Kashf Foundation has signed a US$ 8 million (PKR 484 million) Commercial Loan Facility, with a consortium of local Pakistani commercial banks. This Commercial Loan Facility is a 3-year facility in which Grameen Foundation, through its Growth Guarantee Program, provides partial risk coverage by way of a US$ 2 million Citibank Standby Letter of Credit in favour of the participating banks. Beside the US$8 million Commercial Loan Facility arranged by Habib Bank Ltd (HBL), MCB Bank Ltd (MCB) and Citibank N.A. (Citi), Citibank has also been mandated by Kashf to arrange additional US$ 14 million of long term financing for Kashf whereas HBL and MCB are jointly executing another PKR 720M term financing facility for Kashf through a Privately Placed TFC issue – the first private placement for a micro finance institution in Pakistan.
About Kashf Foundation
The Kashf Foundation was set in 1996 to provide microfinance services to the women in rural/sub-urban localities, initially in Punjab and is now expanding its geographical coverage to Sindh as well. Over the last 10 years, KF’s partners have included well recognized entities in the microfinance sector including the Grameen Foundation, DIFD, Acumen, Pakistan Poverty Alleviation Fund and the Grameen Bank. Additional information may be found at http://www.kashf.org
HBL, the largest private sector bank in Pakistan with world-wide presence, is backed by a leading blue-chip sponsor, the Aga Khan Fund for Economic Development. HBL has the ability to provide an entire spectrum of banking solutions, catering to every stage of a company’s life cycle. The core services that HBL provides to its clients include: Corporate Banking, Investment Banking, Commercial & Retail Banking, Consumer Banking, Treasury Services, Modaraba Management, and International & Overseas Banking.