USAID, DFC JOIN HANDS WITH KOTAK TO SUPPORT FINANCING TO WOMEN ENTREPRENEURS AND MICRO, SMALL, AND MEDIUM ENTERPRISES IN INDIA

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The United States Agency for International Development (USAID) and the U.S. International Development Finance Corporation (DFC) announced today that they are jointly sponsoring a US $50 million loan portfolio guaranty to Kotak Mahindra Bank (KMBL) to support increased access to finance for women borrowers, and micro, small and medium enterprises (MSMEs) across India. Against the backdrop of the pandemic, this partnership will help MSMEs that have been impacted by COVID-19 access loans to rebuild and scale their businesses.
Under this program, Kotak Mahindra Bank will provide loans for on-lending to Non-Banking Financial Companies (NBFCs) operating in the MSME and Microfinance (MFI) space. This will help provide much-needed credit to end borrowers and will promote sustained and inclusive economic growth. This program will play a crucial role in women’s economic empowerment as at least 50% of the loans are earmarked to be lent to women-led or women-managed MSMEs, or MSMEs that employ a certain percentage of women or that produce a good or service that disproportionately benefits women. It is likely to benefit more than 30,000 individual women borrowers and 7,500 MSME firms.
D Kannan, Group President – Commercial Banking, Kotak Mahindra Bank
kotak mahindra bank established in - February 2003?
Uday Kotak, Founder and Managing Director & CEO of Kotak Mahindra Bank