Previously I had written about signing up a partner in Sri Lanka. At this stage we have learned that a proposal to approve the loan to Berendina Microfinance Institution backed by our guarantee is being reviewed by the bank’s risk and credit committees. We have been informed that the reviews should be complete by the end of July. We are cautiously optimistic that this process should go through smoothly and we hope to have loans online soon.
As I had mentioned in my previous post we are also getting a positive response from South and Central America. We have been able to make considerable progress with an MFI in Honduras. We hope to report on further developments over the next few weeks.
In India, the Ministry of Finance proposed a new bill for regulating microfinance in India. After receiving feedback from the public the bill will be presented in Parliament to be made into law. At this stage it is definitely a step forward. While some have commented on the bill, it is still a bit early to say how the final law and regulations will take shape and the impact they will have.
We are eagerly looking forward to report on new loans! Please do visit again for further updates.