Cebu [Philippines], March 13 (ANI): Dutch growth financial institution FMO has proposed investing USD 11.1 million in Indian non-banking monetary firm Arohan Financial Services, Nikkei Asia reported on Monday.
The proposed funding can be used to finance Arohan’s post-Covid development, FMO mentioned. The homegrown microfinance firm additionally plans to enrich its department community with extra technology-driven companies, in line with a disclosure accessed by Nikkei Asia.
Founded in 2006, Arohan goals to supply monetary companies to underprivileged and low-income households in rural and semi-urban areas of India.
Arohan affords a variety of monetary companies equivalent to microfinance, reasonably priced housing finance and small enterprise loans. The firm additionally offers loans to people and microenterprises who can’t entry conventional banking companies.
The firm’s microfinance loans are sometimes given to girls who’re self-employed or run small companies.
“The investment contributes to FMO’s goals in reduced inequalities and gender equality,” FMO mentioned.
In addition to offering monetary companies, Arohan additionally affords monetary literacy and capacity-building programmes to prospects. It is usually energetic in much less developed areas of jap and northern India, the place it serves round 2 million low-income feminine debtors, reported Nikkei Asia.
The Aavishkaar Group, with which FMO has a standing relationship, is the promoter of Arohan, in line with the disclosure.
Founded in 1970, FMO is a public-private partnership, with 51 per cent of its shares held by the Dutch state and 49 per cent by industrial banks, commerce unions and different members of the non-public sector, in line with Nikkei Asia. It works with native companions to construct sustainable economies and promote social and environmental accountability. FMO has invested in over 80 nations throughout Latin America, Africa and Asia.
According to Nikkei Asia, FMO earlier proposed investing USD 25 million in Delhi-based microfinance firm SATYA MicroCapital Listed and one other USD 30 million within the third climate-focused fund of Indian non-public fairness investor GEF Capital Partners. (ANI)