Private sector Yes Bank has received USD 150 million funding from the US government and Wells Fargo to increase lending to support women entrepreneurs and small and medium-sized enterprises in India.
This is the third round of funding to the bank as part of arrangement with the Overseas Private Investment Corporation (OPIC) --the US government development finance institution -- and Wells Fargo.
Under the agreement, OPIC will provide USD 75 million in financing and up to USD 75 million in syndicated financing jointly arranged by Wells Fargo Bank to Yes Bank, a statement said.
USD 50 million of the financing would be used to expand support to women-owned businesses, while another equal amount will be used for financing SME business in low-income states, it said.
Rana Kapoor, managing director and CEO, YES BANK said the facility would support financing to women entrepreneurs in India for driving future economic growth and job creation.
This is the third transaction between OPIC and Yes Bank and comes close on the heels of last year's USD 265 million OPIC facility, which the bank will use to extend SME financing in India, Yes Bank said in its regulatory filing.
However, only about a quarter of them are able to get the finance they need to grow and create jobs.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)