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IFC loan for Kotak Mahindra Bank
WASHINGTON,
NOV. 12.
The International Finance Corporation, the private sector arm of the World Bank, has signed an agreement with Kotak Mahindra Bank to provide a loan of $22 million to the company.
IFC's participation in this project is as "part of the corporation's ongoing effort to assist India's financial institutions in meeting an increased demand for high-quality, customer-focused financial services, especially by small and medium businesses," Jyrki Koskelo, director for IFC's financial markets, said.
The corporation's director for South Asia, Iyad Malas, said, "Providing support for the development of a vibrant, sustainable small and medium enterprise (SME) sector in India is one of IFC's priorities in the region". Uday Kotak, executive vice-chairman and managing director of the bank, said the "loan will help us extend long-term financing to our clients". — PTI
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