HSBC, TMSS ink deal for 1st SLP-based financing

The Hongkong and Shanghai Banking Corporation (HSBC) in Bangladesh has recently introduced the country’s first Social Loan Principles (SLP) based financing for the Thengamara Mohila Sabuj Sangha (TMSS).

A deal was signed between the two organisations at the Hotel Momo Inn in Bogura, said a press releas on Wednesday.

TMSS is one of the largest Micro Finance Institutions undertaking health, education, and microfinance (HEM) approach to socioeconomic development in the country.

The SLP, published by Loan Market Association (LMA) and Asia Pacific Loan Market Association (APLMA) aims to facilitate and support economic activities targeting to mitigate social issues and challenges of the society.

It has been developed by a team of experienced professionals from leading financial institutions and law firms active in the global loan markets.

TMSS who operates mostly in rural areas of Bangladesh in the form of microcredit, will use this loan in areas of poverty alleviation, employment generation, and facilitation of small entrepreneurs operating in agriculture and SME sectors.