiliate.
AMC was launched in December 2009 to provide previously underserved communities of Chifeng, Inner Mongolia, with access to working-capital and fixed-asset loans for thousands of urban and rural, small and medium-sized enterprises.
FinSMEs
07/12/2011