Excelsior Correspondent
JAMMU, Oct 22: HDFC Bank, Mastercard, US International Development Finance Corporation (IDFC) and US Agency for International Development (USAID) today launched a $100 million credit facility to promote and encourage small businesses in India to digitize, while also helping Indian businesses, particularly those that are women-owned, to recover from the economic impacts of the pandemic.
“HDFC Bank is proud to join hands with Mastercard, USAID, and IDFC in the endeavor to support small businesses in India. MSMEs are the backbone of the Indian economy and the ongoing pandemic has affected their lives and businesses. This partnership, we believe, will not only help extend credit, but also advise and assist them to modernize and digitize their businesses. The highlight of this initiative is our commitment to encourage women entrepreneurs in India and be a meaningful partner in their entrepreneurial journey,” said Rahul Shukla, Group Head Commercial and Rural banking, HDFC Bank.
“Through this partnership, US-AID will help facilitate access to finance and support the digitization journey for women-owned small businesses and entrepreneurs to help them recover from the pandemic and reach their full potential,” said Veena Reddy, Mission Director, US-AID India.
“IDFC is proud to support this partnership to expand financing for small businesses, especially those owned by women, in India as they look to digitize, modernize, and become more resilient,” said Algene Sajery, Vice President of DFC’s Office of External Affairs and Head of Global Gender Equity Initiatives.
“Mastercard’s partnership with HDFC Bank, US-AID and IDFC is timely as it will provide much-needed financing to support MSMEs in their digitization journey, building resilience through greater participation in the digital economy”, said Nikhil Sahni, Division President, South Asia, Mastercard”.
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