Caspian Impact Investments raises $20 million in financing from OPIC
March 31, 2015
(OPIC)
WASHINGTON – Caspian Impact Investments (CII) today announced that it closed a
debt financing commitment of $20 million from the Overseas Private Investment
Corporation (OPIC), the U.S. Government’s development finance institution.
The OPIC commitment supports the growth of CII India, an impact investment fund.
Launched in 2013, CII India is an Indian multi-sector social impact debt
provider that provides debt to enterprises engaged in small business lending,
microfinance, food & agriculture and affordable housing, with plans to
diversify in to other impact sectors including healthcare and livelihoods over
the next 12-18 months. The mission of CII is to provide debt capital to a wide
range of fast growing institutions that serve low income or underserved
communities, directly or indirectly, in a responsible, transparent and
sustainable manner.
Viswanatha Prasad, Managing Director at Caspian, said “Caspian Impact
Investments aims to be the leading debt provider to impact enterprises in India.
We see a big opportunity to provide debt to impact enterprises where commercial
debt from local financial institutions is not easily available. We are
delighted to have OPIC as a long-term partner to anchor the Fund’s growth
alongside our shareholders. The fund has already disbursed INR 1.4 billion to
over 25 clients.”
Elizabeth Littlefield, President and CEO of OPIC, said, “The significance of
Caspian’s work in India lies in their core focus on serving the underserved.
When I visited India earlier this year, I saw firsthand the potential and
dynamism of the business community, and I look forward to OPIC’s continued
engagement there alongside compelling partners like Caspian. Amid the excitement
of a quickly-expanding economy, it is crucial to maintain growth that is
inclusive of all people. The high-impact SMEs Caspian seeks to finance are
exactly what’s needed to catalyze this type of balanced growth.”
Ms. Littlefield traveled to India in January with U.S. President Barack Obama,
who noted that OPIC financing would help to expand lending in many of India’s
regions currently underserved by banks and financial services.
CII India is managed by its investment advisor, Caspian Impact Investment
Adviser Private Limited.
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