U.S. International Development Finance Corporation to Capitalize $350 Million in India

DFC, known as America’s development bank, has approved loans worth $142 million for ReNew Power and $50 million for Sitara Solar Energy to build and operate solar power plants in Rajasthan

June 08, 2020. By News Bureau

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The US International Development Finance Corporation (DFC) has announced that is looking to invest $350 million in multiple projects in India to support the country’s financial services sector, health infrastructure, renewable energy and food security.

DFC, known as America’s development bank, has approved loans worth $142 million for ReNew Power and $50 million for Sitara Solar Energy to build and operate solar power plants in Rajasthan, $50 million for Northern Arc to scale up lending to businesses that expand access to water, sanitation, and food or advance women’s economic empowerment, besides committing to invest in several other projects.

This is part of DFC’s $1 billion commitment for several countries in Africa, Latin America and other emerging markets. The investments mark one of the largest tranches approved during a board meeting under DFC and its predecessor agency, it said.

“The projects have a particular focus on development impact, with nearly 60 per cent of investments in low- and lower middle-income countries,” DFC said in a statement from Washington, adding that the investments are aimed at supporting financial services for women, small businesses, and other underserved groups at a time when capital is in desperate need.

“These projects will uplift some of the most underserved communities around the world,” DFC chief executive officer Adam Boehler was quoted as saying a statement. “The impact of these projects will be particularly meaningful as the world continues to fight the health and economic fallout of the pandemic.”

The funding agency has committed up to $20 million to buy equities in delivery app Freshtohome, which envisaged a project to support over 1,500 farmers and fishermen throughout the country; and up to $30 million investment in South Asia Growth Fund II to support businesses in the energy, water, and food sectors. It has also lined up a $27.3 million loan for will enable Paryapt Solar Energy to build and operate a 50-megawatt solar power plant in Gujarat. It has offered $14.6 million loan guarantee to World Business Capital to enable it to support the expansion of Avanse Financial Services’ student loan program.

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