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USAID to launch project in Bangladesh to promote growth
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Northern Arc Capital raises $25 million debt from FMO - The Hindu BusinessLine
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There’s been pushback against the “debt-trap diplomacy” concept and recent research has shown the Chinese are tough negotiators and can cancel a loan if a borrower takes an adverse political stand, but there’s no “smoking gun” evidence of a predatory program behind China’s loans.
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There is an existing infrastructure fund for Asia, the Asian Infrastructure Investment Bank (AIIB) but the U.S. declined to join it in 2015 when a man named Joe Biden was vice-president. Washington was concerned the AIIB would compete with the World Bank and extend China’s influence and it tried unsuccessfully to persuade allies like the UK, Canada, and Australia to not join.
Kolkata: Non-banking finance company Northern Arc Capital has raised $25 million debt from Dutch impact investor FMO, making it the second debt mobilisation from overseas investors in as many months. Last month, it raised $10 million from the US-based Calvert Impact Capital.
The infusion by overseas investors marks their confidence on India s grassroots loan market despite the headwinds amid the pandemic.
The funding from FMO will be used for on-lending to financial institutions that focus on women borrowers, micro-entrepreneurs and small enterprises, Northern Arc chief operating officer Bama Balakrishnan said.
Microfinance borrowers in both urban and rural areas will be key beneficiaries of FMO’s investment.
FMO provides $25m debt financing to Indian NBFC Northern Arc
April 8, 2021
Dutch development bank FMO has provided debt financing of $25 million to Indian non-banking financial company (NBFC) Northern Arc, it said in a statement.
The Chennai-based digital debt platform said it will use the capital for on-lending to financial institutions that focus on women borrowers, micro-entrepreneurs and SMEs.
This is the fourth investment secured by Northern Arc in the last 12 months. It has attracted debt financing from global development financial institutions and impact investors including US International Development Finance Corporation, Asian Development Bank and Calvert Impact Capital.
In its statement, FMO said its investment will benefit microfinance borrowers in both urban and rural areas, including under-banked households and small businesses, as well as microlenders catering to women, all of whom have been hit hard by the COVID-19 crisis.
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