YES Bank, IFC to launch PE fund for North-East

Corpus to fund Tourism & Hospitality, Food & Agribusiness, Infrastructure and Healthcare

YES Bank and International Finance Corporation (IFC), a member of the World Bank Group, are launching a private euqity fund for investments across sectors in the North Eastern states. The PE fund has its focus on Small and Growth Enterprises (SGE) in the region. An MoU was signed by Jin-Yong Cai, EVP & CEO, IFC and Rana Kapoor, MD & CEO, YES Bank. The size of the fund is not disclosed yet.

The fund corpus will focus on investments across sectors of Tourism & Hospitality, Food & Agribusiness, Infrastructure, Healthcare, Education & Livelihood Creation and Affordable Housing, said a statement from YES Bank.

Rana Kapoor, Managing Director & CEO, YES Bank, said, “We believe that there are substantial untapped opportunities existing in the north eastern states that need to be honed by the private sector.”

Last year, IFC provided a $75 million loan to help Yes Bank expand its network to reach small and medium enterprises, and agricultural borrowers in India.