The United States (US) International Development Finance Corporation (DFC) Chief Executive Officer (CEO) Scott Nathan visited India-Mumbai (Maharashtra), and New Delhi (Delhi) from October 17-20, 2022.
- His visit was to highlight private sector-led development projects and discuss opportunities to accelerate economic growth and development in India, and the greater Indo-Pacific region.
Key Points:
i.In Mumbai, he met with private sector leaders and stakeholders across the banking, microfinance, logistics, and energy sectors.
ii.In New Delhi, he visited DFC health investment project sites, meet with existing clients, and meet with government officials to discuss how DFC can help advance inclusive development in India.
iii.In both cities, he highlighted DFC’s role in advancing the Partnership for Global Infrastructure and Investment, mobilizing private capital to drive values-based, inclusive infrastructure development around the world.
USDFC USD 35 million to Creditaccess Grameen to help women entrepreneurs
USDFC announced a USD 35 million loan to Creditaccess Grameen (CAG), which will help 5 lakh women entrepreneurs gain access to credit. It has a tenor of seven years.
- CreditAccess is the largest Non-Banking Financial Company Micro Finance Institutions (NBFC-MFI) in India, serving nearly 4 million women.
Key Points:
i.It also signed an agreement for a USD 10 million guarantees of a Rupee loan to Punjab Renewable Energy Systems Private Limited (PRESPL), a biomass supply chain management company.
- This financing will fund the construction of 7 biomass briquetting plants and finance the working capital needs of PRESPL.
ii.These agreements are on the lines of the as part of the US’ President Joe Biden administration’s efforts to deepen the Indo-US ties.
iii.DFC has so far committed USD 3 billion of support to Indian private sector enterprises. India is its largest beneficiary,
iv.It has also committed USD 30 million for an agritech fund and also given USD 10 million support to a milk company.
Recent Related News:
i.The President of Maldives Ibrahim Mohamed Solih was on a 4-day visit to India from August 1-4, 2022 on the invitation of Prime Minister (PM) of India, Narendra Modi. This is Maldivian President’s third visit to India since assuming office in November 2018.
ii.A Parliamentary delegation from Mozambique led by Speaker of Assembly of the Republic of Mozambique, Esperanca Laurinda Francisco Nhiuane Bias is on a three-day visit to India from 27 July to 29 July 2022.
About US International Development Finance Corporation (DFC):
It is the US Government’s development finance institution.
Headquarters– Washington DC, United States
Establishment– 2019
