The Bangalore-based company’s activities will involve providing credit and other financial services to promote economic development while protecting the rainforest environment. Speaking to Deccan Herald, Accion Country Manager-India H Siddhartha Chowdri said “This is a very exciting initiative for Accion as it involves working in one of the world’s most underserved and poor areas.”
He added that operations are expected to begin in 2010. In another recent development, the firm announced an investment of US$5,00,000 for a 49.5 per cent equity stake in Saija Finance Private Limited, a microfinance firm that provides financial services to the low and middle income segment in Bihar. The Patna-based firm (Saija Finance) is the only Bihar-based microfinance institution. Chowdri said, “After working with Saija for more than a year in Bihar, we saw that there is tremendous scope for microfinance to contribute to the development of the state.” Accion’s financial literacy team will also be working with Saija to spread financial awareness in the state.
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