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Yes Bank inks $265 mn deal with US firms for SME development
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SME Times News Bureau | 02 Dec, 2015
Private sector Yes Bank said on Tuesday it has signed loan agreements
worth $265 million with the US government's development finance arm,
OPIC, and Wells Fargo to support small business development in India.
"Yes
Bank has signed an agreement with Overseas Private Investment
Corporation (OPIC), the US government's development finance institution,
for debt financing of $245 million to increase lending to micro, small
and medium enterprises (MSMEs) in India," Yes Bank said in a stock
exchange filing about the agreement signed in Washington DC.
American
Wells Fargo Bank will be sponsor and co-lender to the project,
providing a loan of $20 million, to bring the total facility amount to
$265 million, it added.
"MSMEs are the growth engines and
employment generators of our economy, and access to banking credit is
one of the key enablers. This significant co-financing agreement of Yes
Bank with OPIC and Wells Fargo will help further accentuate Yes Bank's
ability to address unique needs of SME and MSME sectors," said Yes Bank
chief executive Rana Kapoor.
"OPIC's exciting partnership with
Yes Bank, a proven Indian lending institution, and Wells Fargo will
spark inclusive economic growth in India," said OPIC president Elizabeth
Littlefield.
"Wells Fargo is pleased to sponsor this important
facility on behalf of Yes Bank and work with OPIC as they continue to
support Yes Bank's lending to the small and micro businesses vital to
economic growth in India," said Wells Fargo's International head
Richard Yorke.
The commitments by OPIC and Wells Fargo were made during US President Barack Obama's visit to India in January.
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