JICA signs loan agreement for financial inclusion of women in India
Update: August 31, 2021 12:22 STI
New Delhi [India], Aug 31 (ANI): The Japan International Cooperation Agency (JICA) signed a $ 50 million (approx Rs 368 crore) loan agreement with Northern Arc Capital (NAC), an Indian financial institution, to finance non-bank financial entities that provide financial services to women.
The loan will be provided through co-financing with the United States International Development Finance Corporation (USDFC) based on the Facility for Accelerating Financial Inclusion in Asia (FAIA) announced on March 27, 2020.
Keiichiro Nakazawa, Senior Vice President of JICA, said that NAC is one of the unique and important financial institutions supporting the financing of the Indian sector of the NBFC, which is essential for promoting financial inclusion in India.
“We expect that more Indian women will have access to financial services through the partnership with NAC. Additionally, we are delighted that this loan is the first co-financing with USDFC in India,” he said. in a statement released Tuesday.
In the Gender Gap Index, which measures gender inequalities, India is ranked 112th out of 153 countries (Global Gender Gap Report 2020), representing a country with a huge gender imbalance.
In particular, the opportunities for women to participate in economic activities are limited. It is estimated that over 40% of the country’s female population, or around 280 million women, do not have access to financial services. (ANI)