42 MFIs take loan from Maanaveeya Holdings

Hyderabad, Jun 10 (UNI) Maanaveeya Holdings and Investments Private Limited, the Indian Subsidiary of Oikocredit, today announced that 42 Micro Finance Institutions (MFIs) in the country have taken loans from the company.

Addressing a press conference here, Company Managing Director Ms Suvarna Rani said the Oikocredit had allocated USD 50 million to Manaveeya Holdings with 100 per cent Foreign Development Investment.

Out of the 42 MFIs, 15 were from Andrha Pradesh, she added.

Already half of the allotted amount had come in and the remaining would be sent in the next 24 months, she said.

Stating that 25 per cent allocation would be for developmental projects, she said the returns were 100 per cent and there was no fault case filed against any MFIs in the country.

Agriculture processing, fisheries and handicraft sectors would be given priority in sanction of loans as it provided sustainable economic development and uplift the poor, she said.

Oikocredit Managing Director Tor Gull said the total outstandng of the institution was USD 500 million last year and this year it would be USD 200 million.

The total MFIs which have received loan from Oikocredit was 419 from 69 countries, Mr Gull said, adding that the outreach of the institution in India was six lakh women.

About 60 per cent of the beneficiaries in India were from Andhra Pradesh, she added.

UNI AP DS 1833