 "Six out of 10 new small finance banks have one investor in common - IFC")
International Finance Corporation (IFC) is planning to invest around $40 million in Aavas Financiers Limited (AFL), formerly known as Au Housing Finance Limited
IFC proposes to invest upto $40 million in AFL through Non-Convertible Debentures (NCD), said the World Bank's investment arm.
The proceeds of proposed IFC's financing will be utilised by AFL for supporting affordable housing finance for purchase / construction & extension of house to individual under low and medium income group in Rajasthan and nearby 5 states.
AFL's customers include dairy farmers, carpenters, garment traders, artisans, etc. Currently, almost 65 per cent of AFL's customers are self-employed.
Established in 2011, AFL
