Home Insider Insider News Pact Global Microfinance Fund (PGMF) and Yoma Bank Signed a Funding Agreement

Pact Global Microfinance Fund (PGMF) and Yoma Bank Signed a Funding Agreement

On July 18, Yoma Bank and Pact Global Microfinance F u n d ( P G M F ) s i g n e d a n $ 11.5 million local currency equivalent (circa 15.85 billion kyats) funding agreement in support of PGMF’s microfinance operations in Myanmar. The funding agreement with PGMF will be the 7th Microfinance Institution (MFI) funding agreement for Yoma Bank. Yoma Bank continues to finance micro businesses in partnership with a number of MFIs. The Advisor to the Chairman and CEO of Yoma Bank, Hal Bosher said, “We are delighted to sign a funding agreement with Pact to support the expansion of lending to women in rural areas. We are particularly pleased that we can help to empower female owned micro businesses to launch or expand their businesses in Myanmar’s rural communities.”

PGMF President & COO, Fahmid Bhuiya said, “It is estimated that the demand for microcredit is close to $ 2 billion of which one third of the demand now being met. Large areas of the country remain remote and inaccessible and without any formal financial service providers. In most areas where financial service providers are present, many entrepreneurs are still unable to access sufficient capital for their business. We would like to thank Yoma bank for supporting the reduction of supply gaps in Myanmar microfinance sector. With the help of this loan PGMF will support around 40,000 families for their micro business and small holder farms. With this help from Yoma Bank PGMF will support these families to lift themselves out of poverty and create their own futures.”