US International Development Finance Corporation earmarks $350 million for investments in India’s crucial sectors

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Ritika Pathak

, Special, World

The U.S International Development Finance Corporation (USIDFC) is seeking investment opportunities in India’s crucial sectors including financial services, health infrastructure, food security, etc. A fund of around $350 million has been earmarked for the same. The development bank of America has already approved loans of around $142 million for one of India’s leading renewable energy IPP (Independent Power Producer) – ReNew Power. It has also ratified loan agreement with Sitara Solar Energy to build solar power plants in Rajasthan and Northern Arc, a non-banking finance company, to boost lending for projects pertaining to women’s economic empowerment, improvement of water and sanitisation, etc.

USIDFC has also committed to invest in several other projects. These investments are a part of its $1 billion commitment to engage in developmental works across Africa, Latin America and other emerging markets, India being one of them. “These projects have a particular focus on developmental impact, with nearly 60 percent of investments in low and lower middle-income countries,” DFC said in a statement. It added that the investments are being made to provide financial support to women, small businesses and other underserved groups at a time when there is dire need of capital.

Furthermore, the U.S agency is also investing in dairy industry to empower local dairy farmers. It has allocated up to $20 million to help Fresh to Home, a Bengaluru-based start-up, to deliver high-quality, affordable dairy products at people’s doorsteps across India. Considering the fact that over 70 percent of rural households in India depend on agriculture for their livelihood, USIDFC, through its range of investment projects, will support around 1500 farmers and fishermen.

The development bank primarily caters to the developing world and provides financial solutions wherever needed through partnerships with private sector.

 

 

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