Citi Funds Philippines Foundation to Support Women Micro-Entrepreneurs

Citi Philippines successfully closed and funded a US$20 million loan for ASA Philippines Foundation which will enable ASA to provide financial assistance to low-income women for entrepreneurial ventures in the Philippines.

ASA Philippines Foundation serves low-income women entrepreneurs and improves their livelihoods through microfinance and other social services. This loan will aim to support nearly 70,000 women entrepreneurs in the Philippines.

The non-profit, non-stock financial institution serves over 2 million women entrepreneurs through more than 1,600 branches across 82 provinces in the Philippines.

The financing for this loan was structured under the Global Inclusive Finance Framework risk-sharing facility with the United States International Development Finance Corporation (DFC).

“We are committed to assisting financially underserved women microentrepreneurs in the Philippines. We have long been champions of financial inclusion and this transaction is aligned with Citi Social Finance’s mandate to expand access to jobs, basic infrastructure and basic services among low-income communities in emerging markets,” said Citi Philippines Corporate Bank Head Fernando Fleury.

The transaction contributes to Citi’s US$1 trillion commitment to sustainable finance by 2030, supporting its economic inclusion criteria which aims to improve access to credit and financial services among vulnerable or underserved communities, including micro, small, and medium enterprise (MSME) financing.

The Foundation provides an array of services to its clients including burial assistance, college/university scholarship programs, disaster relief assistance and rehabilitation, business development training and marketing support, medical missions, child feeding and out-of-school youth training for the families of their beneficiaries.

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