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2015-01-28

Yes Bank signs MoU with OPIC for $220 million loan to back MSMEs

Overall, the MSME sector contributes about 40 per cent to India\'s exports, and contributes about 35 pet cent to the country\'s GDP.

Yes Bank has signed MoU with OPIC (Overseas Private Investment Corporation) for $220 million loan to back MSMEs, as reported by PTI.

"Specifically, $100 million of the financing would be used to support either micro-SMEs or SMEs in underserved rural and urban markets. The agreement underscores OPIC's commitment to growing the small and medium business sector in India" Yes Bank said in a statement.

Overall, the MSME sector contributes about 40 per cent to India's exports, and contributes about 35 pet cent to the country's GDP.

"It is a very meaningful agreement. This deal will also allow us to go into the underserved areas and to go into urban areas. This will be a very important part of our deliverables," said Rana Kapoor, MD and CEO, Yes Bank.

The PTI report also stated that the US based lender Wells Fargo Bank will act as a sponsor and co-lender to the project.

"We are excited to announce our partnership with Yes Bank in anticipation of the economic growth it will spur," said Littlefield, President and CEO, Overseas Private Investment Corporation (OPIC).

The Overseas Private Investment Corporation (OPIC) is the US government's development finance institution. It mobilises private capital to help solve critical development challenges and, in doing so, advances US foreign policy.

As per a World Bank estimate, the viable and addressable demand for MSME lending in India debt surpasses supply by $48 billion.

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