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USAID, DFC partnered with Kotak Mahindra Bank

Published on August 23, 2021
Current Context: The USAID (United States Agency for International Development) and USDFC (U.S. International Development Finance Corporation) have partnered with Kotak Mahindra Bank for the purpose of offering loan guarantees for women entrepreneurs and MSME units in India.
USAID, DFC partnered with Kotak Mahindra Bank
  • The USAID and USDFC will be sponsoring a USD 50 million loan portfolio guarantee to the Kotak Mahindra Bank.
  • The main motto behind this partnership is to provide financial support to women entrepreneurs and MSME.
  • This will help the businesses to uplift which are severely affected due to the pandemic.
  • Under this partnership, the Kotak Mahindra Bank will provide loan facilities to NBFCs that are operating in MSME and Microfinance areas.
  • The credit support will be granted to the end borrowers which will result in sustained and inclusive economic growth.
  • It will result in economic empowerment of the women and about 50% of the loans will be offered to women-led or women-managed MSMEs. Around 30,000 individual women borrowers and 7500 MSMEs will be benefited from this partnership.
  • The programme will be supported by Vivriti Capital, which is an NBFC based in Chennai. It will provide a USD 1 million first loss guarantee.
  • The DFC will grant a pari passu guaranty to the bank and this guarantee is financially sponsored by USAID.
  • Static Part: 
    • HQ of USAID: Washington DC, US
    • HQ of Kotak Mahindra Bank: Mumbai
    • Tagline of Kotak Mahindra Bank: Let’s make money simple

Question: 

Q.1 Which bank has USAID and USDFC (U.S. International Development Finance Corporation) have entered into a partnership to offer loan guarantees for women entrepreneurs and MSME units in India?
a. Axis Bank
b. IDFC First Bank
c. Kotak Mahindra Bank
d. ICICI Bank
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