With the intention of helping micro, small, and medium enterprise (MSME), IndusInd Bank recently raised USD 225 million loan from OPIC.
The Overseas Private Investment Corporation (OPIC) has given a loan of USD 225 million to IndusInd Bank, to support its micro, small, and medium enterprise (MSME) lending programs. This financed agreement will open doors for 25 per cent of the proposed services to support women entrepreneurs of India and reach previous populations that were unbanked.
Induslnd reaches MSMEs over diverse industries of the world. This eight-year loan is part of the agency’s commitment to supporting USD 1 billion in loans to under-served 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.
He further added, “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.”
IndusInd Bank reached MSMEs across broad and diverse industries. MSMEs are an important segment of the Indian economy, but are often restrained by a lack of access to capital. This OPIC loan will aid IndusInd Bank in increasing its MSME lending.
Wells Fargo Bank also financed a USD 20 million agreement at the event supporting IndusInd Bank’s MSME lending, which will include at least 25 per cent dedicated to women entrepreneurs.
- OPIC is a self sustaining agency. This agency was started by the US Government that supports American Business to invest in emerging markets
- OPIC provides businesses with the aids to manage the risks associated with FDI, fosters economic development in emerging market countries. It also advances US foreign policy and national security priorities
- All OPIC projects have to adhere to best international practices and are not allowed to cause job loss in the United States