Yes Bank signs loan agreements totaling USD 265 million with OPIC
U.S.-based lender Wells Fargo Bank, N.A. will act as sponsor and co-lender to the project, providing a loan of $20 million, bringing the total facility amount to $265 million. Specifically, half of the financing will be used to support either Micro-SMEs or SMEs in underserved rural and urban markets.
Elizabeth Littlefield, OPIC’s President and CEO, signed the loan agreement underscoring OPIC’s commitment to growing the small and medium business sector in India. Loan guarantee support from OPIC allows Yes Bank, an experienced local lender with a broad network in India to more confidently extend their financing to MSMEs.
“MSMEs are the growth engines and employment generators of our economy, and access to banking credit is one of the key enablers. This significant co-financing agreement of Yes Bank with OPIC and Wells Fargo will help further accentuate Yes Bank’s ability to address the unique needs of SME and MSME sectors. It is also extremely encouraging that world’s leading development finance institutions have reiterated their faith in Yes Bank’s business and financial model and have in fact further enhanced the loan amounts post due diligence,” said Rana Kapoor, MD & CEO, Yes Bank.
“I’m proud to finalize a commitment first initiated on the occasion of President Obama’s visit to India earlier this year. OPIC’s exciting partnership with YES BANK, a proven Indian lending institution, and Wells Fargo will spark inclusive economic growth in India,” said Elizabeth Littlefield, OPIC’s President and CEO. “By choosing the portfolio growth strategy of a large number of impactful loans to micro and small businesses, YES shows their commitment for broad-based business growth in India and to spreading OPIC’s development reach. I look forward to the lasting effects of our work in India.”
"Wells Fargo is pleased to sponsor this important facility on behalf of YES Bank and work with OPIC as they continue to support YES Bank’s lending to the small and micro businesses vital to economic growth in India,” said Richard Yorke, head of Wells Fargo’s International Group.
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