EDA Rural Systems gets $0.1m grant from MSD Foundation

Microfinance Focus, October 2, 2010: Michael & Susan Dell Foundation has recently given a $ 117, 618 grant to EDA Rural Systems for promoting Social Performance reporting and management among Indian microfinance institutions. EDA Rural Systems Pvt. Ltd. is one of the leading development sector consultancy, research and capacity building organisations. Microfinance and Micro-enterprise are EDA’s focus areas.

Indian Grameen Services, a BASIX group of company has also received a $144,795 grant from MSD Foundation which is aimed at establishing standards of reporting in Indian grant-making through a project aimed at transforming lives of excluded families. The project will provide education, financial literacy and health services together with a core focus on livelihoods for 1,500 families (primarily rag pickers) in Indore city, who have been excluded from the scope of microfinance services.

In early September, Mumbai based start up NBFC Microfinance firm, Svasti Microfinance Pvt. Ltd. received an equity infusion of 5.45 crore (approx USD 1.1m) from the Michael and Susan Dell Foundation and several High Net Worth Individuals (HNWI). The Michael and Susan Dell Foundation has shared the major part in this early stage equity infusion, invested approx.  2.3 crore (approx USD 0.5m).

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