IndusInd Bank Raises a $225 Million Loan from OPIC for its MSME Lending Programs
June 8, 2017
(OPIC)
WASHINGTON – The Overseas Private Investment Corporation (OPIC) and IndusInd
Bank today executed a finance agreement for a $225 million loan supporting the
expansion of the Bank’s micro, small, and medium enterprise (MSME) lending
programs across India. At least 25 percent of the proposed facility will support
women entrepreneurs and reach previously unbanked populations. This eight-year
loan is part of the agency’s commitment to supporting $1 billion in loans to
underserved small and medium enterprises in India.
“Fostering access to finance opportunities for women entrepreneurs and MSMEs
is important for increasing higher economic output throughout India,” said
Acting OPIC President and Chief Executive Officer Dev Jagadesan. “OPIC
recognizes the positive impact supporting women entrepreneurs can have in a
community. We are proud to partner with IndusInd Bank to expand access to
critical financial services.”
Speaking in the occasion, Romesh Sobti, Managing Director and Chief Executive
Officer of IndusInd Bank, stated, “This agreement with OPIC will help IndusInd
Bank to further enhance our MSME lending franchise, thus providing the impetus
to some of the major growth drivers of our economy. This also marks a
significant milestone for the Bank as it helps us reach out to a new class of
global investors to drive our growth.”
IndusInd Bank, a private bank headquartered in Mumbai, India, reaches MSMEs
across broad and diverse industries. MSMEs are an important segment of the
Indian economy, but are often constrained by a lack of access to capital. This
OPIC loan will support IndusInd Bank in increasing its MSME lending.
Wells Fargo Bank also signed a $20 million finance agreement at the event
supporting IndusInd Bank’s MSME lending, which will include at least 25
percent dedicated to women entrepreneurs.
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