MUMBAI, Apr 6: Private sector lender,Yes Bank has inked an agreement for on-lending USD 50 million loan received from World Bank arm IFC to women entrepreneurs.
This project is part of the Women Entrepreneurs Opportunity Facility (WEOF), the first-of-its-kind global facility dedicated to expanding access to capital for approximately 100,000 women entrepreneurs. It was launched by IFC, through its Banking on Women program, and Goldman Sachs 10,000 Women in 2014.
The USD50 million Yes Bank loan aims to support women in all 29 states and 7 union territories in India. An estimated three million women-owned businesses in India employ over eight million people. However, only about a quarter of them are able to get the finance they need to grow and create jobs.
Rana Kapoor, managing director and CEO, Yes Bank, said, ”This is a significant step towards strengthening the entrepreneurial ecosystem for women and will directly impact livelihoods. This facility demonstrates Yes Bank’s ability to partner with global institutions like IFC and Goldman Sachs 10,000 Women to expand access to finance to the unbanked and underserved populations and achieve our vision of Responsible Banking. This facility will also complement various Government of India schemes for women entrepreneurs.” -(UNI)
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