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Samunnati raises USD 5 million from Duch development bank FMO

Press Trust of India  |  Chennai 

: Non-Banking Finance Company Samunnati Financial Intermediation and Services Thursday said it has raised USD five million from FMO, the Development Bank of the Netherlands, to offer working capital requirements to agri-enterprises.

The Non-Convertible Debentures were subscribed by FMO, that provides investment opportunities to businesses focusing on environmental sustainability in developing countries.

"The investment was made through MASSIF, a Dutch government fund managed by FMO. The funds will be utilised by Samunnati to support small farmer organisations and agri-enterprises by financing their working capital requirements", a company statement said here.

"We are pleased to announce this debt investment from FMO, the Dutch Development Bank", company Managing Director and CEO Anilkumar S G said.

"We share a strong synergy in our focus on agricultural value chains with a view to provide working capital solutions, advisory services to enable value chains to reach higher equilibrium", he said.

Samunnati Financial Intermediation and Services is present in 14 states and has so far disbursed Rs 1,400 crore worth of credit to beneficiaries, it added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 03 2019. 20:21 IST