This loan over one year has been disbursed in Indonesian Rupiahs by BNP Paribas Indonesia to MBK Ventura under a Standby Letter of Credit (SBLC) from BNP Paribas Singapore. The structure is designed to avoid any FX risk to the borrower. This is the first loan by an international bank, granted in pure commercial terms to this 5-year old institution. This transaction took place within the pro-active policies of our Bank in favor of the microfinance sector around the world. It was made possible through the strong cooperation between Coverage, Fixed Income, Legal, Compliance and Risk - Capital Markets (RCM), in Jakarta, Singapore and Hong-Kong, and CIB's Microfinance team in Paris. MBK Ventura is a microfinance institution which provides working capital to low-income households in Indonesia, to finance their micro enterprises, raise their family incomes and living standards. It has presently 125 000 clients (all women) , and a target of one million clients by 2012. Its credit default rate is inferior to 0,1 % . Out of a worldwide universe of 1,300 institutions, it has been ranked No 1 by an entity of the World Bank, , according to a set of qualitative and quantitative criteria. The average loan size by client being $ 57 , the loan by BNP Paribas will allow to lend to more than 17,000 families.