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Yes Bank gets USD 150 mn from OPIC to fund SME lending

Press Trust of India  |  Washington 

Private sector has received USD 150 million funding from the US and Wells Fargo to increase lending to support women entrepreneurs and small and medium-sized enterprises in

This is the third round of funding to the as part of arrangement with the Overseas Private Investment Corporation (OPIC) --the US development 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 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-states, it said.

An MoU in this regard was signed by Dev Jagadesan, OPIC's Acting president and Chief Executive Officer (CEO), and Arun Agrawal, Group President - International Banking,

Rana Kapoor, managing director and CEO, said the facility would support financing to women entrepreneurs in 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.

SMEs contribute about 45 per cent of industrial output and employ 42 million people in An estimated three million women-owned businesses in India employ over eight million people.

However, only about a quarter of them are able to get the 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.)

First Published: Fri, July 14 2017. 14:02 IST