The International Finance Corporation (IFC), a unit of the World Bank Group, has anchored an investment round of $200million in Mahindra & Mahindra Financial Services Limited (MMFSL). Mahindra & Mahindra Financial Services Limited (MMFSL) is a Rural NBFC (Non-Banking Financial Company) with the objective to create a ‘pool’ specifically for financing micro, small and medium enterprises (MSMEs) in low-income states.
IFC is investing $75 million from its own account and mobilizing another $125 million as parallel loans. At the same time, Mahindra Finance has committed to invest $225 million in this fund. At least $ 100 million of this would be for women-owned MSMEs & it will be supported by blended finance from the IFC-Goldman Sachs’ Women Entrepreneurs Opportunity Facility.
Static/Current Takeaways Important For IBPS SO 2019:
- Formation of International Finance Corporation: July 20, 1956.
- Headquarters of International Finance Corporation: Washington, D.C., U.S.
- Membership of International Finance Corporation: 184 countries.
- CEO of International Finance Corporation: Philippe Le Houérou.
Source: The Livemint