New Delhi, CreditAccess Grameen Ltd, a non-bank microfinance institution, on Tuesday said it has secured a USD 100 million multi-currency syndicated social loan facility, qualifying as an External Commercial Borrowing (ECB) under the automatic route of the Reserve Bank of India (RBI).
This ECB facility is the first of its kind in India’s microfinance sector, comprising Japanese Yen (JPY) and United States Dollar (USD) currencies, predominantly raised from banks in South Asia and the far east, CreditAccess Grameen said in a statement.
This transaction marks the second syndicated loan facility led by Standard Chartered Bank for the company and builds on the strong track record in international borrowings, it said.
The social loan would adhere to CA Grameen’s Social Loan Framework, which aligns with the social loan principles 2023, stipulating the use of proceeds, social development goals, and governance, according to the Loan Market Association. PTI
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