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IFC plans to invest around $50 million in Ujjivan Small Finance Bank

T E Narasimhan/Chennai 07 Nov 18 | 07:53 AM

International Finance Corporation (IFC), a member of the World Bank Group, is planning to put around $50 million (around Rs 3.5 billion) in the form of a sub-debt investment in Ujjivan Small Finance Bank. The financial institution would use these funds for on-lending to micro small and medium enterprises (MSMEs), SMEs and women-owned enterprises.

The investment is said to help expand access to microfinance for borrowers with little or no access to formal sources of financing, such as those in India’s low-income states with some of the highest population densities and poverty rates, according to IFC.

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IFC said its investment would help demonstrate the sustainability of lending to micro and small business enterprises and build investor confidence in alternative means of microfinance through various channels.

The proposed investment aims to provide long-tenor diversified funding support as institutions transform from non-banking financial companies (NBFCs) to small finance banks.

With its global experience of working with microfinanciers, besides micro and small business entities, IFC is uniquely positioned to help these institutions become key financial service providers in the lower MSME segment.

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