The IFC, a member of the World Bank Group, has invested USD76 million in the 5-year unrated masala bond of Fullerton India Credit Company which will on lend the amount to the underserved retail and micro, small, and medium enterprise segment.
Financing for micro, small and medium enterprise segment is a strategic focus of IFC's financial inclusion work in the country. IFC is using masala bonds to support companies in diversifying their funding sources, thus expanding a newly opened market to attract private investment for a sector that faces a funding gap.
IFC helped create the masala bond market through its own first issuance in November 2014.
Exim Bank opens Dhaka office; extends $4.5 b LoC Mumbai: The Exim Bank has opened its representative office in Dhaka and also extended third line of credit [LOC] of USD 4.50 billion to Bangladesh for financing development projects.
The office was inaugurated by Finance Minister Arun Jaitely on October 4.
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