The Covid19 pandemic has hit the economy hard and now the government is striving to revive it. DFC the international development finance is looking to invest in India around $350 million to give support to many sectors in India like the financial service sector, food security space, health infrastructure, and renewable energy.
To bring about an advanced development in Latin America, Africa, the Indo-pacific, and emerging markets, recently, the US International Development Finance Corporation (DFC)’s board of directors had approved $1 billion worth investment, of which most of these loans are part of. USIDFC chief executive officer Adam Boehler said “the investment in these projects will help the marginalized communities to come up,”.
DFC is known as an American development bank, has approved loans:
- To Northern Arc Capital that expands access to water, food, and hygiene has been provided with $50 million.
- In Rajasthan to build and operate solar power plants, DFC provided $50 million for Sitara Solar Energy.
- To Paryapt Solar Energy Private Ltd to build and operate a 50 MW solar power plant in Gujarat has provided with $27.3 million loan.
- $142 million for ReNew Power to develop, construct, and operate a 300-megawatt solar power plant in Rajasthan, India.
- To gear up the production and sale of dairy products in eastern India by Milk Mantra, up to $371,000 in technical assistance is provided.
- A $14.6-million loan guarantee to World Business Capital will support the expansion of a student loan program and increase access to education.
- To ‘Fresh to home’ to deliver affordable fish, meat, and produce across India up to $20 million in equity will be provided. In addition to strengthening food security, the project will support more than 1,500 farmers and fishermen and committing to invest in several other projects.
“The groups such as women, marginalized groups, small businesses, when they need capital urgently, the investment will use to support financial services to them,” said DFC. The projects are aimed to focus on growth and development, and their impact on low and lower-middle-income countries with about 60 percent of the investment. To provide finance solutions to the most critical challenges facing the developing world, DFC partners with the private sector as well.