corporateethos.in – April 6: IFC, a member of the World Bank group, has announced a $50 million loan to Yes Bank to be used exclusively to lend to women-owned businesses.
This project is part of the Women Entrepreneurs Opportunity Facility (WEOF), the first-of-its-kind global facility dedicated to expanding access to capital for approximately 100,000 women entrepreneurs. It was launched by IFC, through its Banking on Women program, and Goldman Sachs’ 10,000 Women in 2014.
The $50 million Yes Bank loan aims to support women in all 29 states and 7 Union Territories in India.
On the successful completion of the transaction, Rana Kapoor, Managing Director and CEO, Yes Bank said, “this is a significant step towards strengthening the entrepreneurial ecosystem for women and will directly impact livelihoods. This facility demonstrates Yes Bank’s ability to partner with global institutions like IFC and Goldman Sachs 10,000 Women to expand access to finance to the unbanked and undeserved populations and achieve our vision of Responsible Banking. This facility will also complement various Government of India schemes for women entrepreneurs”.
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