Business News | US Development Finance Corp lends $35 million to CreditAccess Grameen in India to support women entrepreneurs

Bombay (Maharashtra) [India]Oct 19 (ANI): US government subsidiary Development Finance Corporation (DFC) has signed a $35 million loan with Indian microfinance institution CreditAccess Grameen (CAG) to help 5 lakh women entrepreneurs access the credit.

The signing ceremony was done by DFC Managing Director Scott Nathan who is visiting India.

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CreditAccess is the largest NBFC MFI in India, serving nearly 4 million women. This loan from the American company will support the expansion of Creditaccess Grameen’s microfinance portfolio.

“It is estimated that the loan from DFC will help CreditAccess reach an additional 500,000 women in need over the life of the loan. CreditAccess is also the first institution to partner with DFC in a new initiative that will aim to increase the financial inclusion of marginalized women and bringing more women into employment and leadership in microfinance,” DFC said in a statement Tuesday.

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In addition, the US company has signed a guarantee agreement of $10 million on a loan in rupees to Punjab Renewable Energy Systems Private Limited (PRESPL), a biomass supply chain management company.

DFC said the financing would fund the construction of seven biomass briquetting plants and fund PRESPL’s working capital needs, helping to meet India’s growing energy needs.

During his visit to Mumbai on Tuesday, Nathan spoke with private sector leaders to advance strategic social and economic development in India and the Indo-Pacific region.

Nathan met with Harsha Bangari, Managing Director of the India Export-Import Bank of India (EXIM Bank). The two discussed the importance of the continued partnership between DFC and EXIM Bank under the Quad and current and future collaborations with the other development banks of the Quad in key sectors such as clean energy, digital connectivity and supply chains.

Nathan also met with Sujoy Ghosh, Indian Country Manager of First Solar, Inc. The DFC funding supports First Solar’s vertically integrated solar photovoltaic (PV) module manufacturing plant in Tamil Nadu, India, with planned annual capacity 3.3 gigawatts. The facility diversifies solar supply chains for renewable energy projects in the region.

DFC partners with the private sector to fund solutions to the most critical challenges facing developing countries today. It invests in all sectors, including energy, healthcare, critical infrastructure and technology. DFC also provides financing to small businesses and women entrepreneurs to create jobs in emerging markets. (ANI)

(This is an unedited and auto-generated story from syndicated newsfeed, LatestLY staff may not have edited or edited the body of the content)

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