Mumbai : Yes Bank has teamed up with the Overseas Private Investment Corporation (OPIC) and Wells Fargo. This deal between them will help increase lending to small and medium enterprises (SMEs) in India.
As per the deal, Yes Bank will receive USD 75 million in financing from OPIC and up to USD 75 million in syndicated financing jointly arranged by Wells Fargo Bank and OPIC. Specifically, USD 50 million of the financing will be used to expand support to women-owned businesses, while another USD 50 million will be used for financing SME businesses in low-income states.
This is the third transaction between OPIC and Yes Bank and comes close on the heels of last year’s USD 265 million OPIC facility, which Yes Bank will use to extend SME financing in India. The bank has also partnered with International Finance Corporation and Women Entrepreneurs Opportunity Facility by drawing a USD 50 million loan in March 2016.
