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OPIC to finance YES Bank

YES Bank has entered into a tie-up with OPIC, a unit of the US government’s development finance institution, for $220 million (about Rs 1,350 crore) loan for on-lending to micro, small and medium enterprises. The loan is part of the $1 billion OPIC assistance for India, announced by President Barack Obama at the India-US business summit. The loan is for 12 years and the bank will draw it in one go. The bank said $100 million of the financing would be used to support either micro-SMEs or SMEs in underserved rural and urban markets. Rana Kapoor, MD and CEO of YES Bank said it is a very meaningful agreement and it will allow the bank to go into the underserved areas and to go into urban areas. This will be a very important part of the bank’s deliverables, he added. US bank Wells Fargo Bank will act as a sponsor and co-lender to the project. The MoU was signed by Overseas Private Investment Corporation (OPIC) President and CEO Elizabeth Littlefield and Kapoor.

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