To support multiple projects in India, The US International Development Finance Corporation (USIDFC) is planning to invest 350 million USD in sectors of finance, health infrastructure, renewable energy and food security space also look to empower smallholder dairy farmers, generate solar power increase access to education. It is one of the largest approvals made by the Board of Directors.
Note: USIDFC has approved $1 billion of investments for advance development in other countries across the globe.60% of the investments are being made in the low to lower-middle income countries.
Investments to be made (India)
i.Food
$20 million in equity for ”FreshToHome” to deliver high-quality, affordable fish, meat, and produce to homes.
Dairy
1)$371,000 in technical assistance to support Milk Mantra, which sources milk from smallholder farmers to produce and sell dairy products in eastern India.
2)$10 million loan will help Milk Mantra, a dairy company committed to ethical sourcing from smallholder farmers, expand its operations in eastern India.
3)$2.7 million loan guaranty to Stellapps Technologies will advance innovative solutions that streamline the dairy value chain in India.
Energy
1)$30 million investment in South Asia Growth Fund II will support businesses in the energy, water, and food sectors and promote sustainable access to and the efficient use of resources.
2)$142 million loan for ReNew Power has been approved to develop, construct, and operate a 300-megawatt solar power plant in Rajasthan. Also, $50 million loan to Sitara Solar Energy Private Ltd. has been approved to build and operate a 100-megawatt solar power plant in Rajasthan.
3)$27.3 million loan to Paryapt Solar Energy Private Ltd. to build and operate a 50-megawatt solar power plant in Gujarat.
iv.Finance
$50 million loan granted to Northern Arc Capital to help it extend loans to businesses that expand access to water, sanitation, and food or advance women’s economic empowerment in India.
v.Education
1)$14.6 million loan guaranty was made towards World Business Capital to support the expansion of Avanse Financial Services student loan program.
Note: The USIDFC also called America’s development bank partners with the private sector to find financial solutions to the most critical challenges faced by the developing world.
Why the investment?
These projects are expected to uplift some of the most underserved communities around the world and focus on the impact of its development in order to fight the health and economic fallout during the pandemic.
About DFC or USIDFC
CEO– Adam Boehler
Head office– Washington D.C, the United States of America
