The Asian Development Bank (ADB) has bought a 14% stake in micro-financier Annapurna Finance for Rs 137 crore, reinforcing the belief that India’s microfinance sector is on course to attract long-term funds from global lenders and investors.
The expansion of equity will help the firm expand its loan portfolio in asset classes such as MSME and affordable housing, beyond its bread and butter microfinance. ADB has backed MFIs to help achieve its broader objective of reducing poverty in Asia and the Pacific. The investment by ADB will expand Annapurna’s net worth to Rs 580 crore.
Source: The Economic Times
Static/Current Takeaways Important for NIACL AO Mains Exam:
- Asian Development Bank Headquarters: Manila, Philippines, President: Takehiko Nakao.