The United States (US) International Development Finance Corporation has announced new investments of USD 70 million in India's private sector.
According to a statement by the US International Development Finance Corporation (DFC) on Thursday, these investments aim to advance key priorities of the US and Indian governments, including strengthening health systems--particularly vaccines--expanding access to affordable housing, and increasing support for small businesses.
"Our partnership with India is both local and global. DFC is working to deliver concrete developmental impact for communities across India, and we are partnering with the Indian private sector to tackle some of the world's most pressing challenges," said DFC Deputy CEO Nisha Biswal.
While in India, DCEO Biswal signed a ceremonial commitment for a USD 20 million loan to Panacea Biotec to finance the expansion of the company's production of its hexavalent vaccine, a six-in-one vaccine for children that protects against diphtheria, tetanus, polio, pertussis, hepatitis B, and Haemophilus influenzae type B.
Panacea will also use the DFC loan to expand its manufacturing capacity to produce approximately 70 million doses annually.
DFC is also working with Indian companies to bolster affordable housing and economic empowerment by expanding access to capital for women and other under-recognised communities.
DCEO Biswal also signed a ceremonial loan agreement for up to USD 50 million to Vastu Housing Finance Corporation to finance the expansion of its mortgage and home lending in India.
According to a DFC statement, this project is expected to provide affordable home loans to more than 2,200 Indians, with more than 95 per cent supporting women as the sole borrower or co-borrower. Vastu will also provide roughly 1,000 loans to small businesses, the majority of which are expected to be owned or led by women.
India is the cornerstone of DFC's engagement with the wider Indo-Pacific and the rest of the world. The country is DFC's largest market, with approximately USD 3.8 billion invested as of FY2023, including USD 820 million in new investments made last year.
Over the past three years, DFC has more than doubled its investments in the Indo-Pacific to over USD 9.5 billion, making it DFC's fastest-growing region. DFC is working with India to address global challenges across a wide range of sectors, including energy, health, and small business financing. (ANI)
