31 October 2008 - Mayer Brown LLP, a leading global law firm, announced today the successful completion, on a pro bono basis, of a syndicated credit facility for BRAC, a not-for-profit microfinance and developmental organization in Bangladesh. Total capital committed exceeds $62 million, and the anchor investor is the Overseas Private Investment Corporation. The credit facility will enable BRAC to develop microfinance lending operations in Tanzania, Uganda and Southern Sudan.
With its dual objectives of reducing poverty and empowering the poor throughout Asia, BRAC is one of the world’s largest human development organizations. Led by Dr. Fazle Abed, BRAC has been instrumental in the development of Bangladesh over the past 30 years. The organization’s multifaceted approach promotes economic development through microfinance lending, business development services and agricultural technical assistance, and social development through health, education, human rights and other programs.
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