US Development Bank to invest $350 million in India.

The US International Development Finance Corporation (DFC) is looking to invest $350 million in India to support multiple projects in the country’s financial services sector, health infrastructure, renewable energy and food security space.

DFC, known as America’s development bank, has approved loans worth $142 million for ReNew Power and $50 million for Sitara Solar Energy to build and operate solar power plants in Rajasthan, $50 million for Northern Arc to scale up lending to businesses that expand access to water, sanitation, and food or advance women’s economic empowerment, besides committing to invest in several other projects.

These are part of DFC’s $1 billion commitment approved by its board to firms enaged in developmental works across in Africa, Latin America and other emerging markets. The investments mark one of the largest tranches approved during a board meeting, DFC said.

“The projects have a particular focus on development impact, with nearly 60 % of investments in low- and lower middle-income countries,” DFC said in a statement from Washington, adding that the investments are aimed at supporting financial services for women, small businesses, and other underserved groups at a time when capital is in desperate need.

ET