The US International Development Finance Corporation (DFC) is looking to invest $350 million in India to support multiple projects in the country’s financial services sector, health infrastructure, renewable energy and food security space.
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 Capital 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.
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 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.
DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world.
