The US-based Development Finance Corporation (DFC) is looking to invest USD 350 million in multiple projects in India to support the country’s financial services sector, health infrastructure, renewable energy and food security.
DFC, America’s development bank, has approved loans worth USD 142 million for ReNew Power and USD 50 million for Sitara Solar Energy to build and operate solar power plants in Rajasthan, USD 50 million for Northern Arc 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.
This is part of DFC’s USD one billion commitment for several countries in Africa, Latin America and other emerging markets.
The funding agency has committed up to USD 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 USD 30 million investment in South Asia Growth Fund II to support businesses in the energy, water, and food sectors.
It has also lined up USD 27.3 million loan for Paryapt Solar Energy to build and operate 50 MW solar power plant in Gujarat. It has offered USD 14.6 million loan guarantee to World Business Capital to enable it to support the expansion of Avanse Financial Services’ student loan programme.
