Chennai-based debt platform Northern Arc Capital on Tuesday introduced it has raised $ 50 million in exterior business borrowing (ECB) from Japanese Worldwide Cooperation Company (JICA). JICA is Japan’s governmental company that works in the direction of selling financial and social development in creating international locations. This is among the first personal sector investments by JICA, targeted on Indian monetary inclusion for girls.
Northern Arc will use the proceeds to cater to the credit score calls for of girls debtors or in the direction of merchandise that disproportionately profit ladies. Coming within the backdrop of Covid-19, the transaction is anticipated to alleviate the social and financial influence of the pandemic. Northern Arc will present loans by co-financing with the US Worldwide Growth Finance Company (USDFC) primarily based on the ability for accelerating monetary inclusion in Asia (FAIA), introduced on March 27, 2020.
Keiichiro Nakazawa, senior VP of JICA, mentioned: “Northern Arc Capital is a singular and essential monetary establishment that helps funding of the Indian NBFC sector, which performs a key function in selling monetary inclusion in India. We count on extra Indian ladies to have entry to monetary providers by this partnership with Northern Arc. Additionally, we’re delighted that this mortgage is our first co-financing with USDFC in India.”
Because the onset of the Covid pandemic, the debt platform has raised funds from reputed worldwide buyers together with USDFC, ADB, FMO and Calvert Influence Capital.
Kshama Fernandes, MD & CEO of Northern Arc Capital, mentioned, “This transaction is proof of Northern Arc’s capacity to forge partnerships with and appeal to funding from reputed world DFIs. We’re excited to companion with JICA to additional our mission of catering to the various credit score necessities of underserved households and companies. The utilization of proceeds shall be in the direction of selling ladies entrepreneurship and employment, an essential goal space for the corporate.”
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