Micro-Credit Ratings International Ltd (M-CRIL), an Indian provider of rating and advisory services to the microfinance industry, has secured a $1.5 million equity investment agreement from the Asian Development Bank (ADB) to push into emerging markets including Cambodia, the ADB said in an announcement last Friday.

The investment will be used to strengthen existing M-CRIL operations in India and Myanmar, while securing a foothold in Cambodia, Indonesia, Nepal and China. “ADB’s investment will help the company to develop a knowledge-based pathway for strengthened regional integration, with India potentially emerging as its key analytics hub,” it said.

Established in 1998, M-CRIL has expanded operations across Asia, Africa and Central and Eastern Europe.

According to the company’s website, it has already served clients such as the National Bank of Cambodia (NBC) and Cambodia Microfinance Association (CMA) as well as over a dozen local microfinance institutions.