CreditAccess Grameen raises $50 million debt from IFC

economictimes.indiatimes.com:

CreditAccess Grameen has raised $50 million from International Finance Corporation (IFC) under the external commercial borrowing route.

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The investment from IFC at this juncture is a major confidence booster for the entire microfinance space, which is reeling under severe stress and asset quality degeneration.

«With this $50 million from IFC, we are firmly moving towards our FY28 medium-term strategy of sourcing 25%-30% of funds from foreign sources while maintaining strong control over our average cost of borrowings,» CreditAccess Grameen's chief financial officer Nilesh Dalvi said.

The funding will help the country’s largest non-banking financial company-micro finance institution (NBFC-MFI) to cater to 3-4 million additional women borrowers, engaged in agriculture and agri-related activities.
«IFC's investment will foster greater competitiveness within India’s financial sector and we look forward to supporting the company in the long-term,» Wendy Werner, IFC country head for India was quoted as saying in a statement.

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