JICA inks loan agreement with Mahindra & Mahindra Financial Services
The loan agreement will provide funds to micro-entrepreneurs and SMEs
The Japan International Cooperation Agency (JICA) has inked a JPY 10 billion loan agreement with non-banking financial company Mahindra & Mahindra Financial Services (Mahindra Finance).
The loan agreement will provide funds to micro-entrepreneurs and small and medium-sized enterprises (SMEs) through Private Sector Investment and Finance. Mahindra Finance will lend an equivalent amount in low-income and special category states.
This loan will be provided through co-financing with the Sumitomo Mitsui Banking Corporation (SMBC) based on the Facility for Accelerating Financial Inclusion in Asia.
The loan from JICA helps Mahindra Finance expand lending to SMEs in low-income and special category states. It will contribute not only to sustainable economic growth, but also to even regional disparity, thus meet Sustainable Development Goals (SDGs) 8 and 9.