IFC, a sister organisation of the World Bank, will invest $35 million in Manappuram Finance Limited (MFL) to help low-income households and small enterprises avail loans against their gold assets, Manappuram said in a statement. This is IFC's first investment in a gold-loan non-banking financial company (NBFC) in India. Gold loan companies offer loans to customers and small businesses by enabling them to monetize their gold without the need for documentary proof of income. India has 23,000 tons of gold with an estimated market value of $1 trillion, Manappuram Finance said citing data from World Gold Council. According to Jun Zhang, IFC Country Head for India, IFC is making its first investment in a gold-loan finance company to create opportunities for the rural and poor households to transition from informal to formal credit. This three-year, senior, secured loan from IFC to MFL is an endorsement of the critical role gold-loan NBFCs play in bringing first-time customers into the formal economy. IFC may also provide advisory services to bring global best practices to MFL's risk management systems and help it build capacity in MSME lending.