ACCION Launches New Microfinance Institution in Amazonas

ACCION(R) International, a pioneer and leader in global microfinance, announced today that Brazilian President Luiz Inácio Lula da Silva has approved its application to establish ACCION Microfinanças, a new microfinance organization in the state of Amazonas in Brazil's remote northern region. It was in Recife, Brazil that ACCION first pioneered the concept of microlending, in 1973.

Joining ACCION as an equity partner in the new venture is the Multilateral Investment Fund (MIF) of the Inter-American Development bank (IDB), which will assume an 18.1 percent stake. Private investor Luiz Felipe D'Avila and other private investors will assume a total of 8.5 percent. ACCION will hold 73.4 percent of the organization.

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