Citi has entered into a massive $44 million microfinance deal with SKS Microfinance.
Citi, the large US bank, usually known for providing to consumer products such as Citi loans, has been expanding its citizenship work across many developing countries. This work includes microfinance and micro entrepreneurship.
One of the most notable microfinance initiatives has been the provision of Rs 1.8 million, which equates to roughly US$44 million, to a risk sharing initiative which means that Citi India will puchase finance debt loans originated by SKS and share in the credit risk associated with each of these individual debt transactions.
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