The International Finance Corporation has agreed to extend a loan of US$22m (around Rs 101 crore) to Kotak Mahindra Bank to help broaden the bank's funding base and support its operations.
"IFC's loan will help us extend longer-term financing to our clients," said a press release, quoting Mr Uday Kotak, vice-chairman and managing director, Kotak Mahindra Bank.
The loan will also help the bank increase its financing for small and medium businesses and for exporters, the release said.
"Providing support for the development of a vibrant, sustainable small and medium enterprise sector in India is one of IFC's priorities in the region. Ensuring availability of longer-term funding to SMEs and Exporters will contribute significantly towards making them more competitive," said the release quoting Mr Iyad Malas, IFC's director for South Asia.
Source: Asia Intelligence Wire
