Posted on November 30, 2009 - by boris
UN–HABITAT Sri Lanka office invites MFIs to upgrade areas with less basic facilities…
The UN–HABITAT Sri Lanka office is inviting microfinance institutions and non-governmental organisations to invest in upgrading under-served settlements (areas with less basic facilities) in urban areas.
UN–HABITAT has set up a credit guarantee mechanism, with government support, to allow banks to lend housing upgrading loans to Sri Lanka’s slum communities, through micro finance institutions. The credit guarantees are offered through the Lanka Financial Services for Underserved Settlements (LFSUS), a non profit company.
“LFSUS was set up as a credit guarantee institution, to bring commercial banks to the table. Traditionally banks will not lend to this category of people because the banks require securities to lend against, and need collateral,” said the Chairman of the LFSUS, Chandula Abeywickrema, last week at a forum on Leveraging Finance for Low Income Settlers in Under-served Settlements in Sri Lanka.
Source: http://www.sundaytimes.lk/091129/FinancialTimes/ft27.html
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