IFC invests Rs 12 cr in Jain Irrigation's proposed NBFC

World Bank Group member IFC today said it has invested Rs 12 crore in Jain Irrigation Systems' proposed lending subsidiary.

IFC is helping Jain Irrigation Systems set up the non-banking finance company, Sustainable Agro-Commercial Finance, which will provide loans to the small-scale farmers to help them install micro-irrigation systems and improve productivity, a release issued here said.

The International Finance Corporation (IFC) provides investments and advisory services to build the private sector in developing countries.

The IFC has picked up an undisclosed equity stake in the NBFC through investment and the project is expected to benefit more than 6-lakh farmers in the next five years, the release added.

"By supporting this project, IFC will help improve farmers' ability to access the needed financing to install micro-irrigation systems, conserve water, and potentially increase agricultural productivity," IFC Infrastructure Director (South Asia) Anita George said.