ISMW gets $3.5 million grant

Citigroup foundation grant to be used for capacity building, scholarships

Citigroup Foundation has extended a grant of $3.5 million to the Ahmedabad-based Indian School of Microfinance for Women (ISMW) to be used in capacity building of micro finance institutions (MFIs), conducting courses for staff of MFIs and providing scholarships, over a period of five years.

"Citigroup Foundation, besides working with several other NGOs, has decided to work closely with ISMW and will provide a grant of $3.5 million to ISMW," said Sarvwesh Sarup, country business manager, global consumer group of Citibank, in Ahmedabad on Monday.

Vijayalakshmi Das, CEO of ISMW said that the institute willhas plans to expand to Jharkhand and the north eastern states in a bid to make microfinance available to the poor in these regions.

"So far about 20 lakh women have received microfinance assistance in the country through institutions and an equal number have received loans through banks. Already having a presence in most parts of the country, ISMW will now enter Jharkhand and other north eastern states and a first round of preliminary studies have already been done," she said.

Indian School of Microfinance for Women is a new initiative in the discipline of microfinance, which was set up two years ago. The school has been set up for addressing the huge capacity building gap that exists in the sector.

The school is being promoted by the Shri Mahila SEWA Sahakari Bank Ltd (SEWA Bank), Friends of Women's World Banking, India (FWWBI), and Coady International Institute, Canada.

SEWA Bank is one of the eminent microfinance institutions in India. It has over 30 years of experience in direct delivery of microfinance services, like savings, credit, insurance, pension, financial planning and counseling.

It has also worked in the area of capacity building of its staff, leaders and members.

FWWBI, is an apex level organisation providing loan as well as capacity building support to all types of microfinance service providers. Coady International Institute, Canada has a history in training as well as in distance education of community leaders' from around the world.