Home » » US development fund providing micro lending to small farmers

US development fund providing micro lending to small farmers

myanmar-farmers-plant-rice

The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, has committed $8 million to Proximity Finance to support expanded micro lending to rural borrowers, primarily smallholder farmers, in Myanmar.

OPIC Chief of Staff Eric Jones and Proximity Designs CEO Jim Taylor, and Proximity Finance Head of Finance Sein Nwe Oo signed the commitment. The Skoll Foundation, a long-term supporter of Proximity Finance, has committed an additional $2 million of subordinated debt as part of the co-financing package, according to a press release from the US Embassy on 3 April.