ACCION Microloan Portfolio Reaches $1 Billion in 2005

John Paul — Wed, 21 Dec 2005 12:56:06 -0500

December 20, 2005 - 12:00, Press Release

Provides Lending to 1.5 Million Poor Annually

Story Link: http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/12-20-2005/0004237158&EDATE=

BOSTON, Dec. 20 /PRNewswire/ -- ACCION International today announced that the active loan portfolio managed by its microfinance partners rose above $1 billion in 2005, for the first time in ACCION's history. In just over three years, ACCION has more than doubled its active loan portfolio and doubled the number of poor entrepreneurs served each year.

"ACCION has made significant strides in addressing world poverty," reflected Maria Otero, ACCION International president and CEO. "In the last five years, we've seen the number of clients served by our partners in the developing world grow to 1.46 million per year. By comparison, it took 20 years to reach 450,000 clients per year. The growth of the portfolio, and our expansion into India and new countries in Africa, has allowed us to significantly broaden our scope and extend our mission -- building strong, sustainable microfinance institutions around the world."

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ACCION Microloan Portfolio Reaches $1 Billion in 2005