October 2022: CA Grameen signed a loan agreement on October 17 2022 with the U.S. International Development Finance Corporation (DFC), the U.S. Government’s development finance institution wherein an ESG-linked loan worth USD 35 million for up to 7 years has been extended through the commercial banking route. The direct loan is one of the first of its kind for DFC to an NBFC-MFI in India. This reflects the increased confidence and commitment shown by international investors, financial institutions, and foreign governments in the long-term growth prospects of India’s microfinance industry.
The loan facility will also focus on performance targets linked to ESG principles to strengthen women’s entrepreneurship and leadership. This is the second ESG-linked loan for CA Grameen after the first one was received worth USD 25 million from Sweden’s development finance institution, Swedfund International AB in July 2021.
Mr. Scott Nathan, CEO at DFC appointed by the U.S. President and confirmed by the Senate graced the occasion with his presence at the event held in Mumbai. From CA Grameen end, Mr. Udaya Kumar Hebbar – MD & CEO, Mr. Balakrishna Kamath – CFO, Mr. Nilesh Dalvi – SVP & Head IR & Mr. Mahadev Prakash – Company Secretary & Chief Compliance Officer were present. The ceremony was initiated with a brief speech from both CEOs followed by a press conference.