US Development Bank International Development Finance Corporation (DFC) will spend $70 million in India’s private sector to improve health, affordable housing, and small business support.
DFC deputy CEO Nisha Biswal agreed to lend $20 million to Panacea Biotec Limited, a global generic and specialty pharmaceutical and vaccine company.
The financing will expand the company’s production of its hexavalent vaccine, which protects children from diphtheria, tetanus, polio, pertussis, hepatitis B, and Haemophilus influenza type B.
DFC’s Biswal also agreed to lend $50 million to India’s affordable housing finance company Vastu Housing Finance Corporation Limited.
Vastu’s mortgage and house financing in India would expand with the loan, providing affordable home loans to over 2,200 Indians, mostly women.
About 1,000 small enterprises, mostly owned by women, would receive loans from Vastu.
Vastu, headquartered in Mumbai, provides affordable housing finance to low- and middle-income Indians and loans against properties to MSMEs.
TA Associates, a US private equity firm, invested in Vastu Housing Finance in July.
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