ADB extends $4-M loan to micro lender

THE Asian Development Bank (ADB) will extend a $4-million loan to the Center for Agriculture and Rural Development Inc. (CARD) to expand CARD's lending to low-income women.

"Nonbank microfinancing is a viable formal lending alternative for underserved groups like women. Boosting CARD's capacity will improve the livelihoods of low-income earners and help them withstand future crises by broadening their access to affordable finance," Christine Engstrom, ADB Private Sector Financial Institutions division director, said.