Tuesday, January 6, 2009

ShoreBank fund largest ever for bank

The international finance unit of ShoreBank Corp. has put together a $63-million fund to finance micro-loans in impoverished parts of East Africa.

The fund, to be managed by Bangladesh-based international development organization BRAC, is the largest ever amassed by ShoreBank, the Chicago-based holding company for one of the largest community development banks in the country. It will finance loans to poor borrowers in Tanzania, Uganda and southern Sudan.

Contributors to the fund include the federal Overseas Private Investment Corp., the Ford Foundation and other foreign and U.S. foundations.

Citibank N.A. will be the fiscal agent, managing accounts and cash. ShoreBank will be the servicer, ensuring BRAC complies with covenants in the agreements with the contributors.
ShoreBank has a branch in the 6th just off of 79th and Cottage Grove. Located in the building that once held Independence Bank, a formerly black-owned bank that was bought out by ShoreBank in the 1990s.

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