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Article: India: IFC to provide $3.6 million to Belstar, microfinance arm of Hand in Hand.
- Article from:
- TendersInfo
- Article date:
- October 9, 2009
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Chennai-based Belstar Investment and Finance Pvt. Ltd., the microfinance arm of the Hand in Hand (HIH) group, plans to raise equity capital of Rs 175 million ($3.6 million) from International Finance Corporation, the investment arm of the World Bank.
IFC is considering the proposal along with other investors in the project, which is expected to help transform the NGO to a non-banking financial institution (NBFC) and benefit more than 300,000 women borowers, said a project brief on the website of IFC. Set up in 2008, Belstar provides microfinance group loans to set up microenterprises.
In addition, the parent group HIH provides technical support, training ...