The fund will invest in small and growth enterprises across sectors such as tourism, infrastructure and healthcare
The corpus of the fund has not been decided yet. Photo: Priyanka Parashar/Mint
Mumbai, Feb 1 : Yes Bank Ltd
and the International Finance Corporation (IFC), a member of the World
Bank Group, on Thursday signed a memorandum of understanding to jointly
create a private equity (PE) fund that will invest in companies in the
northeastern states.
The fund will invest in small and growth enterprises
across sectors such as tourism, food and agribusiness, infrastructure,
healthcare, education and affordable housing in the largely neglected
region.
It will make the investments through equity shares, debentures, convertibles and equity-related instruments.
The corpus of the fund has not been decided yet.
“IFC’s work to increase access to capital for small
entrepreneurs in northeast India will help support inclusive growth in a
low-income area—one of our top priorities,” said Jin-Yong Cai, IFC’s executive vice-president and chief executive.
Last year, IFC provided a $75 million loan to help Yes Bank expand its network to reach undeserved people, small and medium enterprises, and agricultural borrowers in India.
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