IFC Helps Establish Indonesia’s First Microfinance Wholesale Bank to Serve Millions
In Jakarta
Novita Wund
Phone: (+62) 8118400438
E-mail: NWund@ifc.org
In Hong Kong
Andrew Mak
Phone: (+852) 2509 8110
E-mail: AMak@ifc.org
Jakarta, April 20, 2009-Indonesia's
first microfinance wholesale bank, Bank Andara, was launched today with
the assistance of IFC, a member of the World Bank Group. Bank Andara is
expected to provide tailored financial products and services to more than
2,000 microfinance institutions in the country, allowing millions of Indonesian
micro-entrepreneurs and low-income households to gain access to much needed
financial services.
Together with Mercy Corp, Hivos Triodos
Funds, and Cordaid, IFC is investing up to $5 million, equal to 19.9% of
the total investment, to acquire and recapitalize a small local commercial
bank, PT Bank Sri Partha. This bank is being re-launched as a microfinance
wholesale bank and newly renamed Bank Andara.
In addition, IFC’s investment is accompanied
by advisory services to support a branding and marketing strategy that
will position Bank Andara as the wholesale bank of choice in Indonesia.
Adam Sack, IFC Country Manager for Indonesia,
said today at the official launch of Bank Andara, “The creation of a wholesale
microfinance bank presents a unique opportunity. The bank will allow
microfinance institutions to provide more and better services to micro,
small and medium enterprises as well as individuals who currrently lack
access to financial services.”
Bank Andara is expected to act as a
catalyst for microfinance development and demonstrate a good performance
and application of best practice in the market, while helping offset the
current liquidity crunch. Within five years, the wholesale bank is expected
to reach one million micro-entrepreneurs not previously served by formal
financial institutions, allowing them to improve and expand their businesses.
IFC has played a key role in conceptualizing,
structuring and promoting Bank Andara. With its global experience in microfinance,
IFC helps attract potential partners and investors. Going forward, IFC
also plans to provide a wide range of technical expertise to the bank.
About IFC
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.
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