The International Finance Corporation (IFC), the investment arm of the World Bank, has provided a USD 300,000 investment to Utkarsh Micro Finance Private Limited, a microfinance start-up providing loans in Northern India. Utkarsh Micro Finance is a non-bank financial company and is based in Varanasi, a city in Uttar Pradesh. It will begin by lending in eastern Uttar Pratesh, with plans to later expand into other parts of Uttar Pratesh as well as Madhya Pradesh and Bihar. As of April 5, 2010, there is no financial information available about the MFI.
By Christopher Maggio, Research Assistant
About
International Finance Corporation (IFC)
Description
A member of the World Bank Group, the International Finance Corporation (IFC) uses loan and debt securities, equity investments and guarantees as instruments of poverty alleviation. It “invests in companies and financial institutions in emerging markets” as well as providing technical assistance. The IFC has 182 member countries that “collectively determine its policies, and approve investments.” In fiscal year 2009, its new investments totaled USD 14.5 billion.
About
Utkarsh Micro Finance Private Limited
Description
Utkarsh Micro Finance Private Limited is a microfinance institution (MFI) based in Varanasi, India. It aims to provide loans to borrowers in states of Northern India such as Uttar Pratesh, Madhya Pradesh and Bihar. In April of 2010 it recieved a USD 300,000 investment from the International Finance Corporation (IFC), the investment arm of the World Bank. As of April 5, 2010, there is no financial information available about the MFI.
Additional Resources
IFC press release entitled ‘IFC Supports Utkarsh Micro Finance, Helping Serve Small Borrowers in Northern India’: http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=6C5B15030E2D4206852576F600512100
MicroCapital Microfinance Universe profile: International Finance Corporation (IFC)
MicroCapital Microfinance Universe profile: Utkarsh Micro Finance Private Limited
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