US Development Finance Corporation to invest $350mn in India

The investment is a part of DFC's $1 billion commitment for several countries including Latin America, Africa, and other emerging markets.

The US International Development Finance Corporation is reportedly looking to invest $350 million in multiple projects in India to support the country's health infrastructure, financial service sector, renewable energy, and food security.

The American development bank approved loans worth $142 million for ReNew Power and $50 million for Sitara Solar Energy to build solar plants in Rajasthan. The bank has also approved $50 million for Northern Arc to scale up lending to businesses that expand access to water, sanitisation, and food or advance women's economic empowerment.

The investment is a part of DFC's $1 billion commitment for several countries including Latin America, Africa, and other emerging markets. The projects have a particular focus on development impact, with nearly 60 per cent of investments in low-and lower middle-income countries, DFC said in a statement.

Adam Boehler, CEO, DFC, said: “These projects will uplift some of the most underserved communities around the world. The impact of these projects will be particularly meaningful as the world continues to fight the COVID-19 pandemic.”