World Bank Group member IFC  and Standard Chartered Bank announced that they have collaborated on the launch of the first-ever issuance of notes backed by loans to microfinance institutions in Africa and Asia.

The deal will establish a new product to provide investors with access to microfinance as an asset class, according to a release from both companies. It will also allow Standard Chartered to expand its lending to the microfinance sector. The IFC will invest $45 million in credit-linked notes to be issued by MILAA (microfinance institutional loans for Asia and Africa), which is a SPV set up by Standard Chartered to facilitate microfinance lending.

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