Non-government organization Sajida Foundation has received 7.5 million US dollars fund from FMO, the Dutch entrepreneurial development Bank, through its government fund MASSIF, said a press release.
The agreement was executed on 14 December, 2020 after receiving approval from Bangladesh Bank and Microcredit Regulatory Authority and shall remain effective till September 2025.
Sajida will use this facility to expand its microcredit program, according to the press release.
Huib-Jan de Ruijter, chief investment officer said, "We are happy to partner with Sajida Foundation. Sajida offers vast array of social development programs to make a difference in the microfinance sector in Bangladesh."
"Its mission 'to improve the quality of life in the communities where we work through sustainable and effective intervention' resonates with our objectives of reducing inequalities and sustainable development,'' Huib-Jan de Ruijter added.
Zahida Fizza Kabir, CEO of Sajida Foundation, said, "This pioneering partnership with a leading development financial institution, is part of a strategy to diversify our fund portfolio and to support the economic recovery of small entrepreneurs who have been hit hard during the pandemic."
"We are focused on delivering an effective program which will enable the sector to emerge stronger," Zahida Fizza Kabir said.
FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs as a leading impact investor.
Sajida Foundation, a non-government organization was established in 1993 by Syed Humayun Kabir with the aim to ensure health, happiness and dignity for all, the press release added.