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IndusInd Bank to get funding from OPIC

IndusInd Bank has entered into an agreement with Overseas Private Investment Corporation (OPIC) to raise $225 million loan to support expansion of its MSME lending programs. The bank said 25% of the proposed facility will be used to support women entrepreneurs and reach to populations who previously had no access to banking facility. The eight-year loan is part of the bank’s program to support $1 billion in loans to underserved small and medium enterprises in India. Dev Jagadesan, president and CEO of OPIC, said fostering access to finance opportunities for women entrepreneurs and MSMEs is important for increasing higher economic output throughout India. Ramesh Sobti, MD and CEO of the bank, said the agreement will help bank to further enhance its MSME lending franchise, thus providing the impetus to some of the major growth drivers of our economy. It will also mark a significant milestone for the bank as it helps it to reach out to a new class of global investors to drive growth, he added. Wells Fargo Bank has also signed a $20 million finance agreement supporting the bank’s MSME lending, which will include at least 25% dedicated to women entrepreneurs.

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