New Delhi, Nov 30 (KNN) Overseas Private Investment Corporation (OPIC), US government’s development finance institution which provide necessary loans and support to SMEs in developing countries in a press statement reiterated that it is determined to support the Micro, Small and Medium Enterprises (MSMEs) in India and the Asian region.

OPIC President and CEO Ray Washburne, in a press interview said that the OPIC has so far infused $1.5 billion in India to provide capital, create jobs, add skills and provide access to services.

The President informed that the institution would provide loan worth $75 million to Yes Bank for expansion of SME financing in India, which would make total amount loaned to the bank to $320 million. He added that loan had also been provided to Simpa Energy to help introduce home solar kits to rural villages located off the central utility grid.

He also said that the organisation has also committed $225 million loan to IndusInd Bank to expand its MSME lending programmes in the country.

To promote female entrepreneurs in the country, OPIC has entered into a partnership with Citi to provide loans to female entrepreneurs so that they start and grow businesses easily. Also IndusInd bank would allocate  25 percent  of the capital received from the OPIC  to women entrepreneurs, with Yes bank allocating 60 percent.(KNN/AG)