Grameen Capital India ltd launched

Mumbai, Jan 14 (UNI) Grameen Capital India ltd (GCI), a first of its kind financial company, was launched here today by its President Mr Alex Counts.

Mr Alex told reporters that the Company will be a strong vehicle for providing India's rapidly maturing microfinance sector with the sophisticated financing structure it needs for continued growth and success.

''We are pleased to join forces with IFMR Trust and Citicorp Finance in creating this unique financing intermediary in one of the most important microfinance markets'', he said.

IFMR Trust President Ms Bindu Ananth said focus of his compasny is to invest in commercial enterprises that leverage the competitive strenghs of low income households, especially those that are based in remote rural locations of India. ''We believe that Grammen Capital India's innovative financing structures will allow Microfinance Institutions (MFI's) to access available untapped capital and grow themselves to cater to this large segment of the population'', she said.

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